Sale at 205 West 76th Street #1401

Ethan, why did not you buy this in 2009? It is just like saying SPX value should be 700- 1000 like it got to at the bottom.

Also, are you expressing that the market in general is too expensive, which is a fair opinion,
or
just complaining about individual properties you would like to buy but feel that you should have bought them in 2009-10 when the prices were cheaper
or
have the prices always been 20 percent higher that you would like to pay forever.

1,200 SQFT is a pathetically small two bedroom? I think that is a nice sized two bedroom. What are your expectations of a fairly sized two bedroom?

I agree on the inflated original ask of $4.6M - not sure how they came up with that number. I just ran comps and value this apartment at $3.1M. Rather than the size of the unit, the fact that the abatement is expiring in 2021 is a larger concern. Overall, nice apartment with considerable outdoor space in a great location.

Forgetting about the pricing of this particular unit, the concept of simply adding $300,000 to a unit for good, usable outdoor space is fallacious. Mostly, it adds a multiplier on the price of the unit with no outdoor space. If there were 2 units in the San Remo which were identical facing the park except one had a 300 sf terrace off the living room, what would you put the price difference at?

30, In this case, you need to add 50 percent (same level and the apt is set back) of the outdoor to the interior sq footage of 1400 to get appx 1700 sq footage. Outdoor space is min 500k assuming the additional common interest due to the outdoor space is not ridiculous. This will miraculously make it 20/25 percent more than what Etan wants to pay.