How big of a price cut? - Morningside Heights

And it is Landmarked.

I like that living room in the 6th pic.

Ha. I know now (from offline) that lifted that picture from a famous magazine.

Ok, what have you done with 300_mercer?

Ha.

30, Are you getting concerned that I will dethrone you from being the top bear? I can assure you that your fears are unfounded.

I'll go with 50% cut. Not quite a comparable, but a similar story, 179 E 94th, has taken a 25% cut at 190+ days on the market, and still unsold.

179 East has bigger issues. The square footage is completely made up and it is an SRO where the DOB will not approve permits for another year.

DOB is 3616 and I calculated appx 4800. Yes there is additional FAR but how can you really go on a sliver lot economically as well legally.

Good luck trying to utilize the FAR -- it's a landmarked area and it's extremely unlikely LPC would allow a developer to tear down and rebuild a taller structure. These turn-of-the-20th-century low-rise buildings are fiercely guarded in the neighborhood for their old-school architectural details. No one will tolerate some ugly new dev going in there.

Indeed. They can add some square footage at the back. That is pretty much it for Riverside.

Pinecone, Are you an architect?

300--not an architect but quite familiar with this nabe and the trials and tribulations of trying to navigate the LPC approval process. The sell-side's renderings for an ultra- modern facade are such a non-starter it's laughable.

LPC is indeed nuts. There are supposed to only control the front including visible add-on on top but they also control if you can build an extension to the building and how tall that extension can be. But who can fight the city? Architects in the sales rendering take a lot of liberty and add bathrooms and kitchens where there is no plumbing. So renderings are fantasy in most cases which in most likely will not come true. However, overstated square footage (which does not exist currently) continues to be the worst lie in my opinion for the listings.

Indeed. If I were the selling agent on this, I'd never include some ridiculous uber-modern spec that would clearly go over like a lead balloon with LPC. It's a waste of everyone's time. And using the unused FAR as a selling point for an historic low-rise building like this in a landmarked zone makes me wonder whether the broker has any clue at all. Unlikely LPC would go for anything more extreme than a roof deck/terrace or similar. Approving a build of several additional storeys? Not likely.