thoughts on why someone would buy a first floor studio for $500k at 401 west end avenue

Looks like it's actually a 1BR (albeit a small one). And who knows what the actual sale price is - I'm guessing something with a pretty decent discount off list. Lot of people out there still that have a lot of money.

Based on the floorplan, it measures out to about a true 475sf -- whether you call it a studio or 1 bedroom it doesnt matter much I say. Given that size, a maint of about $800-850 might be reasonable. If it sold anywhere around $450,000 then all you can say is that it sold very very high at about $1000/sf. And Julia -- to buy that one, you didnt need to be rich, just stupid. The conversation probably went something like this:
"please daddy, can I have a hundred grand for a down payment, it's such a cute apartment and I loooove it?"
"ok, sugarplum, anything for my little girl"

How do you know I call my little girl, sugarplum?

West34..you are right, that's exactly how it went.....

The world is not fair and no matter how much it s-cks you have to go with it to make money.

you guys gave me a good laugh..thanks

That is an awesome location. IMHO, not much better. The price doesn't surprise me so much. I know a NYT best selling author who lives in that hood who bought a similar apartment just to write in. Other's buy someone for a babysitter, elderly parents, etc. The first floor may appeal to certain religious folks.

It wouldn't be an apartment I'd buy, but given the location, I'm sure there are people of great means may want such an apartment. Lots of rich folks live in the hood!

I think "sugarplum" would prefer a more trendy placy in GV or the EV. ;)

Should be "some" not "someone".

Saw it in person 5 months ago.
They were trying to rent or sell it. $2650/month rent or $500k to buy.
The buy vs ratio was way out of whack given the high maintenance.
On the rent side, there is much,much better in the neighborhood at that price.
The unit is dark, facing an inner courtyard. Layout of the kitchen is bizzare with a floor to ceiling pipe running right through one of the counters.
I would imagine this closes for significantly less than the last asking price. Or someone got taken to the cleaners.

Given Steve's assessment, maybe a rich person needing a storage closet? ;)

I saw an apartment just like this the other day, slightly lower maintenance, same 'hood, very quirky renovation.

I told the owner it's overpriced by about $50K. I provided her data to justify my conclusion, spend hours collecting said data. I won't be getting that listing, of course.

{Manhattan real estate agent.}