Keep telling me

Contract date was March 2006, FWIW.

Kitchen style is the same as the rest of the building, but it’s scale matched a full-floor, implying sponsor was involved in the build-out.

“implying” => “suggesting”

I'm not sure what the original selling price was, but the drop in ask is telling.
https://streeteasy.com/building/platinum-condominium/ph24204?context%5Bcontroller%5D=%23%3CBuildingController%3A0x0000555d23a76ba8%3E&context%5Bcurrent_user%5D=1040784&hide_if_empty=true&section=sales

$10m and no coat closet reasonably near the front door? Nearest closet that isn't in a BR appears to be 1 floor away. And not a great neighborhood. (I can see my office from the LR & 2nd floor hall).

I can't tell if either of these were related party transactions but I don't see evidence they are.
https://streeteasy.com/sale/1432567

Sold 1/17/2014 for $28 million and then 2 weeks ago for $17 million. And for everyone saying how people got these irreplaceable deals in 2009, the 4/16/2009 transfer was at $15,075,000, so including transaction costs and whatever...

https://therealdeal.com/2021/01/08/one57-condo-sells-at-record-51-resale-loss/

Now the prices are looking to be fair $4k per sq ft for high floor park view.

Now that seller took a hit! But overall, somehow through all the craziness we're facing, the New York City real estate market is hanging in there. Dare I say continuing to improve? ;

Mansion Global: Manhattan Luxury Real Estate Bounces Back to Pre-Pandemic Levels.
https://www.mansionglobal.com/articles/manhattan-luxury-real-estate-bounces-back-to-pre-pandemic-levels-222687

https://therealdeal.com/2021/01/25/ues-townhouse-trades-40-below-latest-appraisal/

Damn... they should have just waited until September to sell, when everything’s magically going to shoot back up in value.

Although, that appraisal seemed pretty wrong to begin with. Maybe so the owners can claim a big loss and write off

So it sold for $2,142 a square foot, any Upper East side townhouse people on here comment on that valuation? It seems the appraisal was done to transfer the property as part of a divorce, sounds like it would have benefited the husband to project a high valuation.

The seller's purchased it in 1994 for 4 million.

Always interesting to take a look at the asking price and how realistic it is when you see these giant price cuts on very expensive properties. Although in this case it was based on an appraisal, one would think gives it some credibility. Though there was certainly some monkey business going on with appraisals leading up to the 2008 financial crisis.

Not a resale, but:

https://therealdeal.com/2021/03/10/healthcare-data-exec-snaps-up-woolworth-condo-at-40-discount/

"Developer Alchemy Properties had initially aimed to sell it for 40 percent more, or $22.6 million, according to the condo’s initial offering plan filed in 2014 with the Attorney General’s office."

Sold instead for $13.5M

Gotta love TRD's bullshit wheel spinning as always:

"The transaction is emblematic of the strong demand for new development..."

Red-hot demand, but only after you chop 40% off the initial price tag.

Great minds think alike - I was going to post that earlier but got sidetracked.

"after buyers demand deep discounts" was the next part of that real deal quote.

They still achieved a sale price of almost $3,000 a square foot.

Like I always point out, developers can ask any silly price they want, doesn't mean its based in reality. Seems like in a very strong market they're just fishing for a sucker.

We've actually shown this building a few times, almost $3,000 a square foot in this current market, not too bad in my humble opinion.

Keith Burkhardt
TBG

Yes but this particular conversion has not done well at all.

I meant not too bad for the developer, regarding the price they achieved per square foot...

https://nypost-com.cdn.ampproject.org/c/s/nypost.com/2021/03/17/real-world-loft-owned-by-edwina-sandys-finally-sells/amp/

I saw the (west side) of this loft for rent about a dozen years ago. Price seems about right: $1000 ppsf for the ~4000 sq ft floor plate, plus a $1000 ppsf construction project as a single floor.

Now there's an interesting attempt at a flip. What will it sell for?
https://streeteasy.com/sale/1676999?context%5Bcontroller%5D=%23%3CBuildingController%3A0x0000561c9e59e960%3E&context%5Bcurrent_user%5D=1040784&hide_if_empty=true&section=sales&separate_sponsors=false

Is that a high-end renovation? how much did they spend on it?

What an abomination. Princess Ashraf Pahlavi Is rolling in her grave. They took a nicely designed townhouse with beautiful detailing and turned it into a bland white box with no character.

@inonada. Agreed. Unclear why somebody would even do the reno to sell it, when people with that sort of money and space needs are doing extensive renos anyway. Unless they're targeting more down-market types who will put in some quick fireplace surrounds and call it done. Vinyl baseboards in some rooms. FFS!

And a design mistake: The elevator should open into the 3rd floor hallway, not directly into the bedroom (should have redesigned the bathroom).

OMG - @30yrs. Thank you for pointing me to this update of what I was witnessing out our living room window when I was last in NY. Are all of these townhouses going to go up another floor and add an elevator? And what is the market for this type of thing? That is what we were wondering when we were watching the construction. I did not realize it was being done on spec to flip?

I'm going out for a walk. Please call me when the "black marble with white veins" trend is over, thank you.

So, I asked around and nothing definitive, but this reno is not the one allegedly being done by one of the Olsen twins. Apparently, three townhouses on Beekman Place between E51st and E50th streets have been renovated in the past year, and from the vantage point of buildings on 51st street, it is hard to tell which address is/was doing what. With that said, my source told me that this flip is being done by the gentleman who sold the sliver rental building on the Southwest corner of E 51st and Beekman Place(30 Beekman Place was built around this sliver). This will be a fun watch. I thought a number of years ago that the Eleanor Biddle Shipman house was the highest end flip of this ilk I had seen. It turns out that one was not a flip, but rather had a tragic story behind it. This one will be an interesting watch indeed. I wonder how much the flipper actually put into this? The markup in ask seems a bit much . . ..

I'm guessing sub-$5 million on the renovation?

Over/under for ultimate sales price? I say under $13M.

I guess this is what they are priced on?
https://streeteasy.com/sale/1572304

Wow - okay, over $13M? :)