Sale at 112 West 56th Street #PHS

Right, makes no sense. It's an interesting building in that all but one (8S) of the units are identical, varying only in exposure and condition. 8N and the N/S units from 9-33 (the PH) have the same size, layout, and PCI.

The $3K CCs/taxes might be high for the neighborhood, which might account for the all-but-33S pricing.

All the apartments in the building that have been recently listed need a full renovation. PHS is recently renovated and has 'top of the line' everything including a complete B&O system wired throughout.

That's quite a premium for having a full renovation done already, but then again the more I read about doing one, the more worthwhile it seems to pay the seller for the hassle they went through.

You make an excellent point. Having renovated one apartment twice ---once because the contractor was horrible and walked off the job with my money - and once to fix the mess he caused - I would never do it again if it was not necessary.

so do you think the renovation is worth 925K not accounting that the south view is likely worse than the view from PHN

I do not know -- I have not seen it but know the building. PHN sold last summer when the economic climate and specifically the climate for real estate was markedly different. I have seen PHN's view and it is not overwhelming. You can see a sliver of central park between two buildings. That does not count as remarkable in my opinion. Everyone's taste is different. 56th street is noisy and a southern exposure, if you like sunlight, is preferable, in my opinion. The value proposition in the area given the space and renovation, despite the fact that apartments in Le Premier have historically traded cheaply, is not unreasonable --- look at comps.

LePremier is incredibly underrated for it's value. It is genuinely a gem in luxury midtown real estate. The cheap comps are misleading due to a few unrenovated apartments that would be much more valuable once they are upgraded. Many of the apartments have been updated to warrant the higher selling prices. If you check, Apt 8s is cheaper because it is a tiny 1 br apartment not typical of the other more spacious apartments in the building. But it is a nice apartment all the same. People who buy at LePremier enjoy the city views as well as the central location to all the exciting attractions NYC has to offer. In the final analysis, LePremier is a bargain to be so close to Central Park and Fifth Avenue without paying huge costs and maintenance fees.

Hey midtown just stick to selling these units to your customers and not us. Thanks.

(To Jahanh)- FYI - this forum is for anyone who seeks info to form an opinion-- those including, perhaps, your customers. There is no need to "sell" to you- as you have stated in your contribution. So why must I be admonished when others are asking good questions? My respectful regrets. BTW- MY post is not a sales pitch!
To all others- hope you found my previous post as useful as it was intended. Having to decide to buy at a low price and spend a lot of money to renovate in any building ...with all the associated hassles, or buy a totally finished apartment at a slightly higher price is a hard decision for some people to make. Everyone will draw their own conclusions. Like Arience, I know about what comes with doing renovations-- "twice". But I like midtown!

so, to you $925K is "slightly higher price" ?! please do give me your analysis of PHN vs PHS

Respectfully, PHN is not currently for sale. While a comparison can be made and a debate can be had --- PHN is not for sale and PHS is for sale. PHN, a property (at the time) in desperate need of a gut-renovation, was sold late last summer - when the economic climate was arguably much different. I am not arguing for or against the valuation differential - just pointing out some important inputs in the equation. The market will be the determinant of price --- and the jury is out.

http://streeteasy.com/nyc/sale/563530-condo-112-west-56th-street-midtown-new-york

This just went into contract last week and now it's out? My feeling; this building is coming into it's own and should do well as a whole at this time. What am I missing here?