Sale at 161 W. 75th Street #12F

It's not the layout that is the concern but the condition. Layout looks pretty nice. Most likely a long-term rent stabilized tenant who left and the sponsor doesn't want the headache so will sell as-is so could be a good opportunity if you get it for the right price. In my experience, these sponsor units need a ton of base building work that will make renovations more expensive. So, a buyer may end up all-in over $1,500 psf which seems high for the area. Views can't be all that great but sunny and open at least. I think seller will be flexible. I bought from a sponsor a few years ago and got a very good deal on a wreck with a nice layout.

$1,500 psf would put the buyer at nearly $1.6m. I admit I was daydreaming about what I could do with the place, but at that price -- no thanks. There is a beautiful turnkey apartment of roughly the same size on 78th and Riverside going for the same price (albeit on a low floor). I am willing to work through the headache and hassle of a renovation, but there has to be a compelling reason (i.e., good value) for me to do so.

Maybe it will end up being a good buy for a renovation-minded person who doesn't want to go through the board for whatever reason.

Daisy, The measurement in the listing is old fashioned way - likely excluding excluding exterior walls and any common spaces. This size of eqt unit will be typically listed as 1200-1350 sq ft for most coops and condos. You may want to factor in the calculation method for square footage in your comparisons rather than going by listing sq footage.

Daisy, were you at the open house? Depending on how much renovation you want to do - and it's really up to you what you are willing to live with especially if you are not looking to flip, why not make an offer at a price that makes sense to you. Sellers in this position are often willing to negotiate especially if you are all-cash, quick closing, etc. Apt. looks like it has good bones with lay-out, size, exposures that are above average. 15 years ago, this was exactly the kind of apt. I would have wanted to buy.

300_mercer -- I see what you're saying about looking at square footage for purposes of determining what is a fair comp. When I cited the apartment on W. 78th, I was thinking of it as a comp in rougher terms than exact sf. Same number of beds and baths, same general neighborhood (although the W. 78th unit is in a nicer location, IMO), and same school district. If I were a serious potential buyer for this place instead of just a daydreamer, I'd take what you are saying into account in searching for comps.

Sadly, at that asking price and with reno costs probably in the $300/sf range, it's out of my reach.

ximon -- I was thinking about attending the open house on 2/4, but couldn't make it. I'm not looking to flip, and would live in it for at least 5-7 years if not a little longer. I could put 30% down on the current asking price, but all cash is a no-go for me, especially with the amount of work it needs (I would rather not borrow additional funds to foot the renovation costs). I am currently renting and have nearly a year left on my current lease, so a long drawn-out renovation timeline would not present a challenge for me in terms of finding an alternate place to live.

Completely agree with what you're saying on the apartment having good bones, good layout, and good light. That's what drew me to it in the first place.

Out of curiosity, what do you think is a fair price for this unit?

Daisy, take a look at the sales in the building. 2F is in contract and looks a little smaller with a poorer layout than 12F although it is listed at 100sf more so 300_mercer may be right. Listed for $1,375,000, its in good to excellent condition and has a terrace. 12F has a higher floor, better layout and more space. I like 12F a lot better. Full renovated I think it could go for over $1.4 million. You would have to do the math but I see units like this as having good short or long term financial possibilities, assuming of course that market stays strong. If market weakens, a long-term hold seems also a good option.

ximon - Agree with what you said about 2F, although the terrace is beautiful and helps compensate for the low floor. When I saw the sf listed for 2F, I assumed the discrepancy between it and 12F was because the broker included 2F's terrace, although they might also have included exterior walls/common space like 300_mercer said. Also agree that $1.4-1.5m range seems a fair price for 12F if it were renovated.

I'm going to continue to keep an eye on it and see if the price drops.

Good luck but price may not drop. Someone could make a low offer and have it accepted so no harm in making an offer of whatever you are willing to pay. And if your offer is rejected, simply tell the seller to keep you in the loop.

It certainly doesn't need a gut renovation - a term which I think has been increasingly misused lately. I think it is reasonably comparable to 14J (which is in contract with an asking price of $1,550,000) - a $200,000 renovation.

Hmm... views over low-rise buildings means those views may go away in the not-so-distant future unless the area is landmarked, and even then it could be iffy. All it would take is one high-rise tower going up and boom! no more light, now more view.

Also, no sink in the half-bath - eww (yes I know it could be resolved in a gut reno but still - eww).

Squid, I had just that kind of toilet room off my kitchen. When I renovated, I converted it to a washer-dryer closet. I think that pre-war design was meant for part-time help who would come in to clean and cook dinner but did not live-in as a traditional maid. They had the kitchen sink to use instead!