Sale at 15 West 81st Street #9A

"Assuming the market is down 35 - 40%"

It's not...you would be wrong.

Somewhere between 3.9MM and 2.5MM.
Try doing some local comps to determine what it should list for instead of licking your finger and putting it in the air. Post the comps here and we will help evaluate them. Keep in mind this is a sort after block for many reasons. Don't foget to invit me to your pre-thanksgiving coctail party you have evey year to watch the ballons inflate.

Sounds ambitious...

"Try doing some local comps to determine what it should list for"

I would think there should be a good number of comps for that area. A little research should give a lot of insight into the price.

fine, look at this one which is still overpriced. perfect comp building on 77th street facing the museum park as well. This is a 7 room, bigger, nicer, better more classic layout. same views and asking 1M less.

http://www.streeteasy.com/nyc/sale/356054-coop-20-west-77th-street-upper-west-side-new-york

beastbron, i actually really like what they did with the kitchen. what's terrible here is it looks like they chopped off half of the dining room to carve out that 3rd bedroom, leaving basically a large windowless hallway for a formal dining room in a (would be) 4 million dollar apartment. that's the lesson here, i think. never kill the dining room!

beastbron: As a building, 20 West 77th is not a good comp for 15 West 81st. 6-16 and 40 W77th are more reasonable comps. Also note that #4A at 20 W77th is a wreck. To be sure, it is an interesting listing that has dropped a long way and may appear to somebody with a stomach for risk and renovation, but it is not a good yardstick for the subject property at 15 W81st.

West81st I do not agree, 15 west 81st is not a "great co-op" its the same deal. Even so there was a 5 room in good condition that sold in 16 with nice views over the gardens for 1.45. no way the "non classic 6 to 5 room" is really worth 2.5X. Not to mention, given the shitty reno at 15 west 81st it needs to be gutted and redone to give it a real dinning room. btw - could it be that "west81st" is tainted because he lives on west 81st.

the maint is very high for a 6 room....

Not sure why but the West 81 properties tend to command a premium over the West 77 properties. Maybe it's proximity to the Beresford? I can say that I walk by this property frequently and drool over the building. It is definitely a very special address.

Beast - you trying to talk the property down so you can swoop in with a lowball? If so, well played, sir.

Beastbron: 15 W81st isn't in the same class as the Big Kahuna on the corner, but it certainly has aspirations in that direction, and it's both big enough and rich enough to try. 20 West 77th is in a different category altogether: it's a little, 32-unit coop with a weak lobby, pokey elevator, part-time doorman and no significant amenities.

As for me being tainted by an 81st Street address, I would be fine with that if the address were 1, 7, 11 or, yes, 15. Unfortunately, it's not. Anyway, on low floors, I prefer the museum block on 77th to 81st because of the difference in views and traffic. On higher floors, 81st is glorious.

Look I love the building and am looking in this market at those two blocks. However, I stick to my beleif that the property will sell for under 2.5M or not at all. There is not a single person out there who can tell me that the property is more valuable today than it was in late 2006 when it last traded hands.

BTW - if you think the Beresford is so great than look at this comp

http://www.streeteasy.com/nyc/sale/413292-coop-211-central-park-west-upper-west-side-new-york

clasic six with a terace in good condition asking 1M less pluss I hear it went in to contract for substantialy under asking....

I like this one better.

this is another one I like, heard it went into contract for 1.6ish

http://www.streeteasy.com/nyc/sale/233174-coop-320-central-park-west-upper-west-side-new-york

Also an Emery Roth building with huge teraces

Beast - I agree that the Beresford comp is superior. Very interested to see what the unit in the OP will go for.

BTW - there are two of that line for sale in the beresford, both cheeper than this listing by ~1M

as i said on your other thread - I bet it sells for more than $2.5mn

I will take that bet

Wow, the people at 20W77 would be happy to see it mentioned in same sentence as 15W81.

lp, now I get it.

Beastbron: I agree with your basic point that the subject property is overpriced; I just think your choice of comps is dubious. #15J at the Beresford will be a great apartment if the reno is done well, but it faces northwest and only has views from the little balcony. A real Beresford comp for 15 W81st would be a Museum-facing apartment in the 7 W81st section.

I think you're getting sidetracked by comps. The same-unit prior sale makes your case for you.

Given that the huge 3bdrm duplex in this building closed for 3.5m down from an original asking of 6.95 this apt is worth less than I thought. It will sell for 1.5M. It is half the size.

I saw this apt and was not impressed. In need of work, views are OK but there are better on that block. Odd layout. I think it sells for $2.7