Fantasy Pricing......

Apt 1721 just came on the market for $6 million, which is called lunatic pricing in the real estate world. Let's start with the building, 2373 Broadway, a typical 1980's'ish mediocre building. The monthly maintenance on this place is almost $9,000/month, which is way, way above that of comparable apts and this tells you that the building has an enormous mortgage. As for the apt, what we do know is... [more]

Apt 1721 just came on the market for $6 million, which is called lunatic pricing in the real estate world. Let's start with the building, 2373 Broadway, a typical 1980's'ish mediocre building. The monthly maintenance on this place is almost $9,000/month, which is way, way above that of comparable apts and this tells you that the building has an enormous mortgage. As for the apt, what we do know is that, while it is a 5BR/5BA apt, this is very deceiving because the livable square footage is way below average for a 5BR/5BA apt. Adding up the sq ft from the listing floorplan, one gets around 2,000 sq ft which means that the rooms are tiny, tiny, tiny and the asking price is $3,000/sq ft which is fantasy land pricing. Another negative is that while some windows face East, many face North which means.....no direct sunlight. There also is a terrace although no pictures are provided so we don't know if it's planted, etc. So, net/net, factoring in the ridiculously small sq ft, the enormous almost $9,000/month maintenance, the average/mediocre sunlight, mediocre building, among other things, one would have to be nuts to pay more than $4 million MAX for this place. [less]