Is one floor worth 1.2mm? 785 Fifth Avenue #10A

how bad do you want that address?
jiminy cricket...what the heck are we gonna do with all this money?
I know, let's buy a tiny vanity apartment on 5th avenue!

Forget the floor. Is the bedroom really in the living room?

and those commoners on the second floor paid less than $2.5mm for 2A

Wow. $4.4 to let your guests see your unmade bed. Might as well be a walk-up studio on the LES.

Without knowing the building it is hard to say. The C line appears quite similar. It sells for about the asking price of this unit. The 10th floor also may clear obstructions that lower floors have and end up with better views. That is worth a lot more in this location than practically any other. We'll see, I guess.

10A sold for $77,000 when the building went up in 1962. That's $580,000 in 2011 dollars. But the 1962 purchasers also took on their share of a $6,000,000 underlying mortgage, so they really paid, say, $1,200,000 in 2011 dollars.

In those 49 years the co-op has paid the mortgage down to a piddley $2,400,000. That, plus increases in income from the bank and stores, has let maintenance increase far less than inflation:

10A's $10,644 per year in 1962 is now only $43,824 rather than the $79,850 that inflation would put it at.

10A originally sold for 9% more than 9A. The current sellers, in no rush to unload the place, must be waiting for someone to fall in love with their particular gut renovation, rather than put however many hundreds of thousands into 9A. It's a nice reno, and has aged pretty well despite being 20-odd years old. Not $1,200,000 well, though.

Hey does my ass look fat in this apartment?

NWT- wow! I am impressed. But, do you think the prospective buyers would bother to do that much historical research when determining value or just look at the comps.. ie 9a?

Brooks2, it would depend on them knowing NWT otherwise, just the comps.
Once again, a tip of the hat...

an exceptional full-service staff, 2 doormen on duty at all times and live-in superintendent provide unparalleled service; all are certified in CPR and AED Defibrillators.

maybe this is why the maintenance is so high too...

ok, it's worth 4.25M on 1/30/2010 and somehow 4.5M on 2/1/2011. damn, 6% increase in one yr.... better then a cd.

now reality sets in and the price starts moving down. the place needs a lot of work. for that address, you need to put in $200K at least. there are no abstructions here, so 1 or 2 floors in either direction will not cause the price to move all that much.

>>>>so 1 or 2 floors in either direction will not cause the price to move all that much.

That's what I thought. Just another broker that is out of his/her mind offering an apartment at least $1.2mm above the market.

there are not that many Carlos Slim's out there.

Nobody shopping in that building (or anywhere) would give a shit what they went for in 1962. That's just me thinking it's interesting.

10A saw the needs-everything 9A sell for $3,200,000, and still didn't lower their price, so they're either overvaluing their own reno or confusing what they want with what the market says.