Sale at 57 Warren Street PENTHOUSE

well if you examine this unit at 1860 interior sq feet and 1150 exterior sq ft and a maintenance of $3883, that comes out to $1.29 per sq ft. THat's on the lower side for a coop. And coops treat outdoor space pretty equal to indoor space on maintenance.
But if you want to go with the sometimes disputed rule of thumb of 1 sq ft of outdoor equals half a foot of interior sq ft., then (1150 divided by 2) 575 + 1860 = 2435.
$3883 divided by 2435 = $1.59 per sq ft maintenance,still fairly average.

Now take into account from the description on the building;
>57 Warren Street is an 8 Story Cooperative building with 6 full floor loft apartments and 1 Penthouse with Private Outdoor space. A brand new elevator was installed in 2007/2008 and newly renovated lobby , intercom, common roof deck,

Given the small size of the entire coop and the recent upgrades, can't say the maintenance is horrific

truth, what you say about the maintenance is true for doorman buildings but the non doorman lofts usually are just $1 per sq ft. Also the place is 22*82 less elevator and stairs. Appx 1650-1700. Also, the roof access is via fire stairs. The building facade does not have any special architectural features. Not a great looking building in my opinion but nothing bad either. Great light. Truth, what would you pay for this place?

here is what i think the price is. 22*82 less stairs and elevator = 1700 sq ft. Add one third for the outdoor space as the access is not private. 400 sq ft. Total 2100. For normal maintenance of $2500, it would have sold for $1200 per sq ft ~ $2.5mm. Now adjust $300k for high maintenance which will only go up due to taxes and maintenance cost increases. $2.2mm. What do people think?

You also have to consider how that high maintenance translates down the road in resale value. Tough to unload a place with monthlies that high - note that this was previously on the market for almost $3m.

300Mercer
The physical building is 25 by 84. That's 2100 sqft.
Knocking off 10 to 15% off of that is appropriate, as the sellers have done so as well at 1860 sq ft.
However, I greatly disagree with you on the treatment of stairs and elevator. Having an elevator and the full floor to yourself is a very great luxury. You cannot disclude this space, but I do pay less per sq ft for the space, as the market does as well with these type lofts.
Access by fire escape is indeed a negative and though it claims 4 exposures, it looks like it's next to a taller building that has at least one window overlooking the deck (another negative). But a proper deck that I still value at 1/2 an interior sq ft.
To me this is 1860 + 575 (1150 divided by 2) = 2435, but Im only paying $900 per sq ft for it.
Our methodology is different but conclusion is the same $2.2 max.

I guess we are wrong. The place is in contract quickly. I would think that they did not take much of a cut.

Why are we wrong, it's what WE would pay for it.
Your surprised someone in NYC would pay 10/15% more than us for the unit?

If you take my 2435 sq ft evaluation but pay a more proper $1050 per sq ft condo average, there you are...
If you take your $1200 per sq ft evaluation but give a more proper 2100 square feet, there you are...

:)