Sale at 749 West End Avenue, #3E

Regardless of its condition, it is a true 2Br (plus a maids room), so I think your $600K idea is not right. Obviously it is not selling, but that does not mean it should drop to $500/ft.

IMO it requires a complete gut-job for at least 100k. That's to make the owner not notice how little natural light there is. It's also in a non-doorman building. The apartment has been vacant for a while. If this person wants to sell they need to really drop the price.

So after the gut reno, the buyer is into the apt for $700K with your numbers. If you can find me another renovated 2BR/1100 sq ft. apartment on the UWS for $700K, I guarantee there will be dozens of buyers lined up for it (including all the real estate boo birds posting on SE). That apartment just does not exist. Light or no-light, it would sell just fine.

I'm with starfish - I haven't seen it, but from just looking at the bones and location and, even assuming a gut reno and little natural light, it appears like a really good deal. This could be the result of a desparate seller trying to sell quickly in a market where people are really scrutinizing quality. Either that or there may be some other major issues with the building that a bit of due diligence will uncover.