building at 14 Sutton Place South

I looked here... My understanding [second-hand from a broker friend] is that there is no fixed multiple or magic number, but (1) financial requirements are very stringent and (2) 3x the contract price liquid is considered solid. 50% financing is allowed, but I heard a financing contingency may work against a buyer. There have been recent turndowns, if you've followed on streeteasy...

interestingly their package says financial liquid assets have to be equal to the mortgage!

I notice a fair number of units for sale in the building. Isn't that kind of rare for a "grander" type of building? The prices also seen very reasonable, In some cases the maintenance may be high, but some of these apartments are huge, Is there something going on in that neighborhood?

@nyc511 - Are you kidding? The entire neighborhood is filled with grand apartments for sale at low ppsf. The neighborhood is from a bygone era and is transitioning via a slow and painful death. Note that I live close by, love the neighborhood and prefer it to most others in NYC, but I am generally alone among most I know in that preference structure. If you want a grand prewar apartment with high maintenance at a low price-per-square-foot, you are looking in the right place. My only advice is don't swing at the first pitch. If you are one of the few who actually want that profile apartment, you have an abundance of choices.

That's probably true. I notice a fair number on 57th too. Why is that, do u think? There are other "affluent" areas that aren't exactly a hot bed of excitment, but aren't seeing these "discounts. " in fairness, I misspoke a bit; not so sure the maintenance is really all that high. I've seen a few apts on UES a lot smaller with maintenance not much less, including some in non FS buildings

With a liquidity requirement like that, the target buyer is likely an older person.

In short: The neighborhood only wants rich people. Unfortunately for the neighborhood, rich people prefer to live elsewhere. As a result, the PPSF will likely continue to fall for the next 10 years at least. After that, who knows. Our building continues to resist lowering down payment requirements because enough who live there never intend to sell and have no empathy for the heirs of neighbors whose estates will be drained after their demise paying maintenance on an "asset" they they are unable to liquidate. The smaller apartments will do fine because the neighborhood is great for empty nesters, but the grand apartments are white elephants. Seriously, if you are looking for a family apartment and like the neighborhood, don't be afraid to offer what you might think is an insultingly low price. As long as you meet the DP requirement, nobody will care and the estates that are trying to sell will take anything.

BTW - The liquidity requirements are myth. Just make an offer; put together board pacakage, and see how it goes.

And these are not really such grand apartments. But they are good value for the money

Not talking about this building or any other in particular, but in this neighborhood I think you need to very carefully examine the Coop's financials, because while they claim to go over potential purchaser's financials with a fine toothed comb many do not excercize the same degree of scrutiny to their own. But I could say the same of many buildings elsewhere as well.

@ph41 and @30yrs - Agree.
Honestly, as I finish reviewing a DLP S-1 that has all the appropriate disclaimers (@coinbase), I know many will purchase and come out just fine. Perception is reality these days, and I feel your pain as you see the less-than-scrupulous profit off the less-than-diligent. While I love my neighborhood, I caution anyone looking at any old-line building to engage in serious due diligence.

Thank you, this is helpful. Many years ago I was interested in a 1 BR on sutton, in a bldg that thought itself a bit elite. It was 500k estate sale. The coop wanted all cash, and 4x the post closing cash. If I had 2.5 mil cash back then I wouldn't be looking for a 1 BR in the back of the bldg! Lol. But, there were a couple of old dowagers on the board, including a princess from some country that ceased existing 100 years ago, that had illusions of grandeur. As noted above, they wouldn't meet their own requirements! Here, scuttlebutt is 3A has had a few accepted offers, but board declines. But thanks, was curious because East End Ave doesn't seem to be going through this, and I think they are similar. Much to consider. Anybody with insight into this particular bldg? Anything about the area itself, homeless shelters, garbage stations, massive construction, etc? Like nearly all of NYC, problems the E 50s had back in the 1990s are long gone.

I have friends in that building in the A line. Great layout. I'd be happy to live there (not with them, but in another unit). It's the sort of building one moves into, and is then carried out of, decades later.

That 3A does look beautiful.

There are nine units for sale in the building now. Anyone with an idea why there are so many units up for sale?
Also, 9D has 1350 sqft while 5D has 1245 sqft. Aren't they in the same line?

Are you a potential buyer in the building?

Interestingly enough, it looks like 3A finally traded, and traded at over then-current ask at that.