W 67, Didn't you predict this?

Jeanne Dixon effect.

Floorplan has a lot of wasted square footage and maintenance is on the high side, but this is still pretty notable.

We need a new statistic - yearly maintenance as percentage of price - in this case a staggering 5%. A $600,000 co-op with a $1,000 / mos would be 2%.

Almost 4,000 in maintenance!!!
Are you guys out of your mine!

sjtmd - interesting idea but the maintenance/sq ft ratio is probably more accurate in this case. It is $2.10 which is comparable to similar sized apts i was looking at on uws. this is a building of multi million dollar apts and this was a precipitous drop for this apt. if the apt was on the market for 3X the sell price - far more comparable with other apts in the building-- no one would blink about the maintenance.

Apt23, well yes, yes I did.

$800psf at the powerhouse! In LIC!

Are you guys out of your minds?!!!!!!

Most prescient of you W67.

And pls disregard my prior post. The UWS apts I saw that were around 1800 sq ft ran about $2000- 2400. I was thinking of another much larger apt. A sign of lack of sleep.

$2000 - 2400 for maintenance. The mind is asleep but the rest will not follow.

$3700 maint/cc is way too high hence the drop in price. it seems as though the apartment needs a bit of a touch up since everything looks antique and the kitchen wall is painted red...could be the style but still....for a $1M+ apartment it better be flawless. also, 55th & Park is Sutton Place and awfully close to Park Avenue south which is not as prestigious as say further up on Park ave.

bubba - do you live in NY? 55th and Park is nowhere near Sutton Place, and is in a totally different neigbhorhood than Park Avenue South, which is way downtown.

Sutton Place is bounded on the east by the East River, on the west by Second Avenue, on the south by 53rd Street, and on the north by 59th Street.

Park Avenue South runs from 17th Street to 32nd Street.

As to the "prestige" of the location, the #1 building on Park Avenue is 740 Park which is at 71st Street.

Is there any way, looking at the floor plan, that this is larger than 1400 square feet?

Thanks, Apt23. Great post.

That sale came up at http://www.streeteasy.com/nyc/talk/discussion/5465-chasing-the-market-down-our-favorite-price-choppers-?page=10

Flmao. Do you think on the way UP, ppl thought about variances? All they heard was $1000psf!!!!!!! Yiiiiiipppppppppeeeeeee mothrfker!!! I'm rich I'm rich.!!!!

On the way Down all they'll hear is $500psf on park avenue. Peace out! Wooof!!!!!

W67: Maybe your $500 prediction was too generous. Pls see Riversider's post on Extell this morning. Gary Barnett defaulted on an $84,000 parcel loan that he is personally on the hook for. How would you like to be the owner of a $15mm apt at the Rushmore and read that your LL couldn't make a payment that is essentially the yearly nut on towel service in the spa. First thing I'd do is get my own testing kit for the pool to make sure that they are not cutting back on the pricey chemicals. Then I would put my apt up for sale. If the Rushmore goes belly up, that lucky bastard who bought the foreclosure next door at the Trump for $400 psf will look like he got hosed -- way overpaid.

Phillip Wong!!!!!!!!!!!! Premature equity ejaculator!!!!!!!! Try entendze, now for women too.

Nice discount, but this is not what folks mean by "Park Avenue". This is the midtown business section. You're across from the car dealership. I would not want to live here.

It would have been the front door if the layout of apt23 was the other way
http://streeteasy.com/nyc/talk/discussion/25684-w-67s-prediction-come-to-pass-thru-the-backdoor