For Your Consideration

The views are nice, but Riverside Drive is VERY dark and isolated at night. I personally know of two men who were beaten and stabbed on Riverside Drive (one in the 90s, the other on 155th) just in the past couple of months.

Trouble has always lerked at the edge of riverside drive. You should have seen it in the late 70s. This is park of the cost of city life. I will admit that you are correct about the slight increase in danger. Not enough to put me off.

part of the cost of city life

I've been in the building, but a long time ago -- maybe 15 years. I love RSD (and also grew up on it), and I think 106th between RSD and Strauss park is gorgeous. That's a nice corner.

I remember the building being a bit old-fashioned/run down, but it may well be very different now. And frankly I like the faded grandeur of those old UWS buildings.

I also remember that the apt I visited was a bit dark and cramped. This one looks lovely. I'm curious to see what others say about the price.

NYCMatt: The entrance to 340 RSD is on 106th, not Riverside Drive. Also, that part of RSD is divided by an island, so the apartment buildings are insulated from whatever dangers may lurk in the Park (which I think you are overstating anyway).

Use the force. Or email me and I'll put in a solid gold $999k bid and you can act like a big shot at $1,001k. Good luck Luke and stop looking at your sister that way. Ewwwwwwww!!!!

"NYCMatt: The entrance to 340 RSD is on 106th, not Riverside Drive. Also, that part of RSD is divided by an island, so the apartment buildings are insulated from whatever dangers may lurk in the Park (which I think you are overstating anyway)."

Actually, in both stabbing cases the "danger" was lurking RIGHT NEXT TO the buildings.

I personally know two hood kids who mugged and stabbed someone there this past month. Called a good yield area.

just saw the apartment the floor plan has been changed , the maids room is part of the kitchen and and the part of the kitchen next to the entry foyer is a weird closet. The apartment needs work. The views are great

It's windowless, but you could turn that "storage room" into a neat little home office. And what's nice about it is that it is its own little room, with a door you can close off, rather than a nook in a larger room. You won't even be sacrificing any storage space, as this apartment appears to be loaded with closets anyway.

I live about 7 blocks away from 106th and would consider that area pretty safe. I wouldn't wander around any of the parks or streets around the parks alone at night though, especially morningside park. Was unaware of any recent stabbings in the area.

I would think $1.5M would be a fair price, 25% off from peak comp +$50,000 for the 5 extra floors. That said, the place has only been on the market for 3 weeks, and there isn't that much available on RSD. If it's still on the market in January, make your lowball offer then.

thankyou maly, that's what I was after...a little opine on price. As for the danger, me and my wife, Agent 99, have delt for the evil forces of Chaos (first to discover the vesitility of the black outfit) for most of our lives. Back in the the day when you all carried 'the brick' cell phone I had a phone concealed in the heel of my shoe..........

would you believe a bologna sandwich in my pocket.

falco: i saw this apt. beautiful views but needs a gut renovation. there are broken pipes in bathroom. kitchen and bathrooms are unusable.. need complete overhaul. i took an architect. i came up with the reno costs matched it to a comp and came up with a price much higher than what you are talking about and they wouldn't even consider it. and the closet room cannot be used as an office. plus no amenities in building.

falco - 11B went for $1,715,000 in 2005 - but there was no listing associated so can't really tell condition. Assume 11B was in decent condition, sort of agree with maly about the $1.5, but, considering that nobody wants to have to do major renovations these days, and that it sounds as if the place shows really, really, badly - might go down from there.

P.S. When they don't show pictures of the kitchen / bathrooms, and only show the view, and an empty room (amd, in some cases the lobby) - beware - it's definitely telling you something (as definitely stated by apt23)

Apt23, this is why I was advising to wait until January. Regardless of the psychology behind the pricing (ignorant, mistaken, hopeful, aspirational, delusional) it will always take at least a couple of months for things to adjust. I don't think there is much chance to bid more than 10-12% in the first few weeks. It's at best a waste of time, at worst an offense that gets you on the seller's bad side.
If you like a listing but think it's 20% or more above market, waiting 3-4 months is a low-risk strategy.

Maly: Yes I know that it was too soon to be able to get to a realistic price but I had to either buy or sign a rental lease by Nov. I couldn't wait. I had to hope for some sanity on the broker's side. No such luck. But this is exactly why I think the market has far to fall from here. Consider that this is a 2 million dollar apt and they had no problem asking that price without a workable stove and a broken pipe in the master bedroom wall. The closest comp is an apt with river views two blocks away that was in mint condition asking 1,895.000, approx same floor. Not to mention the 4B comp in same building sold at top of market. So in this apt, to get to the condition of the neighbor comp -- you must re do the kitchen and bathrooms, skim the walls, re do all the wiring, fix the pipes, add air conditioners thru walls and some small reconfiguring and replace doors cause too much paint to strip. I have a conservative, very good architect that came up with absolute bottom of $400,000 - not including her fee.

So figure the normal 10 -15% above quote, her fee, the cost of carrying two places while you wait the 4 to 5 monthsfor reno-- and the cost of putting up the cash. Add nothing for the enormous heachache of reno. That would put you in the $1.4'S Which is what I talked about and they would not consider that price point.

Plus consider that there is a 3% flip tax, the maintenance is being increased to near $2000 and when you add transaction costs, you will not be able to break even in this apt for a few years-- and that is counting on the improbable scenario of the market not going down further. So G forbid you need to sell. And when you do, you will be competing with all the resales of the new developments like the Harrison, Rushmore, 200 WEA etc which will all probably be lower than cost. And your building does not have any amenities. So say you compete with a 2 bed/2.5bath in 200 WEA that sold for $1.550,000 with $980 cc costs. For 400 sq ft less,(340 does not have 1950 sq. ft., more like 1800) then the 200 WEA apt has great uws location, near the same park in safer area, great schools, large pool, great gym, playroom and near great stores on b'way, a new kitchen with top appliances, new bathrooms, skim coated walls, new floors, central air, half the monthly carrying charges -- all that and it is a half million less. But their views of the river are not as nice. That is the only edge you will have for resale at 340. And there will be dozens of those resales as shadow inventory comes on market and prices come down. (think the 40 or so apts for sale in each of the trump buildings on rsb as the buyers realize they all got hosed)

I'm sure the brokers at 340 are counting on the fact that there is someone out there that doesn't care and will extend themselves and even live in the apt without redoing it. But that buyer will get killed when they resell.

So if they don't get the whacko buyer, who are they going to get -- someone who has the cash to put down the 30% the bank will want and the huge costs of renovating in cash since loans are so hard to get. I can't believe they wouldn't talk to me at that price. I think it has to go for less than that. When the brokers finally start insisting that clients be more realistic -- watch out below. When are they going to realize that serious buyers with cash will not pay ridiculous amounts of money for literally an old stove, including grease from the 1960's-- view or no view. The brokers told me with a straight face that they will get very close to ask.

I'm not worried about being on the seller's bad side. They are now on mine. I have moved on.