Big price changes

The adjustment to $1.99 was a fat finger error corrected the next day. Which is another reason why 99 pricing is stupid. If it costs $2 million, say $2 million, so that you pick up everyone who has $2 million as the lower floor of their search. If there's an issue with hitting a mansion tax threshold, you do the contract for $1.999.999 instead.

More to the point, why would anyone want to live on street level at the entrance to the tunnel? Constant noise and passersby. This should be a dentist's office.

Why not George. "The area is a perfect setting for whatever Manhattan has to office. "

Price started at 2.2M and has been gradually decreased to 1.2M (with a fat finger in the middle, good point). No one has bought it at 1.2M after it has been listed for months. Looks like it has been really mispriced in the prior listings?

LOL, I didn't read the broker babble so closely. Turns out it was a doctor's office. Most recently sold for $298,000. The prior listing's description is absolutely classic: "DO NOT COME if you are looking for light, views or a quiet bedroom"

https://streeteasy.com/building/320-east-57-street-new_york/1c

What do you think this would trade for in today's market?

Upon further inspection, looks like this is a combo of 2 maisonettes that were purchased for $300K and $400K. If owner sells at $1.2M and had 10% round-trip closing costs, he nets $1.08M, minus $700K to buy = $380K profit before the cost of reno. Divide by 1340 square feet = losing money if the reno cost more than $283/foot.

George, Perhaps coop owned/s, didn’t sell and renovated.

Angela Kumble, the interior designer, bought 1E for $400k in 2015 from an estate. She then bought 1CHW for $28k from the coop in 2017. Her husband died in August this year. A search of the building's transactions since 2012 doesn't show any sale of 1c or the Kumbles buying anything else, but it's clearly a combo unit. Would a coop have sold a whole apartment for $28k even if it was a disaster?

An interior designer owning it explains over-renovation for the floor/location. There may be value if coop allows live/work. Work as in having visitors and potentially one or two employees.

"CHW" may be part of a hallway that was added onto an existing unit. (seen several of these in my building when owners buy adjacent units at the end of a hall, buy 'their' end of the hall, and move the front door.

In fact, the floorplan says 'Maisonette C/E', so it's possible that units C and E shared a single street entrance. "CHW" is probably then that hall which let them neatly combine the two units.

Makes sense.

Is there some logic to whether unit combinations in NYC are value creating or value reducing?

Here's an interesting thread regarding 30 West Street. I'm away and working on my phone, so can't start a new thread just thought I'd pop this one in here since it's pretty slow anyway.

Interesting to see the historical perspective provided by the internet. Also made me miss West67th Street!

https://streeteasy.com/talk/discussion/14634-millennium-tower-residences