Scooped up after only 11 days on market

that is what happens when a property is underpriced!

Mermaid--I wouldn't exactly call it underpriced (it is, after all, a secondary line without direct river frontage) but I think they made a good choice by listing it under $3M. Will be interested to see what it ultimately trades for--likely very close to ask.

Just looking at it on line makes me want to drop our price a bit even though it's a lower price point than this one. That terrace is gorgeous, even with renovations I bet it would be a fantastic home. No wonder they didn't leave for 60 years. I have never thought of real estate as an investment unless we're not living it. I only buy for a home...I think this could really be a home.

Truly a home. The previous owners did dinner for 100 outside? I agree, anything over $3M might have been a differnt story. There are buyers when priced properly as many of us have said for ages.

It probably could have fetched a bit more if you didn't have to stand on the terrace to play the piano.

Those sellers have seen everything. They bought from the sponsor in 1969 for $25,500 plus $17,600 share of underlying mortgage, with maintenance of $450.

The whole building went for less than $2,000,000.

This Normandy PH also went fast and at ask:

http://streeteasy.com/nyc/sale/555821-coop-140-riverside-drive-upper-west-side-new-york

Also a secondary line but amazing apartment.

Underpriced. I thought the Normandy ph would go fast, great bones - fairly intact deco/moderne bathrooms. My bet is that it closed 10% + above ask.

$25k to $3mm. Truly a 'home'.

A party for 99 wo a terrace => not a home.

A party for 100 with terrace => trulia home.

Could've sold for $5mm in 2007, but who cares => it's a home.

When it sells for $1.5mm in 5 yrs => it'll be a better home for the buyers at least.

Flmaozz no bubble here.

wow - i would have arm wrestled for that.

W67th..what's up with you lately. You used to be a bit less edgy a couple years ago. What do you see so wrong with people buying a place to actually live in it and want to make changes they normally can't by renting. If you can afford it why not just say "congrats" to someone who obviously got what seems to look like a really nice place. If all you ever see are doom and gloom I can't imagine what is really bothering you. It can't just be real estate. I rarely post, but when I have it's been for advice and in the past you've had some good stuff to say...lately when I'm reading you're just about the negative. We're all living in this economy. It sucks..we still have to try to make the best of it or we'll end up just making the world crappier. Jeez. Perk up if you can..miss the old w67thstreet poster.

here's a crazy question: could you expand the interior space into some of terrace space (north and maybe east terrace)?

When moral has improved the beatings will end......

I think this apartment was fairly priced, considering it is in need of a major reno. The reason it sold so fast is the rarity of a prewar penthouse in a great location, with a very good floorplan. The terraces are amazing.

Morale's already improving. Perhaps the beatings will end soon.

good luck with that..back to work...should not even be on but, the attitude was really a 180*....figure if I keep working hopefully things will get better....peaks and valleys w67thstreet most of us are taking a beating.

Leslie: I strongly believe that you can't underprice a property. Given that classic 7s with open exposures and of similar size and comparable bldgs would go for at least mid 2s in this location, this was underpriced. Check out the ask at 565wea.

leslie, you have to understand w67's background..

his father runs a Real Estate practice and he was kicked out of it.. almost seems he's wishing the market down to try to spite him, but his bitterness is evident..

he's runningz outz of materialzzz so don't mind the grey.

Gotcha. We're going to go lower on ours now. I found out a bit more about the property b/c I really thought it was a good find, factored in what I'd want to do to renovate and it's that kind place you would want to shine. At that price point (over our budget) I'd love it! Called my broker for comparisons and we decided to go down a bit more (not really comparable to that property though..it's a seven with that amazing outdoor space etc.). Anyway, learned something new, found out it was an estate sale, figured that into renovations and then came up to what we'd be comfortable selling for. Good stuff always comes out of these discussions for buyers and sellers I think if you're willing to listen. Now look, I know even more about W67Street's inner demon..just kidding W67 don't have a cow!

>just kidding W67 don't have a cow!

Would be very strange to see a male ape giving birth to a cow.

Time to shop!

nyc10023: 565 WEA closed for $4.2MM. The original $5.8MM ask was a good example of a broker telling the family what they wanted to hear. In this particular case, though, little harm seems to have been done by overpricing the apartment - just a couple extra months of carrying costs.

I think it was a great buy. I was there the first day and saw one couple put an offer in on the spot. Unfortunately I don't have the nature in that situation of immediate competition as I was thinking very seriously of buying it as well as I was walking thru, it had tremendous potential.
I haven't seen a terrace like it.

The positives were easy to see, so I will list some of the downsides I saw that might not have been apparent (and to make myself feel better).

Firstly when I asked the broker what the buildings "wet over dry" policy was the broker said "absolutely not allowd and furthermore the bathroom off the master bedroom (which was tiny as it was) is over someone's bedroom and may or may not be able to stay if you renovate and definitely not be enlarged."

So the big "if" if you were allowd to extend on to the terrace, which I believe you would have having spoken to people that the board wanted to get the maintenance of that terrace and "shanty" building off the buildings books, and obviously the maintenance costs and responsibility for the future are then put on to the new owner, once you "touch" the terrace. (which is probably one of the reasons it was never "touched")

I would have put 50 - 50 on Landmarks DOB allowing it, it you didn't have neighbors blocking the proposal. The heights of all the adjacent buildings were only 1 floor higher, so touch and go. I didn't get into if the building had already used all its build able space, or if you could buy "air rights from an adjacent building. However if you did get approval obviously in clear sailing, because even thou difficult you would have been able to find other "risers/plumbing stacks" on the terrace somewhere to put in a decent size bathroom over someone's kitchen., and add another bathroom.

If you didn't get approval to extend you end up with a basically 2 bed with maids, with 2 1/2 tiny bedrooms, huge terrace and NO water views from anywhere inside the apt, you would only get views in parts if you were allowd to go up a second story.

Personally I don't like RSD as much as CPW side and would only consider going over to RSD for water views.

Construction wise, this wasn't just a gut renovation, the outside of the apt looked liked a "shanty" that could fall, this was serious expensive structural engineer stuff. Additionally having had a terrace before, the moment you renovate it, it becomes your total responsibility which is HUGE on the roof, i.e. there is a leak that effects another apt below, it is your responsibility, with a terrace that big who knows how many apts underneath you.

So when you get the terrace work done you know you are after at least a 10 year written guarantee from a reputable roofing company that has stayed in business a long time, so they carry all your responsibility for you.....hold onto your hat when that quote comes in.

For the right person, maybe a retired couple (who don't need that much internal space) with a bit of gambling in their blood, it is definitely a very good shot and ironically that looked like the couple who put the bid in.

i would also rather be along cpw, but if that "if" worked, it could be a pretty sweet place.

W81: 5.8 from 4.2. Not sure that the high ask deterred anyone.