WOW- that's some price reduction.

This apartment is between Park and Lexington and only a couple of blocks from the subway ( 77th & Lex ) and a very desirable public school PS 6. Additionally, it is a large 7 room apartment with relatively low maintenance. I definitely do not see it dropping significantly further. At best, I could see it selling around $2MM.

This is especially intriguing since the same line on the 11th floor sold for $2.995M (which is where this started) about a year sgo.

JohnDoe: I think pricing this unit at the selling price of #11H was wildly aggressive. If you assume that coop shares and the resulting monthly maintenance reflect relative value (and I find that they generally do, within reason), #2H was worth about $2.4MM when #11H sold (1888/2349*2.995MM = 2.407MM). That would put the real drop for #2H around 10%, not the 28% that the price has been reduced.

I'm assuming, of course, that there haven't been significant changes in maintenance since last summer.

Very interesting to say the least. Perhaps seller are beginning to get realistic. Realistic sellers will help this market recover faster then anything done by Wall street or Government interference.

That's nothing. Look at Betsey Johnson's apartment on lower Fifth that just went into contract...

http://www.streeteasy.com/nyc/sale/157675-coop-45-fifth-avenue-greenwich-village-new-york

malraux- Good find, quite frankly I wouldn't pay half that.

It's not that shocking (decor aside) - it has a great gold coast location and a terrace. The only problem is that building sucks. It's all tiny 1 bedrooms.

The other issue is that the layout is very problematic in many ways.

If you leave the downstairs wide open and keep it as a 1 bed upstairs as it currently is, then the bathroom is downstairs (awful) and not a master - also, you have go through the master to access the terrace, definitely not an ideal situation. If you use it as a two bed, the bedrooms have to properly oriented as to share the one and only bath. In addition, there's no powder room, so 1 bed or 2 bed, your guests ALSO have to use the same (small) bath. I also do not like terraces that are not set back wraps. Terraces like these that you have to schlep upstairs to are far less ideal in my eyes, both aesthetically and from a resale pov.

I would never buy this as an investment property, regardless of market economics, and regardless of the fact that all my investment properties are (mostly) in the Village. You have to want it to be your home, really love it, and be willing to overlook the many obvious shortfalls (the fact it's a terraced penthouse and in a prime village location aside).