Skip Navigation

Sale at 393 West 49th Street #5C

Started by NWT
almost 16 years ago
Posts: 6643
Member since: Sep 2008
Discussion about 393 West 49th Street #5C
SE has conflated this unit's history with that of #5C at 350 W 50th. Here's the sales history from ACRIS for this one: 12/18/1991 ..$108,500 05/12/1994 ..$112,250 09/17/2003 ..$866,500 03/26/2010 $1,355,000
Response by lizyank
almost 16 years ago
Posts: 907
Member since: Oct 2006

If this is part of Worldwide Plaza the first two sales may be a little deceptive as they were probably part of large investor packages of apartments. When that building was building it was as white an elephant as anything constructed in NYC...the neighborhood was really sketchy (or more to the point it kind of sucked) and real estate was at its nadir. My company moved into the office tower in 1989. I know the residences were completed a little later they were a huge source of entertainment ("Who is going to pay a quarter million to live on 9th ave and 49th street?") and basically could hardly be given away. The developer eventually bailed by selling apartments in bulk at very advantageous pricing. Then again doesn't look like the person/company who bought in 94 got such a bad deal, especially since the probably collected 10 years worth of escalating rent as the neighborhood DID get better.

Ignored comment. Unhide
Response by NWT
almost 16 years ago
Posts: 6643
Member since: Sep 2008

Right, the 1991 and 1994 were LLCs. IIRC, 30yrs had reminisced about the WWP mess, too.

Ignored comment. Unhide

Add Your Comment