211 cpw 6gg

1100 SF UWS apartment with one full bathroom: $950K
One window overlooking Diana Ross Playground: $150K
The reaction when you tell people your address: Priceless

So, it's overpriced by 1million? I'd take it for 1.45

The history suggests that it was valued for division purposes at $2.29MM (2 x $1.145MM) in 2008. I don't know where that number would have come from - most likely, from a very puzzled appraiser.

If you read my posts you know I don't comment too specifically on other brokers' listings (I wouldn't want other brokers to value mine, and if customers want my opinion they can pay for it) but I will go ahead and say $1.45 mm not gonna happen, at least in the current market. I'd also make the following points:

* It would make a great guest/mother-in-law apartment for someone already in the building, if the board would allow such a thing;

* If I were thinking about "broker square footage," which I know is a language we're not allowed to use on streeteasy, I would call this 1300, not 1100;

* A lot of shares (and maintenance) were given to this unit in the split.

ali r.
DG Neary Realty

what a wonderful concept.

broker square footage.

is there a broker measuring tape?

>broker square footage

Seriously?

The RE porn use of the space would be to reassemble the original #6G. Corner nine. The living room of #6GG was the master bedroom. The current kitchen was the master bath.

One reason goofy cut-ups in great buildings - like #6GG, and even more so, #12GG - ask such crazy prices is that their fallback out-trade if often to sell to (or with) the the neighbors.

Typo - "if often" should be "is often".

Prey tell. How'd they get cut up in the first place?

2 ndthusly. Let me get this straight. You strategically buy a hacked up small piece of the classic 9, ride the greatest re bubble up and when it has definitively and clearly popped, the fall back is hey why don't you my rich neighbor pay me a bubble pricing for the small cut up + retarded combo premium + take on disproportionate shares/maintenance done the last bubble popping + Reno to recombine + pay my borker 6%

Good gawddddddddd. Do morons think like that? Iz that what'll it take for me to be financial mOron, or at least a borker? WOW. Couldn't do your profession in a zillion years. I couldnt get past the mental dummying I'd need to do, just to hold an open house.

On 2nd thought, is that just hang out with rich people and get some crumbs and leftover champagne / caviar after the new year's eve party? Hangers on. Entourage. Dirty 2nds kinda people.

w67: The cut-ups might go back to the 30s and 40s, when the building had severe financial problems. NWT knows the history better than I do.

I don't think anyone buys an apartment like this with the idea of selling it to the neighbors. But when the time comes to sell, the rich neighbors sometimes offer a put option along the lines of "We'll pay you $X if you can't get more on the open market." Can't say that's likely to be the case here, because #6GG has been on and off the market so long, after changing hands in a division of assets. Knowing nothing more about the sellers' circumstances, I'd leave it at that. The price does seem very high for the space, though #12GG initially sought almost twice as much for (I think) the same footprint. http://streeteasy.com/nyc/sale/167131-coop-211-central-park-west-upper-west-side-new-york

Both the Beresford and the San Remo couldn't get high enough rents to service their mortgages in the early 1930s. The Bank of The United States foreclosed on them. That bank then failed, so both buildings and many others were taken over by the quasi-governmental agency ran the bank's assets for benefit of its creditors. It tried doing some cut-ups.

Landlords did the same thing, but more thoroughly, at 1000 Park, 907 Fifth, 246 West End, and many others.

It'll be interesting to see whether today's developers are building a product mix that works ten years from now. In the late 1920s they didn't, but it swung back later to larger apartments.

As Ali suggested, it'd be interesting to see how shares were allocated when the Beresford went co-op. There'll be an incremental pattern in the G-line from 2 up to where the setbacks start. I'd bet the total shares for 6G and 6GG break that pattern higher.

I was having a lot of fun last night ogling the original 9-room in Alpern's book (one with cheesy pic of Ansonia).

Speaking of carve-ups that sell to the neighbors...
http://streeteasy.com/nyc/closing/1798111
The buyers bought the other piece of the original 13-room apartment in 2004 for $2.35MM:
http://streeteasy.com/nyc/closing/8029
They are marketing the combination for $8.25MM:
http://streeteasy.com/nyc/sale/578556-coop-1175-park-avenue-carnegie-hill-new-york
There's apparently a contract out already.

Reduced $145K, to $2.35MM. Dmf's target price remains a distant vision, but you never know.

I'm sure the random resident exercising in the building's gym was happy to make the broker's listing. On first glance, it kind of looks like Bill Gates.

http://img691.imageshack.us/img691/9464/85759602.jpg

LOL-- I think 1.45mm is a pipe dream, but 1.95mm is a more realistic price.

Nice profit on the 1175 combo. I think that's the kind of thing gabrielle904 should go for.

Reduced $55K, to $2.295MM. I don't know many buyers who cap their searches at $2.3MM, but maybe a 2% cut will make a difference to somebody.

Getting better--still will only appeal to a very narrow group of buyers, clearly not anyone with kids given only one full bathroom. so too big (and expensive) for those looking for a one bd and too small for those looking for a 2 bd.