http://www.nytimes.com/2009/07/05/realestate/05deal2.html?ref=realestate Per the $18MM contract signing at Trump International. 5,500 sq ft or $3,250 per foot. RAW SPACE - bring your architect. PENTHOUSE!! D Lenz has a listing in the building. Asking $28.8MM 3,660 sq ft or $7,800 per foot. Seller is Jack Welch's x-wife - you decide if you need an architect/designer Not a penthouse. But this is... [more]
http://www.nytimes.com/2009/07/05/realestate/05deal2.html?ref=realestate
Per the $18MM contract signing at Trump International.
5,500 sq ft or $3,250 per foot.
RAW SPACE - bring your architect.
PENTHOUSE!!
D Lenz has a listing in the building.
Asking $28.8MM
3,660 sq ft or $7,800 per foot.
Seller is Jack Welch's x-wife - you decide if you need an architect/designer
Not a penthouse.
But this is what comes out of Lenz's mouth.
"Dolly Lenz, a broker at Prudential Douglas Elliman, who sold Mr. Cecchi Gori his apartment, said the two prices were not comparable, because the penthouse requires so much work."
How can you say they aren't comparable? Do you know what the word comparable means. If you have $20MM to spend on an apartment and aren't smart enough to "compare" these two listings then you won't have $20MM much longer.
Seems to me that one of these apartments is much more expensive than the other, but I'm not going to say which one as I'd hate to give Dolly a bit of help here. Dolly don't you think a buyer can factor in the cost of the build-out and then add the contract price and the build-out price together to get an all in cost?
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Response by manhattanfox
about 17 years ago
Posts: 1275
Member since: Sep 2007
Actually -- it is a fair point. Having to do a build out takes time. There are people who may love the other apartment as is and would pay the premium to move in. Albeit a 2x premium is steep. Also, the ask may not be the bid. Let's see where they get traction. The bankruptcy process certainly made the PH cheaper by design. Good for the acquiror.
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Response by gcondo
about 17 years ago
Posts: 1111
Member since: Feb 2009
dolly lenz.. whatever
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Response by Jazzman
about 17 years ago
Posts: 781
Member since: Feb 2009
manhattanfox - to say they are not comparable is laughable - they are in the same building!! It's not like we're comparing a 200 sq ft flat in the Kobi dessert to this unit. Every apartment in the same building is "comparable."
What she meant to say was, "My seller has unrealistic expectations, but she's really really rich and powerful and even if this doesn't sell at this price it's good business sense to do what she says because who knows she still may buy a place through me even if this doesn't sell. And we all know it won't sell at this price, because hell the penthouse just sold for about $4,500/ft all in so why the hell would anyone pay $7,800 for this unit." That's what she meant to say.
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Response by manhattanfox
about 17 years ago
Posts: 1275
Member since: Sep 2007
you may be right -- i see teo apartments with same layout and view on same floor -- one price at 2x. People will figure it out.
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Response by nopigsorshrimp
about 17 years ago
Posts: 398
Member since: Jan 2009
Hey w67thstreet, this is the perfect thread for you to post on.
Actually -- it is a fair point. Having to do a build out takes time. There are people who may love the other apartment as is and would pay the premium to move in. Albeit a 2x premium is steep. Also, the ask may not be the bid. Let's see where they get traction. The bankruptcy process certainly made the PH cheaper by design. Good for the acquiror.
dolly lenz.. whatever
manhattanfox - to say they are not comparable is laughable - they are in the same building!! It's not like we're comparing a 200 sq ft flat in the Kobi dessert to this unit. Every apartment in the same building is "comparable."
What she meant to say was, "My seller has unrealistic expectations, but she's really really rich and powerful and even if this doesn't sell at this price it's good business sense to do what she says because who knows she still may buy a place through me even if this doesn't sell. And we all know it won't sell at this price, because hell the penthouse just sold for about $4,500/ft all in so why the hell would anyone pay $7,800 for this unit." That's what she meant to say.
you may be right -- i see teo apartments with same layout and view on same floor -- one price at 2x. People will figure it out.
Hey w67thstreet, this is the perfect thread for you to post on.