Can bears explain this sale?

People who can afford $2.7m apartments do not have a "recession".
Why not round it up to even $5m ?

if all you hear in the news that the poor are getting poorer, musn't one assume the rich are getting richer?

The wallpaper sealed the deal.

A mexican drug gang just dumped 35 dead bodies onto a major street in mexico.... I wonder if they killed them all at once.... or one at a time until they got to 35? hmmmmmm.... the things that make you go hmmmmmmmm

now there is insane and their is fking on crack insane.

Next question.

Well it's a nice apartment and you can just move in (if you are okay with the wallpaper). Maintenance is relative low for a 2000 sq ft place although location is not fantastic (but this is all personal preference).
I find that in this market, if one has a decent place (i.e no work needed) and is priced right it will generate a bidding war to the extent the the final price may get higher than what it's worth because bidders just wanted to get the place at that point and didn't mind overpaying. On the other hand, if one has a place that needs a lot of work, then they really need to list at a very low price because many of us don't want to take the risk in this kind of economy or the listing will just sit there forever.

The 2009 sales appears to have come on the heels of a family tragedy. In a bad market no less.

The 2008 transaction at 2.1mm might be more 'relevant'. Still, a 28.5% rise from 2008 to 2010 is a very aggressive move.

Yeah, 2008 was a horrible year for that family.

As discussed the other day at http://streeteasy.com/nyc/talk/discussion/28090-33-fifth-avenue-15cd, there're slim pickings if you want three or more bedrooms in prime Village.

acris doc shows this as unit 3, and in Queens..nice to know there are no errors in public record dat..oh wait

This morning I came across six sales from the 2373 B'way co-op that were filed under the 2372 B'way Belnord, a rental building. Six since 2004, but still.

correct block and lot #s are block 560 lot 1103

buyer is either a grammy nominated pianist or a NJ ex housewife.

I am aware of the 2009 sale conditions but I am amazed at the 1350 per sq foot price for a 8 foot ceiling, non central ac, nothing special reno. This is what it would have sold in 2007 peak. To me it is scarcity of supply in prime village which as recent buyer in the village we faced as well. What do bears have to say about it? What does it say about the bearish thesis? Same questions about recent sales in 2 fifth avenue despite facade issues.

>Same questions about recent sales in 2 fifth avenue despite facade issues.

Can you see the facade from inside the apartment?

hberg, there will be scaffolding for a long time and lumpsum payments by the owners for the cost. hence the comment. you would think it will lower the sale price. But back to 40 east 9th.

1. a crazy person who overpaid.
2. yet another data point confirming how smart you are.

you choose.

What is the most expensive house in columbia county?

Also, how many crazy people are in columbia county?

Any correlation?

great detective work! you found a sucker that overpaid for an apartment. not too many suckers in Manhattan. Must have sold at peak of chinese bubble.. just ask barbara

I'll explain it, You posted the wrong links for the wrong apartments. It NEVER sold, it was taken off the market. This seller is smoking something though, he bought it in 2009 http://streeteasy.com/nyc/closing/918695
for 1.67!! now tried to get a good flip. I guess him and his broker stopped dreaming.

better detective work by angelo!

angeloz, wrong. The $2.7 that just closed is the same apartment that sold for $1.67 in 2009. Look at the names.

I know personally that the sale happened.

angeloz, the city reported the sale to SE as apartment #3. See all the other sales on SE for the non-existent #3. SE can't match them to listings without looking at each one individually on ACRIS.

The #3 comes from the co-op owning the third unit, lot 1103, of a three-unit cond-op.

Maybe you should just apply your own reasoning. Back in 2009, ARM rates were 5%, so $1700K * 0.05 / 12 is $7.1K. Now ARM rates are 3%, so $2700K * 0.03 / 12 is $6.75K. Not only cheaper, buy also a shiny new renovation.

If ARM rates go to 2%, it should trade for $2000 a sq ft. At 1%, then $4000 a sq ft.

haha nada. We paid 2005 nomimal price level at $1000ish per sq ft with central ac and much better condition that this recently renovated apartment. Looked at this in 2009 but did not like it due to low ceilings. Just questioning the $1350 per sq ft number.

If I were buying something for $1350 ppsf, this would certainly not be it either. IMO ugly building, ugly street (strip mall featuring Cosi), ugly balcony, ugly buildings in your view, bad layout. But it spoke to someone.

This apartment does appear to face south, but still the main entrance to the building is on 9th Street, not 8th Street where the offending Cosi is located.

The ppsf is high but there's little wasted space, three good-sized bedrooms, plus an office/guest room/family/media room. I can see this floor plan having unique appeal for, say, a family of four wanting to live in the prime Village. The combination produces big bedrooms and a separate fairly large interior room, both of which could have a lot of appeal for people with kids and could be hard to find elsewhere.

Sometimes apartments with "different" floor plans or unique combinations of features find a buyer who really wants them, even if most others think they're weird.

I had many SE searches with 0 results and when the ticker hit "1" (often after months) I would jump.

I know one of the parties to this transaction. This certainly is a unique apt. Sellers purchased at one of the lowest points of the market last few years. Apt. at that point had been lingering and dropped price few times. They renovated the place nicely and put it back on the market early this year when the market was doing better than it is now. There was and still is a demand for 3br in city, especially in central village where they are scarce. There were 9 offers for this apt. in a week so obviously people wanted it. The purchaser is supposedly a wealthy divorcee from NJ so some of you people are clued in or good at connecting dots. I guess she got what she want and sellers made a nice windfall. Kudos to them in this economy. The apt. is very nice and as "lad" stated above the layout really does flow well.

The location is actually very nice with entrance on 9th street which has my favorite building (based on the looks) in the village 29-45 east 9th street. The main point I wanted to make to the bears is that certain parts of the city have limited supply and there are always rich people who do not care about how much they pay.

so...yet another data point confirming how smart you are.

I agree with most posters...it's a great place. If you have the money, you're probably not in "recession mode" and looking to scrimp. I would venture to guess the buyer has a country and/or beach home.

"The main point I wanted to make to the bears is that certain parts of the city have limited supply and there are always rich people who do not care about how much they pay."

Yeah, we already know there are lots of people who do not care about how much they pay. You and plenty of others. Not sure I'd classsify that apt as a "rich people" apt, but OK.

Meanwhile, we have a gracious 2650 sq ft prewar apt once occupied by Fords overlooking the park in an iconic CPW building, 10' ceilings with what would no doubt be a $5M+ price tag, that's been lingering for rent for over a year now with a monthly about the same as this apt you rejected.

*shrug*

Thanks for the lesson.