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254 Park Ave South

Started by nyc_buyer01
over 13 years ago
Posts: 0
Member since: Mar 2013
Discussion about
Does anyone have a perspective on the value of the apartments in the building? Most units are being sold by the sponsor. They had to come down on the pricing back in 2010, and prices are coming back up again. The location of the building is fantastic, and the high ceiling lof-style is great. Wondering if people think these apts are fairly priced given the heated market. Thanks
Response by jim_hones10
over 13 years ago
Posts: 3413
Member since: Jan 2010

what exactly does "fairly priced given the heated market" mean?

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Response by nycfund
almost 13 years ago
Posts: 74
Member since: Nov 2008

Early this year the sponsor went looking for an inventory loan, at that juncture held roughly half the units in the building and average value discussed was $1,600 - $1,700 psf I believe. Puts a few for sale at a time so as to keep prices high.

My personal view is that this building is middle of the road for the area -- looking up and down park, a clear step up from 280 and a clear step down from a 240 or 260... If you move off park, there are many better boutique options as well. The 260's have larger family units / are neighborhoods of more mature, wealthier owner/renters. 254 is stock full of studios occupied by 20-somethings and the blasting stereos, etc. that come with it. Even in the larger units, the kitchens are geared for singles - combo unit washer/dryer that is bunk, dishwasher with documented mildew problems (literally need to run never or nightly or health hazard), a loft space useful if you are shorter than 5'5", etc., etc. The amenity space is an ill-conceived man cave and there is no roof deck.

...Anyway I ramble. I would much rather plunk down $2,000 or so a foot for 260 than $1,800 for 254.

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Response by bigmoviebuff
almost 13 years ago
Posts: 42
Member since: Jun 2010

i saw in the news, anthony weiner going into this building. so i believe he lives there.
That could be a plus or minus. depending on how you view him.

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Response by huntersburg
almost 13 years ago
Posts: 11329
Member since: Nov 2010

Is that right? Weiner lives there? Who is the wealthy Clinton friend owner who is renting to him at a low rate?

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Response by MattStenta
almost 13 years ago
Posts: 0
Member since: Aug 2013

As long as Anthony Weiner doesn't have your cell phone number I think you're safe

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Response by columbiacounty
almost 13 years ago
Posts: 12708
Member since: Jan 2009

why did you post as greensdale and then stop?

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