Calling all creative compers...

George Plimpton lived in that building, upstairs. When he died there was a picture somewhere of a party being held in the long narrow remodeled-tenement living room.

I could live with the noise and pollution easily to get the view and space but the maintenance is RIDICULOUS. And no doorman/amenities whatsoever. I can't imagine how low the price will have to go to compensate for costing $3M more per month than sanity says it should before you even get to paying mortgage. And I'd like to know why its so much given the aforementioned lack of services....

i don't even mind the no amenities, doorman. but lizyank is absolutely right, the maintenance is untenable for this price range. in this market.

the really BIG con is that one can do so much better.

sorry falco, no can probably do. but i do so love a challenge, so i'll try.

$1. and a eye patch. No go w/ maintenance.. .at some point owning outright is supposed to be less of a drain, but for you Falco, I'd say $500K.... put that nut in and pay the carry... and hopefully the time saved on looking and being on SE will afford you another 10 yrs in graduate school... and then you'd make $100K/yr more .... cheers.

ayyyyyyyeeerrrr mate!

OK, Falco, i did my best. $650k. maybe $200k more if someone is in love with the place.

Very funny,
650 is thenumber I came up with. Even then I'm not sure it covers the shotened life span brought on by the high concentration of pollutants.

Beware of White Elephants.

Holy cats, maintenance better include gold-plated catbox scooping for that sum.

I can't make that work. The maintenance is more than I'd be willing to pay in mortgage alone, so I'm actually with Mr. Pirate: $1.

falco,did you truly come up with $650ish? is so, my various hats are off to you my son.

I went to see a 5th floor unit in that same building and was similarly shocked: $1900 for a 1000 sqft apt. The building is landmarked, I wonder if that has anything to do with it.

You would effectively become a long-term tenant of a space that needs work. If it were fixed up, how much would people would pay? $4,000? In effect the owners would have to pay me or renovate completely before handing over the title. As it stands, the value is negative $300,000, that's still a generous offer.

can you put a price on living in close proximity to pollution?

Priceless.

Was Francesca there to show the apartment? She looks hot...look at the picture in below article...

http://www.maternitybykoren.com/press/forbes.html

without the maintenance and the pollution, it's a stunner..

When I look at high maintenance properties, I just assign a value to the "extra" you are paying.
Condos usually average near $1 per sq ft cc/taxes, and Coops approach $1.50 per sq ft.

For this size apartment and a coop, $3000 per month maintenance would not be outrageous. So it's up to you what negativity you want to assign the extra $1000 per month.
My approach would be; what does that $1K cost you for a mortgage over 30 years? Well interest only at 5% is $12,000 per year times 30 = $360,000.
So some may argue... you get a tax deduction if it applied to your mortgage and you are also paying an extra 1K that gives you no equity in the property for 30 years. True,but your also taking the discount over 30 years in one fell swoop so to me it's a wash.

So the fast and low down assessment; 2091 sq ft times $700 (todays very rough coop closing prices) = $1,463,700 minus $360,000 = $1,103,700.
Take the noise and pollution down from there.

falco, is it possible to add a third bedroom in a logical manner, without destroying the flow?

not really on that third

Just the punchline:

"Linoleum".