Interesting price chop

reposting since initial post wrecks formatting:

$4.5M last sale.. during COVID summer, now listed $2.8M ?

Lots of other 2bed/2bath pricing a bit below that in building too.

Anything odd going on with the building specifically, or are 80s construction midtown condos generally out of favor now? I suppose theres many newer options now, I'm just surprised.

If I had to be in office every day, this is sort of doable. Though I suppose the tax/maint/insurance/interest adds up to a big monthly budget one could put towards a rental as well.

The $4.5M closing is for 40C and 40D, this listing only for 40D. A prior listing suggests 40C + 40D is indeed something larger:

https://streeteasy.com/sale/1565218

@nada - nice catch, thanks.

It does still feel relatively inexpensive for the size, location and up to date enough renovation?

A North Brooklyn 1900 sq ft doorman condo would certainly go for more than $2.8M these days.

I have poor context for these things. I look at (6% interest or cost-of-capital * $2.8M) / 12 + $6K monthlies => $20K/mo, and it doesn’t feel inexpensive to me. Perhaps same could be said of North BK, I dunno.

I also don’t personally know anyone who’d be excited about living in that neighborhood.

@nada - Agreed, pretty much all NYC RE purchases right now look awful on a cashflow basis given current rates.

For my money I'd probably go for one of these instead
https://streeteasy.com/building/73-worth-street-new_york/5e

https://streeteasy.com/building/the-prewar-at-gramercy-square/sale/1693880

Second one has a tween room, which I guess is for when your kid is too big for the play room but too annoying for the residents lounge?

Pass

The buyer is expected to pay the flip tax. Is this customary for condos?

@stache: Inasmuch as it's customary for condos to have flip taxes -- seems like the financial realities of running a building are coming home to roost for the condo market, and they've taken a note from the coop market.

Pass on both of them, but if forced, I'd take Worth St. for the marginally better floorplan. What's the deal with the industrial strength hinges on all the doors? Are hinges in colors that match the trim no longer available?

I like the location of the 53rd street building a lot. Close to transportation, shopping and Central Park.

I don't like:
1) price + taxes + maintenance
2) lack of closet space

Only in NYC.

(Overheard at a cocktail party)
Man: We're looking to buy a new apartment.

Woman: How much are you looking to spend?

Man: $3 million to $4 million

Woman: And what are you looking for?

Man: We're trying to find the one which sucks the least.

@30 - exactly. I was debating starting a new "Show me a nice $3M apartment" thread given all the negative feedback here, but happy for the nays to chip in with some actual picks of their own..

3 quick choices just under 3m, in order of preference, that I could be pretty happy with (though would prefer to add central air to 15B and 7E):
$2.980m: https://streeteasy.com/building/563-park-avenue-new_york/7e, 3 BR (4 if you don't mind walking through the kitchen) and for the right traditionalist, more or less move in ready.
$2.995m: https://streeteasy.com/building/320-east-72-street-new_york/15b, 3 BR + could do something with the staff rooms if you wanted.
$2.595m: https://streeteasy.com/building/520-east-86-street-new_york/12c, 3 BR, of particular interest if you're a termite.

Could I get some non-UES units, or at least stuff thats not a faux European estate look?

@Steve: I'm sure there are some out there, but the OP asked for my picks, and I'm a UES zealot. Also, we're looking for "sucks the least" bargains here, so I started with the 'hood in which they're in. Once the current owners move their stuff out, there will still be a better floorplan than in most modern buildings.

But, here you go: a 1950s 2 BR / 2 BA on the edge of Park Slope, subway across the street, facing into the tops of the trees of the plaza:
https://streeteasy.com/building/10-plaza-street-east-brooklyn/7h
If I had wanted to stay in Brooklyn, I would have been looking at this building. The C line is also nice, but they don't seem to trade often. (I know several people who live in this building, but not this unit.)

Come up to my neighborhood Steve!

105 W. 118th -- It's a multi-family, so you have to take out some kitchens, but taxes are cheaper on this than they were on my condo studio in midtown:

https://streeteasy.com/sale/1743776?utm_campaign=sale_listing&utm_medium=share&utm_source=web&lstt=gPk7x9XPR2snkEGJCL2Ti65nJ0HWPc3_X8cjId3bxnbbfQHJcWvPxjyMSFn6d8mmrKL7gzwzGAObgx0-

I see what you mean about the hinges.

Re: where would you live if you had a clean slate

https://subwaysheds.com

Neat website/infographic interactive to plot where you can get in X/Y/Z minutes from any given subway station.

@Aaron - not a bad pick, we had friends on that block a decade ago
@Ali - a bit too uptown for me, but a lot of value for the price, thanks