question for 300_mercer, 30yrs, et al.

Hello multicityresident. This size, maintenance and price point in this location is very hard to price and has taken a big hit relative to the rest of the city making listing price not very meaningful. Additional complexity is whether you would call it “could use selected updates” or “mostly a gut Reno”. If some one is looking in this location and thinks it is “could use selected updates” worth $4.5-$5mm. If gut reno, below $4mm.

Thanks 300_mercer; I was thinking sellers must be banking on that rare, but existent, crazy buyer who puts an incomprehensible premium on outdoor space.

Thanks 300_mercer; I was thinking sellers must be banking on that rare, but existent, crazy buyer who puts an incomprehensible premium on outdoor space.

I think the location and being a coop is the biggest issue. If the same apartment were to be in Village or Tribeca and a condo, it would easily sell at $7mm if not more.

Reminiscent of the Wilbur Ross penthouse deal.

I think he got $15mm or so but his is a condo and a far better location

https://streeteasy.com/sale/1263146

It's ironic pointing out how "good" a location it was, especially since that was a major sticking point in the sale. My point was that I think a lot of the same issues that had will plague this sale as well, and this will probably have even more issues. And look how much money was lost on that sale - considering the buy and sell dates you would have a tough time picking a worse outcome.

Thank you both for the reality check. I am worried for these sellers but keeping my fingers crossed for them. Somebody is going to have to REALLY value outdoor space to bite at listed price point. 6D in River House with similar square footage, maintenance and location reportedly just closed for 3.9. Maybe a gut reno, but my sense is that buyers in that market are going to renovate whatever they buy. I don’t know anybody who buys at that price point and is satisfied with someone else’s decor.

30, 57th and 7th has improved tremendously and continues to improve due to Billionaire’s row. Wilber Ross penthouse had peculiar decor/renovation when so much full finished product is available next to it. So hard to infer desirability of location from that sale.