Up 37% in 3 years....Dream on!

Apt 11A in this hideous monstrosity of a building, 35 West 15th, sold for $2.698 million 3 years ago and is now on the market for $3.695 million, an increase of 37% in 3 years. Given the state of the market, the poor design and construction of 35 West 15th, and the fact that the living space of 11A is really approx 1,100 sq ft, the owners will never get anything close to $3.695. 35 West 15th is widely known as the eye-sore building of this neighborhood and this mediocre apt is most definitely not worth anything close to the $2,615/sq ft implied by the asking price. This place will sell for no more than $2,000/sq ft MAX which implies a selling price that starts with the number 2.