Sale at 23 West 73rd Street #1207

2.5

I hate floor plans without dimensions. They spent the time putting silly furniture in but left out room dimensions?

The asking price is silly. $2k psf? Better off in The Harrison.

2.25 if it sells soon.

You guys are such losers. It's a beautiful apartment which will sell well and nowhere near 2.5M. Why do you even bother to post?

so what's this
09/29/2006 #1206/1207 - $2,300,000 ↑ 3 beds 2 baths

Looks like a gorgeous apartment but I don’t like that building. Almost bought once but didn’t because the financials were crap.

According to ACRIS....Purchased in Feb 2007 for 1.9mm. Looks like three UCC-1's have been filed since (most recently on 6/16 which suggests they have altered their financing as many times. Cash our re-fi? Could be. Perhaps they require the current ask (or near) to come out whole. I'd hate to be holding the paper though.

"Perhaps they require the current ask (or near) to come out whole"
If true, doesn't it defeat the argument of price stability in co-ops? ie boards screened people, but they could subsequently lever up through re-fi...

Most coops require that refis still meet the original financial requirements. 20, 25, 30% whatever.

That said, no one can stop an owner from having 20% of the purchase/refi price in the bank and then spending it the day after the day deal closes.

scoots, that's how my building works it. For a no-cash-out refinance, the managing agent handles the paperwork and the board doesn't get involved, though the president signs something or other.

For a cash-out, the board requires all the financial info they'd need for a regular purchase.

Since the shareholders with equity to borrow against tend to have bought many years ago, or bought from the sponsor to begin with, they're less likely to want to go before the board. That's the impression I get, anyway.

Still unsold - any update? new projections? 2k a foot, huh??

This will go for over 3MM. I'm revising my call.

They might soon run out of brokerage firms if they don't get on with it.

I see square footage is no longer listed. tricky tricky... maybe they should try 2300 next.

The purchase in '06 was made by the owner of 1206 it looks like and now a combined apartment?

Anyway upper west isn't my gig but it's a beautiful apartment, reasonable maintenance for size and block it's on.

I agree, this apartment should see 3m.

Let's look at #907 for a comp. Sold for $2.5 3 months ago, lower floor and 7% less maintenance. (shouldn't ignore the difference in maintenance, maintenance at some point is a form of determining differences in value from one apartment to another)

Higher floor, slightly bigger, possibly nicer finishes (hard to tell by pictures). 20% more than #907 sounds about right.

It's a difficult comp as I don't think the two are in the same league. And I'm always baffled by the non linearity of $/sqft on larger apartments.

It's not a terrible comp, 907 has a nice setback terrace as well.