building at 1040 Park Avenue

It's always better to rent than to own.

Would someone explain to this naïve (??) San Franciscan why these apartments are so cheap? Studios in Chelsea are more expensive than the one-bedrooms here, with even higher maintenance. Seriously, what's up. It's a gorgeous building, I know a bit too uptown for most, but the apartments are so affordable. Do you think a building like this would have cockroaches??? I seriously want to look into buying here and would love feedback about the neighborhood or the building. Serious here, please will you be too??????? If NYCMatt sees this, I'd love his comments.