No more pie in the sky

I saw this property a couple of months ago when it was priced at $2.2M. The owner ( also the head of the coop board) had already purchased an apartment downtown. I would imagine it is just getting very difficult for them to hold to apartments and they just want to be free of this one.

This is my personal favorite...check out the asking price history

http://www.streeteasy.com/nyc/sale/134264-coop-4-lexington-avenue-gramercy-park-new-york

Re: 4 Lex Ave. It listed at $1.8MM which I thought was outstandingly outrageous at the time. Of the 70 apartments I looked at between October 2007 and April 2008, this was the most misguided sale offering I encountered. To get $1.8 for a one bedroom, it better be an amazing apartment in an ace building and prime location and views. This isn't any of those--well, it is a nice building. Months ago I told the broker that if she wanted to sell it she should list it at $1MM and be ready to accept $900,000. In this cooler market, I wouldn't be surprised if it sold below that. There are serious impediments to sale of this apartment. (1) Building maintenance fees are staggering. (2) While it is a 1 bedrm, 1-1/2 bath, the bedroom is awkward: up a narrow spiral staircase and kind of dark. The staircase is plop in the middle of the bedroom making furniture configuration difficult. Odd configuration of closet up there and one of the apartment's bathrooms may not be to everyone's liking--too fussy. There are no particularly remarkable views. When listed the hardwood floors were stained GREEN! What is the world was the seller thinking? So with a crazy price and green floors the place just sat there. The building is very nice and has quirky medieval castle-like design, but it isn't on Gramercy Park--rather its on a rather ugly stretch of Lex. After no action, the seller redid the floors and has nibbled away at the price. I'm very curious to see what the market ultimately says this place is worth. The seller may have been impossible to deal with, or the brokers were utterly incompetent in pricing this place, or both. Whatever the case, the seller and brokers have now paid the price for greed, ineptitude and failure to accurately understand the market.

Didnt realize the Gramercy Park Hotel is on a "rather ugly stretch of Lex."

My bad. Was confusing the aparment's location for one on 3rd Ave. In any event, rest of what I said holds. Thanks for the correction garlj.

No worries....although I do agree with you as you couldn't be more right about you assessment

Walterh7: Ccdevi had some good observations on the layout of that apartment 215 W.91st in the thread below:
http://www.streeteasy.com/nyc/talk/discussion/3732-where-is-my-3br2ba-for-1-to-1249-million-on-the-uws

It's a nice apartment with a funky floorplan and obstructed views. Looks like somebody will get a pretty good deal there, at least by 2007 standards.