Sale at 358 East 69th Street

16'8"-wide, four-story elevator townhouse on a tree-lined townhouse block.

"needs updating" means needs to be replaced because it's very old and NEEDS to be updated.
no mystery.
If all you need to do is update bathrooms and Kitchen a reno is a very flexable cost.
Costum millwork by a skilled craftsman or road trip to Ikea?
Very basic updating that would only include cabinets, fixtures and appliances with no major changes to the layout or plumbing/electric...figure 2K to 3K considering the property.
More for something beautiful.

I used to live very close to this location and there are some lovely and well-maintained townhouses on the streets of the very high 60's and very low 70's between 1st and 2nd Avenues. The streets are relatively quiet with the exception of perhaps a little more busy on East 70th Street near the community center and now of course, the always going on subway construction. I would not consider this a "D" location with the "A" location being the East 60's between Park and 5th Avenue or the low East 80's on the side streets near the Metropolitan Museum of Art. You may want to walk up and down these side streets to get a better feel of how nicely maintained many of these townhouses are.

"but the price is notable for the space and price chops seem to indicate seller wants to meet the market and sell"

I'd say it is definitly worth doing your due dili on it..

lobster, thanks. I actually did walk this block a week or so ago. The south side is townhouses and the north side a mix of low/mid-rise, non-descript apartment buildings. On the south side, the eastern end (including #358) is largely consistent in architecture and style. It looks fine - neither shiny new nor run-down. The western end (near 2nd Ave) is a mish-mash of some of the greatest design and color sins ever perpetrated on NYC townhouses. What the British would call a dog's breakfast. Re: subway, the 2nd ave corner is a very messy construction site for the south entrance to the 72nd St station. Vety convenient 5 years from now, but mostly a mess between now and then. Anyway, the length of the bolck is a pretty good buffer between #358 and the 2nd Ave mess. Appreciate your input.

Brooks - yes, that's what I was also starting to think. Next question is what are the dd landmines to look for in townhouses. It's not like there are obvious targets like co-op financial statements and board minutes to read. Have to give that some thought.

Curious as to the "all cash" requirement of the transaction. That certainly significantly lowers the population of buyers who will be interested in this property. Perhaps indicative of a bank owned property or short sale? Does anyone know of any other reason for something like this for a non-fussy-Co-Op property?

Sidelinesitter: 1m gets you a complete reno, as long as you're not building an extension or digging out the basement or ripping out the entire subfloor & joist system.

1) New roof, new windows, repointing
2) New mechanicals, plumbing, new HVAC system
3) New floors/recovery of old
4) Moving the stack around to place bathrooms in more sensible places
5) New kitchen, new baths
6) New walls if you want to move the rooms around and/or replastering
7) New electricals

I don't even know what all-cash means, other than no mortgage contingency. Who cares who writes the check?

Bingo, got it. It's a 3-story house, as built. An incongruous and ugly 4th floor was tacked on (you can't tell from the floorplan) - look on google maps. Houses to the east (unaltered) with more detail fetched 3.05m in early 2010 and 2.7m in late 2009.

In this case, even though you get more space with a 4th floor - something that cosmetically ugly always makes you wonder if it was done correctly. 2.895m is not an especially good deal, IMO, given those comps and the alteration.

360E69 - 3.05m
362E69 - 2.7m

The all cash requirement is certainly a mystery. Maybe it's in such bad shape that a bank wouldn't provide a mortgage?

10023 - thank you. you are the guru

went to the open house ---of course it was too good to be true. The ugly 4th floor has no CofO!

there are a lot of buildings where this is the case (no CofO). In the 60's and 70's some contractors added additions w/o the proper paper work or in violation of zoneing law. I have heard that, back in the day, individuals at some city agencies could be paid to over look such activity. Now, not so much. There is always the chance that the city will make you remove the fourth floor but it is unlikely w/o some precipitating incident.

It should weigh heavy on the price.

expect to see Leslie J. Garfield on our High Ballers thread.
In fact, we'll make it a double!
Cheers

Hah! Knew the 4th floor was an issue.

So the price chopping worked. It's in contract. Needless to say, I'm very curious to see if it took a further discount from last ask to contract.

Im pretty certain that there is violation of buildng FAR as well as landmarked regulations re the 4th level. property shark lists the dwelling as 3 story so likely an illegal addtion. if the street is landmarked (or will become landmarked) then that level will need to be torn down. thus, cannot get a mortgage on this property. also makes you wonder about the legality of the elevator.

Sold for $2.8mm, or $874 per claimed sf (claim includes the illegal 4th floor space)

09/04/1996 Previous Sale recorded for $2,185,000.
03/02/2011 Listed by Douglas Elliman at $4,500,000.
07/01/2011 Listing is no longer available.
07/11/2011 Re-listed by Douglas Elliman.
08/12/2011 Price decreased by 13% to $3,895,000.
09/21/2011 Price decreased by 5% to $3,695,000.
10/02/2011 Listing is no longer available.
10/06/2011 Also Listed by Garfield at $4,490,000.
10/14/2011 Re-listed by Douglas Elliman.
10/14/2011 Price increased by 22% to $4,490,000.
12/19/2011 Price decreased by 22% to $3,495,000.
12/29/2011 Garfield Listing is no longer available.
01/06/2012 Price decreased by 6% to $3,295,000.
01/20/2012 Price decreased by 6% to $3,095,000.
01/26/2012 Price decreased by 6% to $2,895,000.
02/06/2012 Listing entered contract.
05/02/2012 Sale recorded for $2,800,000.
05/04/2012 Listing sold