Do my eyes deceive me?

Perhaps you didn't notice the monthly assessment of $3238.46 that was stated even without an expiration date.

Land lease buyout?

http://streeteasy.com/nyc/talk/discussion/6691-whats-the-story-with-301-east-63rd-street
http://blogs.wsj.com/developments/2009/02/25/high-maintenance-the-reason-a-manhattan-studio-costs-only-189k/

Residents there are getting sooo SCREWED n they ain't bothering to use protection.

Too much?
You valued the apt at $1.

http://streeteasy.com/nyc/talk/discussion/33323-sale-at-301-east-63rd-street-10jk

We forgive you, it's friday :)

Assuming that $3200 assessment is the apartment's share of the monthly payment of the co-op's 4.875% $51,000,000 underlying mortgage, then the apartment's share of that is about $620,000.

So, the seller's effective asking price of $1,269,000 isn't down much from the $1,385,000 they paid in 2008.

The kicker is, that $51,000,000 has to be re-financed in 2021, at whatever the god-awful rate will be then. It's like having an adjustable-rate mortgage with no caps.

Oops, I didn't see yesterday's $124,000 price cut. So real asking is $1,145,000.