Price chop!

Big red stamp on DOB website "PARTIAL STOP WORK ORDER EXISTS ON THIS PROPERTY". 14 open DOB/ECB violations.

Looks like seller mistimed the market. He probably saw 9I sell for 1.6 in early 2017 and figured he could get some of that sweet action but listed it too high and too late in 2017. Now he has to settle for the building average of 900 psf. A true case of chasing the market down.

bpcbuyerconfused,
Although that's an issue, there have been over 50 closings in the building since so I don't think it's prevented anything.

Rock28,
Would you say that WRT certain units the market has fallen over 25%?

The market has definitely fallen though I don't think by over 25% unless you are singling out certain segments or units. I've heard from some brokers that buyers are now opening their bids with an automatic 10 - 15% off the ask regardless if it's new or resale. Obviously, that's anecdotal.

With this particular unit, it was overpriced to start from a strictly square footage perspective. 9I the most recent over 1 million sale in the building closed at 1276 psf and 10F was asking 1439 psf. 12F which is the same line sold in 2016 for 1204 psf.

Most of the units in this building are trading for under 1 million which tells me that the building is more of a starter building and that over 1 million may be aspirational.

I think the seller of 10F overpriced his unit and then has been chasing the market down instead of just pricing it aggressively at the start. Now that the market is soft, buyers are noticing little things: maintenance is high for no amenities, no view, no central AC, etc.

I assume the new listing broker did a 27% price chop last week with the hope of garnering interest (we are already talking about it in the forum, it already made the SE blog).

Now we are talking a reasonable price. But most of the market is still in high fever, this first normal listing becomes an outlier

NB This unit sold for $1,695,000 4/18/2015

https://streeteasy.com/sale/1127917

Most likely the owner had been bullied by some bad neighbors plus a nasty management since 2015.