What do people think about pricing on this apt.....

Naturally you need to see it, but the price seems realstic. I wonder how they would feel about an offer for 399 ending up in the middle.

Not delusionally high or anything, given that we're still near the top of the bubble curve. Note that the floorplan is for the E on higher floors, where bath and kitchen have windows.

I'd look at the other alcove studio, 10G, asking $50K less.

Similar apartments in the area rent for about $2500 + 1 free month:

http://broadwallmgmt.com/showapts.asp?property=4+Park+Avenue

So I agree - $399,000 would be a reasonable price.

please keep in mind this is a jr 1 bed...ie converted alcove studio.......but it looks like a true 1 bedroom....

the cost of owning this is 3000 a month. You can rent something like this for around 2100! Around 350 it would make sense

samadams- how did you calculate the "cost of owning"?

thanks
cheers

the interest tax deduction would take around $700 off per month no?

It's a fair price with the tax considerations

Tax considerations? Consider how much tax you'll have to save if the apartment falls in value. Add back in the transaction costs of about 15%, & bye-bye "benefit"!

What is the community's outlook on raising mrt rates? Say we go to 10% in yr. To match a $2,500 rent this will have to go for roughly $250k. No?

Short: If you ask the bulls that question, they will tell you that rents are unrelated to purchase prices because you can't get granite countertops in a rental and your friends might look down on you if you live in a rental. (Of course, this apartment doesn't appear from the photos to have granite countertops, so you are probably safe comparing to a rental.)

However, if you are willing to endure the indignities of renting as a comparison to ownership, then, yes, $250k brings the monthly payment to about 2500 with 10% rates.

comp-wise the sold-prices were about 8-10% less recently in that building...I'd say 410...