Sale at 340 East 74

Wow...23.5% price chop...after just 17 days on the market! Looks like about 1,200 SF, so the new pricing puts it at around $829 PSF, down from about $1,083 PSF. A sponsor unit on the UES, no less! Looks like someone is trying to unload before the sh!tstorm hits.

No, there's no weakness in the market....Prices will keep rising to infinity....People will pay any amount of money to live in Manhattan....NYC real estate will never go down....The recession will have no effect on NYC....Buy now or be priced out forever....Foreign buyers will buy up everything in sight....There's never been a better time to buy....

Believe whatever lie you like.

It appears that this apartment has been listed with more than one broker. They are really trying to dump it.

I haven’t seen this apt, but the listing says it is 950 ft. It looks like it was priced really high, then slashed to get some buzz going. From the looks of the pictures (old kitchen and bathroom), it is still priced too high.

11201962 & roxyspark - You're right. I didn't see that it was listed with 3 different brokers and it is listed at only 950 SF.

Originally put on the market at $1.55MM, price chopped to $995k (which is probably still too high) = 35.8% drop in only 118 days.

Someone please call the seller and tell him/her it's no longer 2006.

It's a Bellmarc listing. Barshay and Ardor are trolls.

Looks like it was listed unreasonably high while a rental tenant was in there. Now that it's actually available, they're getting serious about selling it.

Is it all the same apartment? This Bellmarc listing(12G) says it's renovated and shows a big terrace.

http://www.streeteasy.com/nyc/sale/157609-coop-340-east-74th-st-12g-upper-east-side-manhattan

Here's a Halstead listing for what appears to be the same apartment (the green walls give it away), but says it needs work and no terrace.

http://www.streeteasy.com/nyc/sale/164666-coop-east-74th-street-manhattan

Hate to be daft, but what's a sponsor unit?

A sponsor unit is an apartment that was retained by the owner/developer of the building when it went coop. When you buy a sponsor unit, you are buying from the original owner, not necessarily from a previous tenant. However, since sponsors usually keep several "sponsor units" in a building during the condo conversion, they tend to be treated like investment properties - in this case, the sponsor was renting it out - and you know know people treat things they rent. Kinda like when Hertz or Avis decides to sell their fleet of rental cars. The upside is that there is usually no need for board approval.