Sale at 15 West 53rd Street #18F

This apt seems to be going straight to auction with no prior listing. Sold for $1.45m in 2006, now the minimum bid is $750k.

StreetEasy History

02/08/2006
Previous Sale recorded for $1,450,000.
10/01/2009
Listed in StreetEasy by David R. Maltz & Co. at $750,000.

14F none too happy at $1.95MM.. flmao.. knew a guy whose parents owned a 1 bdrm there in 2001... every chance he got he invited us over to have a "martini".... parking in that stretch SUCKS azz and you literally have to climb on top of tourists to get to the front door....

BUT close yourz eyes and pretend bks don't happen in NYC.... believe believe... believe.. I see dead unicorns...

Sold at auction at $1.575m.

StreetEasy History

02/08/2006 Previous Sale recorded for $1,450,000.
10/01/2009 Listed in StreetEasy by David R. Maltz & Co. at $750,000.
10/29/2009 Price increased by 110% to $1,575,000.
10/29/2009 Listing sold.

I am stunned by this price. I went to the open house. The building is high-end and the apartment has a nice view but its floors, kitchen and bathrooms are not up to par given the building.

Given combined taxes and common charges of $2,600 and assuming this could rent for $5,600 a month (optimistically?), this results in a net rental yield (ignoring broker costs, enticements, leverage, taxes) of less than 2.3% on the buyer's all-cash $1,575,000 price.

This is out of whack -- either rents have to go up or prices have to go down.

This price is crazy. Even if the buyer paid in Euros - which at 150 per $ would make more sense -- there are better values

Hope the buyer isn't expecting the light and views to last. The new Moma tower was just approved at the original height -- as tall as the Chrysler Building.
http://www.nypost.com/p/news/local/manhattan/win_for_high_art_MAVdyGe7jpKfOOPvwAi8JJ

The bulk of the apartment's windows face north. One window faces west but is already facing part of the existing MoMA structure. Views will not change but light may suffer somewhat. But the construction noise, dirt and congestion -- if the new building actually gets built -- is going to last for years.

Tne approval was 200 feet lower than the original design, which is a shame, it would have been great at 1200 feet.

Ha, after the auction this apt in the building raised their price $100k:

http://www.streeteasy.com/nyc/sale/348799-condo-15-west-53rd-street-midtown-new-york

We'll see if that technique works after not selling at a lower price for the last year.

To be honest, looks like the auction buyer overpaid, as sometimes happen when people get carried away at auctions.