Help pricing multiunits - Manhattan at $200 psf?

Hi, I am new to this site after reading the NY Times article about one of the members. I've found many of the threads to be very helpful as I educate myself about NYC real estate. I've been trying to understand the pricing considerations behind this property: 2032 Fifth Avenue. Link to the Massey Knakal listing: http://bit.ly/wpPTjw I don't understand how it can be priced at $209 psf. Neighborhood... [more]

Hi, I am new to this site after reading the NY Times article about one of the members. I've found many of the threads to be very helpful as I educate myself about NYC real estate. I've been trying to understand the pricing considerations behind this property: 2032 Fifth Avenue. Link to the Massey Knakal listing: http://bit.ly/wpPTjw I don't understand how it can be priced at $209 psf. Neighborhood comps seem to be at at least $400 psf and over. Assuming that the place is in very poor condition can rehab cost that much more than $100 psf? I guess the other marks it has against it are that the certificate of no harassment has not been obtained and that it does not have a certificate of occupancy to convert any of the floors into rental units. Is there anything else that I am missing? Grateful for any insight. [less]