Sale at 135 East 54th Street #10F10E

Well, there's an example of an apartment needing a total gut renovation. So add in the large cost and hassle of that (and, as many have mentioned on here contractors are in short supply due to building boom), plus the fact that monthlies are $3100 a month, and it's not really a great deal.

Ccl, keep in mind that condos of this Era have at least 10 percent more usable space for the stated condo offering plan sq footage. You are right about this needing at least 300k of work. However, it is a 3b 3bath. Maintenance and taxes are very good.

True, 3100/mo for ~1425? sq ft is in midtown manhattan is not too bad.

If you are comparing to new construction, the comparable space will be 1650+ sq ft in the plan. I think this space is worth $1.5mm but there are very few 3 beds rooms 3 baths available. So some one may pay $1.7mm or so and put in 300k (mid-end reno) to make it $2mm 3 bed 3 bath.

So previously developers understated square footage and now they overstate square footage? Please explain.

Typically exterior walls were not included back in the days. Not exterior walls are included and perhaps some common areas. NWT may have more on this including examples of measurement method from this condo vs a new condo.

I mean now exterior.

I wonder how far the broker speak of "combination already approved, just make open your wall" really goes. Probably not very.

Typically they take your percentage of common interest in the building and include that percentage of limited common elements square footage.

Since there tend to be more "amenities" in newer buildings (like game rooms, rock climbing walls, pet spas, etc.) there is more square footage which is not actually inside the unit.

Thanks 30Y. Do they include some percentage of the hallways/lobby as well? 20 years back these things were certainly not included. See Zackendorf tower on Irving as an example.

I got in a bit of trouble over Zeckendorf Towers back in the late 1980's. There was a magazine called "7 Days" (which was sort of similar to the current NY Observer") which ran a weekly real estate column and each week would call me up to get a "wise ass" quote from me. When they did a story on Zeckendorf Towers my quote was "The joke is 'It's a good thing I moved to Manhattan - now it's only a half hour commute to the lobby' " and Arthur Zeckendorf called Hank Sopher to complain about it.