Sale at 220 East 67th Street #3G

It could be that the coop was on a land lease with less than 30 years until expiration. In this situation, typically the price drop drastically because no bank wants to give a 30 year mortgage on an apartment with an uncertain future in fewer than 30 years. The board has two options: 1) renew lease at higher rates (increases maintenance) or 2) buy the land (increases the maintenance A LOT). Could be the latter. Happened to a unit I was looking at in Brooklyn Heights... they were arguing with the land owner to renegotiate and the prices were much lower than market.

Otherwise, it must be a similar situation.

The co-op owns the land; it's not a land-lease.

It is carrying a $2,600,000 underlying mortgage.

The median maintenance in 10021 for 4.5 rooms is about $2,000, so 3G's is a bit high but not crazy high.