Penthouse with WRAP Terrace

Needs a gut reno costing +$500k

Awkward layout, crappy finishes, terrace too narrow for entertaining, ugly postwar building. I'll pass.

Sure, but show me a (possible) 4BR in Manhattan at this price point and with these monthlies that is *not* an odd combination of units in a building that's long past its prime.

Compare to the listing below - which is a much better building, much better location, and a condo, but only 3BR, smaller, higher monthlies, and oh yeah is asking almost twice as much.

https://streeteasy.com/building/zeckendorf-towers/p28cd

I don’t think the finishes are that bad (marble counters in kitchen May be a little thin, but still!) and don’t really understand why a gut rehab would be necessary.
But then again there are buyers purchasing brand new or recently renovated apartments who feel they must rip everything out. Ego!

Big issue will be location

On it's 4th apartment number.

Good catch.

So market time is a year and price is down 24%. At least they're coming down. Eventually they'll find a buyer who just wants space and can't afford their own townhouse.

There is a renovated 4 bed/3 bath in our neighborhood that has been sitting for a year now. Check out 439 E51 9F. I think they’ve lowered the price - maybe $2,250,000 now. I can’t understand why it has no takers; guessing it is high maintenance?

> multi. - are those neighboring building’s fireplace chimneys visible from the apartment ?
That might be one reason. Also can’t tell from the floorplan where you could put a dining table in the kitchen - which you’d want considering the long trek from kitchen to living room

MCR,
That video............

@30yrs - omg - had not seen the video!
@ph41 - agree that the view is lacking; was just thinking that for a family that actually needs space, there is not much available in move-in condition in our neighborhood, which sad leaves me realizing that the problem is actually location combined with coop. Cannot give away apartments in our neighborhood right now. :(

It seems like Sutton place and UES West of Lex stuffy pre-war coops despite beautiful architecture are becoming best values in the city and almost competing with White brick buildings in this thread. If I were to be looking, I would definitely consider former. High down payments will eventually come down as the apartments in these stuffy sell at a much lower price.

To 300_mercer's point, I am watching to see the actual sales price of this one: https://streeteasy.com/building/2-beekman-place-new_york/67a. This is a 3/3.5, certainly in need of a gut renovation, but still . . ..

And this one recently went into contract as well: https://streeteasy.com/building/860-united-nations-plaza/31c32c
As someone who is trying to sell one of our apartments right now (a number of you know exactly which apartment that is), we are fully prepared to take a loss. Honestly, I think market-clearing prices in our neighborhood are .75X, with X being the cost of any given apartment at issue, including renovation. After you factor in transaction costs, you are looking at maybe .65X. I think that is the painful reality, but also to a point that 30yrs made on another thread, I suspect sellers in our neighborhood will take apartments off the market rather than deal with that reality because to them, the apartment may still be worth X, or maybe .85X or whatever, just more than .65X.

But the only way many leave our neighborhood is in a box, and the estate sales are ripe for the picking.

I think they are value traps. High down payment and post-close liquidity / asset requirements limit the potential buyer pool.

Ugh that they put in a spiral rather than regular staircase with a turn.

We put in a regular staircase when we did a vertical combination here in Brooklyn Heights and yes was a PITA and cost more.....but i cant imagine not going that route now and cant even remember what the extra difference was.

Amen on spirals. Yeg -