Why Are So Many Selling?

It's a buyer's market. If you don't know whether it's a stampede or a bunch of individual coincidences/situations, my opinion is not to make a move until you do your research and are highly comfortable in your decision. Speaking of a buyer's market, my opinion of the list price of $4.495 million (down from $4.995 million!) for a maisonette on a fairly busy, noisy (buses etc.) avenue is that it's "quite something." The Roman Publilius Syrus wrote: "Something is only worth what someone is willing to pay for it."

The high churn rate continues. In 2019, there were 6 closings which is about 10% of the total number in the building if you account for combinations. There are 2 apartments still listed for sale and some other ones were on and off the market. High number of sales and prices appear to be going down (the maisonette initially listed at $4.995 sold for $3.525.)

Apartment 11C, a beautifully renovated, high floor two-bedroom with a lovely view (including Fifth Avenue) was listed in May 2019 at $3,495,000. It finally sold almost two years later in April 2021 for $2,050,000--a 41% chop in price! It would be hard to say it was grossly over-priced, because the same units on lower floors (7C and 8C) sold in March 2019 for $3,420,000 and $3,875,000, respectively. This sale information is according to StreetEasy. Is that the market or this coop--or a combination of both?

I would not call 11C 'beautifully renovated'. Looks like an 80's kitchen at best, with strange decor and crummy appliances. Bathroom looks tired and worn. Any buyer would likely want/need to gut both. The apartment has great bones but needs a major overhaul throughout.

The other listings you mention were much better updated and prices reflect that, even factoring in the market conditions when they sold vs now. Those units if on the market today would have still have done far better than 11C given the difference in condition.

Where's the "lovely view" in 11C? I didn't see a view other than of the building across the avenue....

They're probably referring to the Church of the Ascension next door, which is cool but agree that it's not exactly what one might call a 'lovely view'.

Wow that kitchen but good sunlight.

Although it's a little bit more 'lovely' when you're across the avenue and looking over the village including the church. The view from 11c is actually quite nice.

Remember you can ask whatever you like, but the market will tell you what it's worth. So I don't get too excited when I see these sensational headlines announcing big price cuts. At least not until I've done my due diligence to understand what the properties worth based on recently sold comps in the current market.

Keith Burkhardt
TBG

My info is that this apartment was purchased and fully (and expensively) renovated not in the '80s but around 2000. There may have been some work after that. The seller is a wealthy and cultivated individual. Not everyone likes the current Co-op "clone" look. This owner preferred a retro design. I'm not sure the commenters have been in the apartment or another "C" unit, because the view is lovely. The Church is not next door, but across 11th Street, and Fifth Avenue is quite visible. There is not one bathroom, but two--and I wouldn't say either is "tired" (unless an extensive, vintage renovation is tired). Again, there was an almost $1.5 million drop from the 2019 listing price of $3.495 million for 11C (and similar prices at which two other lower floor "C" units sold earlier in 2019) to 11C's sale price of $2.05 million in April 2021. "C" units are well under 1500 square feet and have two small bathrooms and a galley kitchen. The notion that the roughly $1.5 million decline in value is due to cosmetic conditions/preferences and not to the NYC real estate market and/or factors relating to this building is . . . . BTW, there is a beautiful combination of 3 apartments in this building that's been on the market for two years--and over that time the asking price has dropped by $4 million. Let the buyer be informed--and let the buyer beware.

Well said, Keith.