What is the finished price?

A couple of unrelated issues:
1) From the photos, this place just looks depressing. Compare to those of a similar unit at 885 WEA (as in both classic 6s which need "everything"). And when you see this needs everything, apparently that includes the fireplace listed on the floorplan.
2) This points out a difference between the East side and West side: on West End Avenue when you cross 96th St the genaral character of the area doesn't really change all the way up to 107th St. But Park Avenue once you cross 96th St you absolutely know you are in a totally different neighborhood.

30, Why is the entrance gallery so wide? I would have thought even 5 foot is reasonably wide and luxurious. Is this only this building or is that the standard for pre-wars?

That's hard to answer because it's not like every line in the building has that so it could simply be a function of the architect thinking it was the best line in the building so they wanted to make it "grand." And while I wouldn't say it's typical prewar, it is still "Park Avenue" so maybe the owner wanted to have at least one "Park Avenue style" units (although the room sizes still are not anything spectacular).

Thank you. Fireplace is a good catch.

Jumping in, I think the entrance gallery is so wide to accommodate the width of two doorways that come off of it at the end.

That is probably it. What you do think of finished price?

Any one else on the finished price?

Well, 9C, two floors above, which looks to be in decent shape, sold for $2.6 million a year ago. Alas, I would put this unit at a little above that number. Probably not a good investment unless you can get this number down fairly significantly.

So higher floor at $2.6mm. $2.55mm for finished less $300 plus carry plus trouble $500 per sq ft. Push is to $400 per sq ft. $600k reno plus 1y of 3 bedroom rent elsewhere at 120k. $1.8mm max? That makes sense.

I don't disagree, but I think this property is going to be most susceptible to the current market conditions - good "bones" but needs full renovation and challenging location. I wouldn't be surprised if they ended up chasing the market down.

Wonder if they'd even allow the fireplace to be reinstated, considering it's been walled up...

30, I am not bearish like you but even I can not come up with more than $1.8mm. But who knows. I am not an expert in this area just like I do not know enough about west side in the 90s and above.

Squid, I do not think fireplace is going to work as building may have closed it.

Note that the listing for 12AB says that even though it's a condominium they only allow maximum 80% financing, there is currently an assessment, and there is a 1.75% flip tax. None of that is going to help sell this unit.

>>Squid, I do not think fireplace is going to work as building may have closed it.<<

Exactly. Which is why it's odd they include it in the floor plan. If I were a buyer a working fireplace would be a big value add. It's one of the first things I'd want to know about. If it cannot be reinstated then they should not include it in the listing.

Financing of 80 percent does not matter much as most will put down more than 20 percent. However, can they really have a flip tax for a condo?

https://www.nytimes.com/2005/02/13/realestate/a-condo-flip-tax-lawyers-say-yes.html

Squid,
From looking at other listings in the building it doesn't appear that any have a working wood burning fireplace.