Murray Hill Classic Six for $830K...aberration?

Is this a 50% down building with a particular board that will cause the reno to take 2 years?

Is this the midtown tunnel feeder street? If so, it's smog and soot city. Location, location, location...

It's the future...comes out to $615/sq ft, maybe a little more when you consider how every listing broker in this city LIES about sq. ft. This needs reno and that knocks the price down a good bit, but still we're not far away from a time when 2 br's will sell at $700-800/sq ft. 18 months maybe, 2 yrs...

This is not a standard classic 6 -- 1350 sq ft? Normally 1800 sq ft. Plus a huge reno needed and a less than prime location.

Why does it need renovation?

1800 is not a normal classic six. More like 1500.

all of this happened last june--it closed in june, so not exactly breaking news.

focus on the square footage, not the number of rooms. 650 per square foot for an unpleasant block (tunnel traffic) in a mediocre neighborhood, which requires a gut renovation.

looking at the comps, it appears that this line sold 1.25 at the peak. but assuming that apartment did not need the complete gut that this one requires, it is a pretty modest decline compared to many we've seen.

"which requires a gut renovation."

No it doesn't.

I lived on 36 and had a terrible time selling my place because of the street. Even though it was factored into the price people really, really hate that street... But what I will say if you travel a lot it's fantastic.. You can be at JFK in 20mins (best case of course). Resale is a b-tch!!!

Maintenance on the high side too.

ali r.
{downtown broker}

$1.35 per square foot is on the high side for a doorman building in Manhattan?

thanks for all the comments...I agree with the location issue, although I don't think it's too bad....but the fact is you can only find the perfect apt if you are willing to pay the top price for it. I thnk getting a 830K classic six that you can take your time renovating, seems to be a decent deal...

The maintenance is not high per square foot...

If anyone comes across anything similar, please do post on this board...I would love to have a classic six for under #$1mil, with warts/defects and all....because I won't be able to afford one in a pristine conidition on Park Avenue in the 60s or 70s!

Right, its not as bad a location or in as bad condition as some of the market apologists suggests. This is really just foreshadowing of where smallish classic sixes all over town are heading.

rhino,

i am no apologist for the market as you know. but honestly, a 1300 square foot classic six is not "small-ish." it is small, no ish about it. this apartment also happens to be on a bad block in a mediocre neighborhood. it also happens to require a huge amount of work.

even at the peak these apartments only traded for 1.25, and as far as i know that was in good condition. so this is just not a lot of movement compared to a lot of what we have seen.

I disagree that 1800 is standard size for a class six. I think its more like 1500. So yes, I would call 1350 sqft smallish. Also, $830k is -34% from $1.25mm, and its still an ask. We can barely get people to agree that this market is down 25%, and this is down another 10% from there...and its an ask. So I disagree. I do think this is interesting.

Miette,

I say "high side" because you're not getting a FT doorman for your money.

ali r.