Listing at Gracie Terrace

if an apt in the Dakota can drop 50% as of today, then we all have to start accepting a return to more sane pricing.

newbuyer99: The apartment is a crazy combination, but for being a combination the maintenance isn't terribly high. I'd have to agree, 2M for such a large apartment is pretty amazing.

apt23: 12.5M is still far too high. An estate in that same line sold for around 6M in 2002/2003. Even adding on 2M in inflation and 2M for condition...10M max. Keep in mind that this line looks west and north primarily, meaning no views of Central Park unless you crane your head out of the living room or master bedroom windows.

x: it will be interesting to see what it goes for, but the original asking price clearly signifies how unrealistic pricing had become in the bubble. i wonder which apt will become the poster child for bubble expectations.

I am bad at square footage calculations, but this seems to be well over 3000SF. So on a psf basis, I would say the maintenance is actually low. Does anyone know anything unusual about this sale? Thanks.

newbuyer, this seems very inexpensive to me as well. i know someone who bought a small classic six in one of the Gracie buildings in 2002 for around $1.2 and it needed significant renovations.

I cant believe this has been on the market since January 2009 and it's first coming to my attention now!

I don't sell the UES but I bet you're missing stringent building requirements.

I assume this is one of those buildings where the purchaser needs to show the purchase price of the building in cash AFTER purchasing the apartment. That kind of asset test will knock out a lot of potential buyers.

ali r.
{downtown broker}

ali, very true, but still as a comp it's far less expensive than the past few years. showing, i guess, just how hard some of the higher-end market has been hit. gracie isn't everyone's cup of tea, but it has had its devotees.