Advice but can be price chopper

01/22/2008 Previously Listed by Stribling at $2,900,000.
10/22/2008 Stribling Listing is no longer available. Last priced at $2,495,000.
02/04/2009 Listed by Corcoran at $1,975,000.
02/06/2010 Price decreased by 14% to $1,695,000.

Any thoughts?

id say beyond gut 600k and up

be sure you can work in months other than summertime in this n=building

This comment isn't about the renovation, but --- I would take $$$ off for the layout, too. You have to walk through either the LR or DR to get to any other room. The LR is chopped up by a hallway to the bedrooms and bathroom. It's not appealing so I wonder about eventual resale value.

only way you will really know is to bring an architect/designer with specific list of what you want done. then whatever they tell you, plan 20% higher.

Thank you for the input. I have seen many apartments that you have to walk through the bedrooms to get to the bathrooms. I didn't think about the future resale impact. Wonder why they were designed that way.
I thought the 2nd floor would also be difficult for resale. There is another 2nd floor on 91st/mad that has been written about recently.

Also there is an apt in the same line that has sold in the building on the 8th floor but apparently renovated. The agent keeps emphasizing the outdoor space but it seems to be more a negative b/c surrounded by tall buildings and will need to be fixed up too.

UES, many (most?) prewar apartments of a certain vintage were configured that way. If they haven't been updated to suit modern preferences the ensuite bathrooms can be a drawback at resale.

I like this place and I like the layout. The second floor and the reno frighten me. I really don't know about $600K for a reno...I suspect that would be one first class renovation. Lets just say half and tack that on to the price. Now add in the fact that you won't live there for over a year cause that's the way it goes, so tack on the cost of two places for that period of time. Now tack on the psychological nightmare of a renovation (you will age at twice the normal rate). Do a little calculation and 'Whaaaala' that's an expensive purchase for the second floor even with double glazed windows.

Thanks for the reassurance. I calculated it in a similar manner but the owner seems to think that an essentially never renovated prewar 2 bdrm (prob with lead paint too) on the 2nd floor is worth much more than it is. I probably should concentrate on renovated apts.
A little scared after the article in the nyt about renovations with lead paint.