Fair Price?

Also, do all coops have an expiration date of proprietary lease? Mine says it expires in 2083. What happens after that date?

anyone?

All I can say is congratulations on your purchase! I don't think anyone here can give you an honest reading as to whether what you paid for your apartment is "fair" -- it depends entirely on what you value and how you see your purchase. Remember -- unless you are looking to flip your apartment, there is no point about worrying about short term price movements in the market. The only price that counts is the price you get when it comes to sell. I'm sure the same people who felt "rich" during the peak (mid-2007) feel "poorer" today but unless they're selling or using their home equity to pay their bills, it doesn't really matter much what is happening in the market.

You can easily compare what you paid to what other units sold for in the same building using SE and other resources like Natefind, ACRIS, etc. However, the price you paid is more than just about comparables to other units -- there are other factors such as view, condition etc which come into play.

Check out Noah Rosenblatt's recent post about this on UrbanDigs.com. I have a lot of regard for Rosenblatt's insights into the Manhattan real estate market and I think this post says a lot:

http://www.urbandigs.com/2009/07/valuing_manhattan_real_estate.html

So -- congratulations on your purchase! I hope you and yours enjoy your new home for years to come.

The attached Q&A regarding proprietary lease expiry in the NY Times should answer your question:

http://realestateqa.blogs.nytimes.com/2009/06/12/a-co-ops-lease-can-it-expire/

I recently asked a real estate attorney the exact same question and the response was essentially that since the Board of Directors is made up of other shareholders/tenants, it is in their own best interests to be on top of the proprietary lease renewal. According to the attorney I spoke to, proprietary lease renewal is considered a routine and non-controversial matter and, as the NY Times piece says, non-renewal can have "grave consequences".

Based on this information, I don't think this is anything to worry about.

If the lease expires in 2083, I would not worry about the renewal. I doubt anyone here will even be alive in 2083.