Ope House Report: 215 West 88th Street #12E

215 West 88th Street (Merrion) #12E Condo - 3 beds; 2 baths Asks $3,190,000; CC: $1,269; Tax: $991 Traffic: Very low This resale listing debuted in August at $3.39MM, three years after the current owner purchased it from the sponsor, ALREADY RENOVATED, for $1.545MM. Reduced in November to $3.19MM, it remains one of the most overpriced apartments I have ever seen. The Merrion is a 2007/2008... [more]

215 West 88th Street (Merrion) #12E Condo - 3 beds; 2 baths Asks $3,190,000; CC: $1,269; Tax: $991 Traffic: Very low This resale listing debuted in August at $3.39MM, three years after the current owner purchased it from the sponsor, ALREADY RENOVATED, for $1.545MM. Reduced in November to $3.19MM, it remains one of the most overpriced apartments I have ever seen. The Merrion is a 2007/2008 conversion of a mid-tier Broadway pre-war. The best lines face west over Broadway, particularly the seven-room "F" line on the corner of Broadway and 88th. The "E" line is a decent, south-facing five. The original "E" layout featured two bedrooms and one full bath, with the LR and MBR overlooking 88th Street. In response to insatiable demand for 3BR/2BA apartments, the sponsor converted the living room of the available "E" units to a third bedroom; combined the second bedroom and hall bathroom into a master suite; and carved a windowless second bathroom from the closets of the original MBR. The altered floor plan serves its market-driven purpose. The trade-off is that the alley-facing dining room performs double duty as a LR/DR. The finishes in #12E reflect the sponsor's standard gut renovation, with central AC and very clean lines. I can't really comment on quality or durability, since the conversion only has a track of four or five years. It's safe to say that if you like wainscoting, #12E's interior will appeal to you aesthetically. I doubt, though, that it will bowl anyone over sufficiently to justify a price that seems more appropriate for a good classic seven than a mediocre five. #12E is vacant, and is also listed as a rental, for $9500. So far, that seems a much more likely outcome than a wildly lucrative resale. [less]