Sale at 40 East 80th Street #8B

yes its a little high. But I think that the biggest problem is the last words of the listing...land lease. Right now they are toxic in today's market place. Yes there is alot of time left but, the value drops as the witching hour approaches. Look at 190 east 72nd, and the one on 63rd(where they just bought the land outright), east 61st and Lex, Trump Plaza, etc. This is an A1 location, but there is a risk premium to consider.

I dunno. I comp it against a place like this (no land lease)....

http://streeteasy.com/nyc/sale/551305-coop-120-central-park-south-central-park-south-new-york

no second bathroom, bed room a bit smaller, dining/living area in total about the same, nicer finishes, fabulous Central Park views right out your windows sort of equals the small balcony...

I looked at 40 East 80th Street and was outbid, to my regret, because not all land leases are the same. I looked at this one in detail. 40 East 80th Street has a long term lease from the church next door, but the coop owns the air rights. That totally changes the calculus.