Sink in the shower

So, based on the January 2017 of 8A @$2.55MM - somewhat renovated, 4 floors higher, and a ?$700,000? renovation ahead, what would you put for current market value? (Do you think 6E, which appears to be the same size or larger and is on the market asking $1.249MM, will affect the price 4A will get?)

6E has a rent stabilized tenant. I do not think it will impact the sale.

But the current funky layout will certainly impact the sale as one may need to move bathrooms and kitchen, which is a nightmare. My reno estimate will be $600-$700k plus 1 year of carry of $100k plus say $100k for stress/labor. So $800k discount minimum to fully finished without factoring effective higher downpayment required (say 20% down and mostly likely one would pay for reno in cash; almost 40-45% down). I wonder whether there are buyer on this board who would consider a gut reno and what $ per sq ft discount they would put?

This offering says a lot about the state of the current market. It seems highly unlikely that a gut reno of this unit could be a value added investment. 1) as-is prices are simply too high, 2) this is a Class B/B- building in a B location, and 3) the unit configuration is too challenging and I don't see how you can cure all the deficiencies in this layout no matter how much you spend. To me, spending $700,000, or anything close to it, is throwing good money after bad. Of course, this depends on what you can buy it for as-is but I just don't see the math working here unless you can live here assuming little to no new work.

To me, this offering is similar to the investing we have seen in marginal neighborhoods. The price points seem attractive going in relative to better quality product but when the market declines, buyers will make "flight to quality" the better choice.

I think the brokers are dealing with an irrational sellers who tried to sell it themselves sometime back at a higher price. I think $1.7mm is probably the right price unless someone will make do with the layout mostly as it is and updates for 300k plus carry and trouble.

That's a shaving sink. They're usually contained in a closet. Really you would have to turn the MB/office into a dining area and turn it into a 2 BR to work. The rarity is prewar codo on UWS.

Typo shaveing -

Interesting history of 251W89 and its "near twin" at 610 West End Avenue. Converted in 1985 to condo? Why not coop?

https://www.nytimes.com/2011/07/03/realestate/upper-west-side-twins.html

Renovation costs always more than people think...as they always underestimate carry costs, and 'brain damage' cost.

There is no "sink in the shower." I don't think you are properly interpreting the schematic. There are a separate sink, separate shower, and separate closet in that bathroom off the master bedroom.

As ximon alluded to, it needs a big renovation, but doing a big renovation is kind of like putting lipstick on a pig.

Who knows how set are the sellers in their expectation? Perhaps they will continue at this price in the hope that they may find a buyer who does not mind substantially unchanged layout.