Too high?

Ugh. I checked the street view, since I've never been down there. It's odd, this is like a stand-alone piece of the UES way downtown. Very strange. They'll be lucky if they get 2 mil for that location. Great terrace, though.

Priced way too high for way too south.

LOL, way too high.... I eval it at $3.2Mil, how they ask >$8mil is beyond me

Those aren't projects, they're moderate income housing, inhabited by garmentos, artists, teachers, and such. As a testament to the squalor there, the waiting list to buy a place is something like 25 years long.

Every once in a while, I just get fed up with people who post here about topics they know nothing about. The "low income projects" are Penn South, a coop funded in the '50s by the ILGWU. Penn South is a great place to live and there's nothing wrong with the neighborhood.

And "ugh, you've checked the street view" even though you never go down there? Jeez Louise, that makes you such an expert that you can venture an opinion about what the property is worth?

Streeteasy can be a great place to get information about Manhattan RE (the rest of NYC? not so much.) But it can also become a forum in which people's properties -- and the values thereof -- are trashed by those who know nothing.

I suspect this apartment is wildly overpriced. However, since I don't know very much about the market in Chelsea, I would not say more.

General, I wouldn't take needsadvice so personally.

But for amusement, check out this thread that s/he started: http://streeteasy.com/nyc/talk/discussion/26026

agreed. everyone involved is obviously waaaay too high.

The Penn South development is directly across the street. The Heywood is adjacent to the Elliott-Chelsea Houses project. A new rental tower is going up next door to it, which will obstruct all of the current South-facing lot line windows. Chelsea is great. I do believe that this seller is extremely optimistic.

Actually, those views are already gone; as the new rental building appears to have topped out.

04/18/2006
Previous Sale recorded for $3,767,525.
05/27/2011
Listed by Stribling at $8,850,000.

I'd say 135% return on your investment over 5 years would be pretty stellar.

Probably priced too high, but this is a fantastic neighborhood, and Ninth Avenue is not what it was in "old New York." We're talking high-end galleries, the High Line, and yes, pricey apartments. I suspect that's why they're putting forth said asking price.

The general said it correctly......anybody who refers to Penn South as "low income/projects" clearly has no clue. Penn South has a waiting list so long it's been shut down. It's not "low income". It's "sought after".

generalogoun is correct except on the timeline. That area is now fine, and Penn South is now sought after, and the waiting list is ridiculously long, I have family that has been in one of the 9th ave buildings since 1962 and they passed it on to the next generation. The South Bronx was better when my Aunt moved there, and boy did she make a good call.

BUT its not 9 Mill for a Penthouse fine - there are still elements of the old Chelsea on that block, like panhandlers who look like they are heroin-addicts. That's the one part of 9th ave north of 23rd that still "feels" dicey, although it is safe. That may change in a few years, but it's still a bit too "urban" for most white folks with that kind of cash.