This building went through some deep cuts

Quite possibly. I walk by this intersection a lot. The corner of 3rd & 59th is heavy traffic all day long, and particularly in the morning and evening, as 59th is the direct route to the bridge, and there are 2 lanes of traffic turning from 3rd onto 59th. In addition to the cross-town, bridge-bound traffic. The building entrance is on 59th, and residents with cars will block a lane when they load/unload by the front door. The entryway, while nice enough, isn't anything special, and the units are pricey for what you get ($2.2m for a open wall kitchen, 1BR, with ordinary taxes/CC, but yes, a balcony, but over all that noise - e.g., 17C. ).

Can’t make this stuff up…

https://streeteasy.com/building/200-east-59th-street-new_york/8b

“BACK TO THE MARKET!!!!!! WON’T LAST”

DAYS ON MARKET
341 Days

Who is paying $1.5M with $2.8k monthlies for a 1BR with "midtown office tower" interior design aesthetics?

At least the rental unit in the same line, which you can rent for $6.25k, had the decency to put the giant terrace pillar onto the floorpan.

I love these direct condo compares BTW.
So 20% down and 7% mortgage, you have $11k monthly, plus homeowners insurance.
Or rent it for $6.25k (negotiable down I am sure).
$5k more outgoing per month, plus over $1~1.5k foregone monthly interest had you instead put the $310k down + closing costs into a Marcus CD.

This specific owner is renting at $6K, so yielding about $3K:

https://streeteasy.com/rental/3921024

That exactly covers interest on the $885K mortgage at 4%:

https://a836-acris.nyc.gov/DS/DocumentSearch/DocumentImageView?doc_id=2020031700200003

Trouble is… the rate reset in March. It’s 1-year treasuries +3% but gets capped at 6% the first year. So -$1.5K/mo per month. Next year, it’ll be at 8% and -$3K/mo.

I wonder how much of the $590K down payment will be left once all is said & done. As the OP notes, the developer has cut prices deeply. One unit I looked at seems like 25% since original ask? That’d be $370K. They’re only a third sold, it seems, after several years, so it’s not like these things are flying off the shelf. And of course, another $100K for transaction costs.

So what do you do in this sort of situation? Cut your losses and sell it at a market-clearing price? Or bleed $36K/yr, hoping for the best, but also giving the bank added security in the form of principal payment?

Re 8b's listing: Since when is 59th & 3rd considered "Sutton Place"? In fairness to the listing agent, SE's own map view has defined the northern border as 59th, and the west border as Lex, and that seems pushy. (I wouldn't go north of 57th St, unless it's E of 2nd Ave, but I know that brokers abhor unnamed areas.)

What do you want to call it? BeBlo? (Behind Bloomingdales)

Seriously it's an armpit of a location that will always trade at a hefty discount just like the area near the Lincoln tunnel or Midtown tunnel - mainly due to the noise. The streets in these areas are also super-dangerous bc outer-boro types constantly run red lights to get onto the bridge/tunnel.

Ironically just a half block east is One Beacon which is a great building, in part because of its porte cochere, even if some of us still mourn the demise of Le Cirque.

I am totally onboard with BeBlo! All fine and good with 1 Beacon and the residential entry, and I do miss Le Cirque (and remember the earlier incarnation), but to get there, you're either on 58th or 59th, the nasty streets mentioned, if only for half a block.

How come when I put a comment in on my own thread it doesn't necessarily show up or takes over a week?

Bc SE stopped caring about this board back in 2009

2009 with the financial crisis?

I think it was more when Zillow bought StreetEasy when they stopped caring, circa 2013.

not far away, traffic and murder: https://www.nydailynews.com/new-york/nyc-crime/ny-road-rage-oxford-cafe-nypd-detectives-afraid-for-his-life-stabber-driver-dead-20230715-iowq7r6bpbcdbjhmsz7zei2goq-story.html
Upper East Side road rage driver Andrew Mosby claimed he feared for his life before fatally mowing down knife-wielding rival: NYPD source
on E. 60th St. near Park Ave.

They were both driving so that's not about the neighborhood so much.

Nothing really extravagant has sold in this building.

Did they ever find a retail tenant ?

I thought they had one 2 years ago, but that deal fell through. Update ?

I will have to look next time I walk by (later this week, perhaps). I seem to remember a big sign maybe
6 months ago that some high-end store was going in there, but haven't seen any appreciable change that would indicate progress toward that end. It's a sizeable double-height space on a section of 3rd avenue that doesn't really have any grand spaces, and if you're looking for that sort of space, why be on 3rd Ave, when there are great spaces over on 5th, with wealthier foot traffic (or even Lex between 57th & 60th, which is still rather empty)?

That's not really a high end store location.

Now they accept crypto as a payment option!