penthouse - price/sq foot

He means this one: http://streeteasy.com/nyc/sale/415666-coop-411-west-end-avenue-upper-west-side-new-york

Gorgeous views but not much else going for it. Can you even fit a queen bed in there if you keep the desk? Price for terrace is usually 1/2 per interior SF but given the views and privacy, I would allocated as much as three quarters. You will outgrow this apartment very quickly and spoil yourself for anything else after living with those views!

Bottom line - I give it $900/SF max (walk up is a real drag) if mint so deduct the renovation cost.

And make sure you don't go sking or get into any kind of accident - 3 flights of stairs!!!

Agree with lo888. This unit is 500 sq ft max x 900/ sq ft = 450. Terrace @ 135 x generous 675/ sq ft adds another 90K. So this unit is worth < $550K in good condition and sounds like needs $40K in renovations. Main problem with this unit is the 3 flight walkup after elevator trip -- like commuting just to get out the door! Not to mention hardest units to sell in general seem to be these studio sized ones with a large closet doubling as a bedroom. But maybe one could put a port-a-potty on the terrace and add value as a 2 bathroom... Hopefully unit comes with basement storage because piles of stuff due to lack of closets would definitely block the great view for me!

haha it's the broker with the super evil name

thanks. anyone else care to weigh in on value? i basically agree with thegrimp on the math but that sets the value at 510k. at some point, i guess you just move away from the math and say much does the uniqueness of the place add to the value.

so what does everyone think is a fair price?

This is a really REALLY nice dorm suite.

For $700K I should be able to fit a GROWN-UP bed in the bedroom, not a child's bed smack up against two walls (very ghetto).

That's the name of the broker's pet unicorn. It's make-believe.

$475k.

Am I correct that there's no bathtub? So you have a small kitchen, 3/4 of a bath, plus the bedroom is practically non-functional. And, for that matter, the only closets are the ones outside the bathroom. I put the square footage at about 475, 610 with the balcony. So at the current price they're asking almost $1300 per square foot -- for a co-op that requires 30% down (which will be somewhat of an impediment to resale).

I'm no expert, but I think the people who said a max $900 psf are probably about right -- if not possibly a little high. (I know I am.) Plus, I wouldn't be confident that this place only needs $40k in renovations -- but I'd certainly factor at least that much in. So that gives me a price around $475k. (475x$900 + 135x675 - 40)

But then there's another factor -- which is that even crappy apartments in NYC seem to have sort of a "base price" just by virtue of being in a good area of Manhattan. (Or at least that's my totally uninformed, uneducated observation.) And the co-op board is probably going to be reluctant to let an apartment go below a certain price, too. So even though $475k is what I think would be the "right" price, it's probably not going to actually go down to that price until the market really goes down a lot further.

But in any event I don't think this apartment is worth anywhere near $700k.