building at 238 East 68th Street

Check the square footage without the basement. See what you get. I think the market is well south of $2000/per sq ft fully finished excluding basement and outdoor space.

You will find closer to 5000 sq ft (certainly below 5500 using generous 18*70 for the building) ex basement including exterior walls which are included. I would think that it will move below $10mm. Also, the location is too far from the park.

here's a good comp http://streeteasy.com/building/250-east-68-street-manhattan#tab_building_detail=2

bluesky, this one is 18 foot wide (15% premium overall) and the previous sale is 2012 (market at least 10% stronger). Puts this around $9mm.

In fact, the previous listing says 5300 sq ft after renovation. $8-9mm is probably where this will trade.

bluesky2472, I am not sure that's a good comp. Its 16 feet wide, vs 18.6 on 238.

300_mercer, they had an open house and I happen to be walking on the street, so I checked it out. Certainly top of the line appliances and finishes, but I agree that the price needs to come down to a 9 handle before it moves. right?

300_mercer: where are you coming up with "this one is 18 foot wide (15% premium overall) "?

I am saying that the other one sold was 16 foot. Same depth, will give much bigger square footage. In addition, there is a premium for wider frontage. Hence estimating appx 15%.

deeka, market is flooded with supply at high end. $9mm or even $8mm handle will move it. FYI, they bought for $3mm and probably spend $2.5mm reno/expansion + 1mm on carrying/debt cost over 3 years. So they are in for $6.5mm-$7mm max.

I just wanted to confirm that it wasn't just the extra square footage involved with the wider frontage because as you point out there is an extra premium involved with that. Especially when you get above 20 feet. There is a very large premium when you get up to 25 footers.