Price to fall significantly.....

I love the selling strategy for this apt. Put it on the market 8 months ago for $3.1 million.....let it languish on the market at a severely overinflated price and then INCREASE the price $150,000 to $3.25 million or almost $2,600 per sq ft. Ha! Now let's get back to reality. 5 East 22nd St is a very mediocre building built in the mid-1980's, a time which saw a lot of crappy apt buildings being... [more]

I love the selling strategy for this apt. Put it on the market 8 months ago for $3.1 million.....let it languish on the market at a severely overinflated price and then INCREASE the price $150,000 to $3.25 million or almost $2,600 per sq ft. Ha! Now let's get back to reality. 5 East 22nd St is a very mediocre building built in the mid-1980's, a time which saw a lot of crappy apt buildings being built. There's a reason why there are no pics of the apt interior....b/c it likely looks like 80's crap. Yes, some of this building's apts probably have some nice views North of Madison Park but even that combined with a crappy interior and mediocre building ain't gonna get you $2,000 per sq ft. Apt 5J has a stated 1,270 sq ft which I would bet is probably way overstated but I won't factor that into the calculation. I'd say the price needs to fall by around 1/3 to start getting any buyer interest, which means the ridiculous $3.25 million needs to fall by at least $1 million. My guess, based on recent pricing, is that the sellers are too dense in the head to make that kind of aggressive move. [less]