Sale at 360 West 21st Street #5GH

Interesting apartment
pros: spacious, prewar, renovated, low maintenance, great location
cons: low floor, smallish bedrooms, not a great building - essentially buying the nicest apartment in a tenement
For $1.5M, you should be able to buy a two bedroom at London Terrace, although maintenance would be higher.

Fascinating.

buster: a plus is not "renovated." The listing says "Must be renovated."

Kylewest, The "must be renovated" is confusing - I think the broker is trying to mimic a buyer and their requirements, as in "I want an apartment that must be renovated, pre-war, and well-located." Looks like a fairly taste neutral, mid-end renovation in my mind, but that's just my take from the photos.

The broker babble also references that the apartment is in "mint condition"

KW, you're misunderstanding. "Must be renovated" means that it is a "must have" on your list, i.e. apartment "must have view, must be renovated, must have washer dryer", etc. The apartment is totally renovated.

Is front_porch the only one besides me who finds the pricing history fascinating? What's wrong with the seller (and the brokers who go along with him)?

Ah--read too fast. A fault of mine. Bizarro world where $1.45MM doesn't sell forever so price goes to $1.5MM. Good luck with that.

^ I knew you'd see things my way. ;)

Isle_of_Lucy, I think that both the pricing and the pricing history are certainly interesting.

I'm not sure who's going to fork over $1.4-1.5M million for a very middle-end two-bedroom that is the nicest apartment in a building that is perfectly fine but has no doorman and is filled with studios and small 1-bedrooms.

The history is interesting, too - $1.462 is an oddly specific asking price. The price increase could mean a number of things 1) sellers were in contract above asking price and now have raised expectations 2) sellers have been getting offers at a discount to asking and feel that raising the asking price will raise the offers, 3) sellers feel the market has improved or will improve now that it's a new year, or 4) nothing at all. I wouldn't waste any sleep over it.

^ Interesting concept on your #2, never thought of that.

The broker's description is really confusing. I suspect a lot of people would read it as being an apartment in need of renovation and move on.

Seems like they want quite a premium for the combination - asking $1.5mm for two joined one bedrooms that would fetch about $500k each is a stretch. Especially since this apartment is really a one bedroom with two dens. I'm not sure it can easily function as a two bedroom, and it definitely can't be a three (where the premium might be justified).

Dimensions seem exaggerated to me, unless all of those built-ins are hiding square footage. All of the rooms except for the library/media room seem tiny.

I can believe that the living room / media room has good light/view because the buildings in this area are mostly <= 40' high, but seems like the side rooms face brick walls.

"I can believe that the living room / media room has good light/view because the buildings in this area are mostly <= 40' high, but seems like the side rooms face brick walls."

You're spot on, in both cases.

Looking at the floorplan, is it possible that there was a large bedroom where they diveded with a wall/closets making the master bedroom half the size? That layout would have made sense in that case. Then there's the price. This seller appears to be in no hurry to move.