Back down to 2011 prices?

Kind of an armpit location.

Sorry, I can’t find actual sale of 2016. Just listing.

Stache - why is the location poor? Thanks. Peter

https://streeteasy.com/blog/jennifer-lawrence-asking-14-25-million-for-posh-penthouse/

Petrr, I had a good friend near this location for a few years and quite often you have to slog through heavy traffic to get out of the immediate area. Traffic to/from 59th St bridge can get very backed up.

Location is also lacking in charm in terms of neighborhood diners, etc. If you want a neighborhood that has some sense of community where you see the same people chatting on the street outside their shops, this is not it. But, what is a negative for me might be a positive for someone else.

Back to 2000 prices??

PHA and B were purchased in 2000 for $3.1mm each.
Now being sold as "an award-winning 5-bed, 4.5-bath loft-style penthouse condominium" asking $5.8250mm.

What am I missing here? Seems like a pretty good deal here, unless maint and taxes are $6 a foot.

sorry forgot link
https://streeteasy.com/building/the-chelsea-quarter-condominium/phab

@truthskr10: That building was the subject of litigation. Index number is 0604380/2005 if you want the specifics.

400 East 59th PHAB - Interesting.

>MCR - that is a spectacular apartment. In addition to the high maintenance and very specific current decor, and possible noise from the bridge, this apartment is definitely what I call “the elephant on top of the building “ - nothing remotely like it in what seems to generally be a relatively modestly priced building. Buying it would go against the general real estate rule to buy the least expensive property in the best area.
But it is a great space at a great price

>MCR - that is a spectacular apartment. In addition to the high maintenance and very specific current decor, and possible noise from the bridge, this apartment is definitely what I call “the elephant on top of the building “ - nothing remotely like it in what seems to generally be a relatively modestly priced building. Buying it would go against the general real estate rule to buy the least expensive property in the best area.
But it is a great space at a great price

The decor is headache-inducing indeed. And while the space itself is amazing, the location and views (bridge traffic--blech!) are so-so at best. The original asking price and initial chops were way above-market, so now they've found themselves chasing the market down. If they'd priced it reasonably at the get-go they'd likely have gotten a much better result.

If I'm remembering correctly we flipped a 1 BR in there for $140,000 (I think our BOT was around $100k?)

Do you think they actually have offers that they are calling for "highest and best" or just that they are desperate to get any offer by then?

@ph41 - Agree. We made the mistake once in one locale of buying a property that was significantly more expensive than those around it and never again. While the property appreciated nicely as neighboring properties turned over and were similarly improved, that process detracted significantly from our enjoyment of the property itself (and the purpose of the property was primarily use, not investment).
@Bramster - Totally agree. $16M at the height of the market?!
@30yrs - Good question. Time will tell. The high ceilings and outdoor space seem compelling, so I feel like this property should make sense for someone at that price point.

I must say I was very tempted to go to the open house to see this space, just didn't have time.

I think they really screwed themselves with that initial pricing, not solely because they are chasing the market down but also because they have fallen into a classic Catch-22 of pricing which probably wouldn't have been as big an issue a few years ago - by the time the price is dropped enough to make it attractive no one can stand the maintenance (I.e. at $20 million I'm not sure how many people would balk at this maintenance, but I don't know if there are any at $3.5 million that wouldn't).

If you look at the pictures from the 2010 listing, it was then a way nicer apartment. An expensive renovation that made the place worth less than it was 10 years ago. The maintenance is silly and seems wildly disproportionate to the other units that are more like $2.50/ft, but combos in coops and penthouses often get whacked.

Maintenance also got whacked because of the extensive terraces

Maintenance also got whacked because of the extensive terraces

Maintenance also got whacked because of the extensive terraces

Maintenance also got whacked because of the extensive terraces

with the current level of money printing, its price will go beyond 2016 peak soon

It has apparently closed for $9,990,000 which not including transaction costs is a loss of over $5.6 million / 36% from 2016.