76 Madison Park...thanks for screwing the rest of us

I don't understand. What is happening here?

p09, do you have a link for the building? i'm not finding it.

frederic12, what is happening is that early buyers in new developments are getting well and truly screwed when the developer decides to unload the last few units at firesale prices.

sorry..still on first cup o joe

http://www.streeteasy.com/nyc/building/76-madison-avenue-manhattan

where can i find the new listings? streeteasy only shows 1 listing

The one listing for 4A and the seven in-contracts are all resales. The sponsor has sold all 31 apartments, with 5B being the last to go.

The 31 went for a total of $60M, while the 2005 plan called for $56M. Got lucky on their timing. The buyers, of course, didn't, but them's the breaks.

NWT: nice detective work.
5B will still prove to be a tough comp.
Now, lets roll that to a larger, successful conversion. Say you have 150 units. then dump the last 10. that will sure leave a mark on resales and put even more pressure on the mega new developments currently starting to feel the pain. We might look back in a year and realize that the developer was a genius in dumping 5B and moving on.

Yeah, dumping it made much more sense than holding out or putting a tenant in. After all, no reason for the sponsor to attempt to prop up resales. Once we do start seeing closed resales there, the $950K won't look at all bad.

And then, too, they didn't really "dump" it. It was what it was worth in 2009.

What was special about 4b?

Nothing that I can tell. It's listed as 15 square feet larger than 3B and 5B, with 2.56 PCI rather than 2.53, but the A and C lines don't vary between the floors.

Maybe 4B retained some fancy details, as in a boardroom or president's space, from when the building was offices.

Could it have been the "model" apt?

Nevermind, I think I found the answer: the last asking price on 5b was $1,775,000. the other B lines sold earlier. Was probably just the result of "natural" price increases along the way.

What's the big deal about selling the apartments for what they are worth today? Why can't people be labeled what they are? If you bought in 2007, after a 100% increase in the past couple of years, you're a sucker. Same for people buying financials today. If you needed a place to live and put down a big deposit, kudos. If you're treating this apartment like a stock, you're an ass.