2 sutton place south 7B

Because they're asking too much for a needs-everything wreck.

you are correct. Just got off the phone with my broker, she told me it is a wreck. Needs a gut renovation. Tiny kitchen and bath. Totally overpriced.

Chocolatelover-- I disagree with you and your broker. First of all it's been on the market for 11 weeks....that is not a long time. Second is that $788 per sq.ft is low for Sutton Place. I recently sold the mirror image of that apt. on another floor in the building and it went for around this ask. It also needed a new kitchen and bathroom. I think it's a good deal/investment. Good luck in your search. pat@singernewyorkrealestate.com

psinger means 7E: http://streeteasy.com/nyc/sale/642200-coop-2-sutton-pl-south-sutton-place-new-york

That one's bigger, with an extra 9x9 dining room and a W/D in the old maids-toilet space, and sold for $50K less than this one's asking. I'd say condition was better -- look at floors and ceilings -- but then I like yellow formica.

Or maybe 4E, also unrenovated, went to contract in a month, and sold for $700K: http://streeteasy.com/nyc/sale/676015-coop-2-sutton-place-south-sutton-place-new-york

Either way, the E-line and B-line layouts do not mirror one another.

Psinger,
That is not a mirror image. Look at the floorplan. That apartment is so much bigger. You are correct NWT. It has a separate kitchen and dining area, and another bath. Plus you have to bring up electricity from the basement. The picture looks nice but....gotta love photoshop.

Psinger must be the broker

CL, which is your favorite flavor of babka?

building probably require high post closing liquid assets

I was thinking same things as falcogold, but with the addition of insight from NWT's post, I am thinking the apartment is double doomed and will never sell. We have friends (dating back to childhood with a lot more money than we have - would never cross paths with them in each of our current lives) that are in contract on a Sutton Place apartment. They have no debt, price of the apartment is 1/5 of their net worth, maintenance is negligible as percentage of their stable income, but they are worried about passing coop board b/c after they pay for the apartment in cash, they are only liquid 2X purchase price. Are you kidding me? I am saving this listing to see when it sells and at what price.

Aside from 55% down, it requires another 300 grand in gut reno costs.

How many buildings require 55% DP in NYC. Is this typical for sutton place?

@NYC .. Amazing thing about your friend is that he is going up against a coop board individuals that probably don't make a 1/20 of what he makes now.

@NYC --they should have called me!

ali

@front porch - Agreed. One thing I have not previously disclosed is that when we came to NYC, we gave said friends' broker a shot at our business b/c they recommended him. Particular broker turned out to be completely worthless. What I find unfortunate is that so many people choose their brokers based on pre-existing personal relationships b/c they think that all brokers are created equal, so why not do someone a favor and use their friend? Mercifully the critical time for our personal decision making was the two weeks surrounding Christmas in 2010, so we could politely separate ourselves from said friend-of-friend broker because broker was going to be in more hospitable climate for the holidays. Not that we ended up doing better on our own that first go-around - first rental was less than ideal, but second one has turned out to be good fit. It is tough in service industries (like brokers, lawyers, doctors, money managers) to find objective measurements to assist one in choosing service provider, so I guess you have to just go on word of mouth, but in this case, word of mouth reference was a bust.

Do you still talk to your friend who made the recommendation?

@ FC: Yes - though we have different priorities, lifestyles and means, friendship is strong and enduring.

PSinger: this apt is 800 square feet, not the stated 950. Also a non working fireplace.

CL -how about this one if you like prewar Sutton place- http://streeteasy.com/nyc/sale/1016545-coop-14-sutton-place-south-sutton-place-new-york

Maint less than 2 SPS, 7B.

And 50%+ down is typical for Sutton Place, and anything west of Lex on the UES with 1-2x the purch price of the apt in liquid assets after the 50% down payment.

Also noted that this building is only two blocks from the Hurricane Evacuation Zones (two blocks to the south and to the north). Is this a worry for future valuations? Thanks.

Wow, that is a beautiful apartment? Why so cheap? Studios in Chelsea or the West Village are more expensive. Is there something wrong with Sutton Place?

Love this building. It is less than two blocks from the current hurricane evacuation zones; could this be a problem for future valuations?

As someone obsessed with storm evacuation zones, I consider 2 blocks to be fine. Take a hard look at the latest map. Tons of otherwise extremely desirable apartments sit in evac zones. Those places are selling fine. I sometimes thing I'm the only buyer who cares about this.

You are not the only buyer concerned about the evacuation zones. Keep in mind that these zones will be updated as sea levels rise. I looked at an apartment in this building and enquired about the zones--the broker said she has had many clients ask about this in the last few weeks.

Puhleeze... 2 blocks is fine, given the topography of the area. At the point your property values are affected because of water in the cellar, a large chunk of Manhattan RE market will be "underwater", as it were.