chasing the market down: our favorite price choppers

although the outdoor space and views might make it worthwhile.

30yrs: No idea what the P&L for 55 CPW might be. Looking at ACRIS, it's hard to even be sure how much they paid, or whether the transaction was arm's length. As uwsmom notes, the renovation doesn't exactly look meticulous. As for the liens, they are indecipherable.

At the opposite corner of prime UWS, there's another troubling comp for townhouse sellers:
311 West 75th Street: Five floors, two units, 7,600 square feet. Estate sale after forty years with same owner. Landmarked in 1989 (West End-Collegiate Historic District).
10/06/2008 Listed in StreetEasy by FS&H Properties at $7,900,000.
01/14/2009 Price decreased by 25% to $5,900,000.
03/24/2009 Price decreased by 19% to $4,750,000.
05/19/2009 Listing is no longer available.
05/28/2009 Re-listed by FS&H Properties.
06/09/2009 Listing entered contract.
08/04/2009 Sale closed for $4,000,000.
The facade and the staircase were about all that remained of the building's past glory, and the original pricing was nutty (not to mention ill-timed). Even at $4MM, the cap rate seems iffy as a rental. Still, it's a lot of prime UWS house for under $550/sq.ft.
http://www.streeteasy.com/nyc/sale/355584-anyhouse-311-west-75th-street-upper-west-side-new-york

Typo there - "55" s/b "355".

311 w75 was unusable as a rental in its current condition. The parlor & 2nd floor duplex did not have its own set of stairs. You would have to walk through LR and bedrooms of the lower duplex to get to the other duplex. Or you could use the elevator.

As a single-family, the current extension was ill-conceived. While it adds to the square footage of the house, it makes it long and cavernous in the middle. You would have to end up finding some way to bring back light to the principal rooms of the house. Possibly demolishing the whole extension. This was a "gut gut" gut job. Even the floors had been ripped up for wall-to-wall carpeting.

Some original mantels remained.

The other issue with 75th bet. RSD & park is that while you don't face Schwab house like 74th, there is a large ugly private school building down the street.

311 was not in immediately usable condition unlike 130 & 132 W70, which sold for 500kish more apiece.

And these days, you're looking at 65% LTV from lenders, so that's 3m cash you would have to have on hand for a place you couldn't use for a year. Not for the faint of heart.

I strongly considered 311, but the extension issue stopped me.

Amazing price cut on 905WE, I think that's not bad at all. Think Sampson will continue to make similar concessions?

If you are looking for a large TH (not mansion-width, that's another price category) bet. RSD & WE, this is more immediately useable - http://www.townhouseexperts.com/PropertyDetail2.asp?area=new&listing=226. Tenants are still
there, presumably paying rent in a timely fashion. The big turnoff for anyone, though curable, is the garden floor & parlor floor which have been gutted, but not renovated. If one didn't want to rent while renovating, the solution would be to live on the top floor apts, furthest away from the dust, while finishing the bottom duplex. This is deceptively small from the exterior as it is a six story.

I am NOT a shill for Dexter, though I like him a lot.

878 WEA #8A: 800 sq.ft. one-bedroom, modern kitchen, original bath.
09/08/2008 Listed by Bellmarc at $689,000. (Not on SE)
11/11/2008 Price decreased to $650,000.
01/06/2009 Price decreased to $649,000.
01/21/2009 Price decreased to $629,000.
02/05/2009 Price decreased to $619,000.
02/05/2009 Listing no longer available.
08/19/2009 Sale closed for $499,000.
http://www.streeteasy.com/nyc/building/878-west-end-avenue-manhattan
Not sure what happened here. FSBO after the broker's mini-cuts didn't work, perhaps?

246 west 17th 1C (high monthly)

02/14/2008Listed in StreetEasy, already in contract, by Core Group Marketing at $2,225,000.
01/21/2009Re-listed by Core Group Marketing.
01/23/2009Price decreased by 10% to $1,995,000.
05/13/2009Listing entered contract.
06/04/2009Sale recorded for $(insiders only)
06/05/2009Later Listed in StreetEasy, already in contract, by Core Group Marketing at $1,375,000.
06/08/2009Core Group Marketing Listing sold.

246 West 17th, 1C sold for 1,350,000. The taxes were insane on the first three floors due to it being a pre-existing structure. For this unit the monthly was a common charge of $1,897 and RE taxes of $3,034. Even at this huge price chop I still doubt this was worth it.

75 % down in Harlem (tks AH)
http://curbed.com/archives/2009/08/31/harlem_circus_house_sells_for_over_75_off_original_price.php#more

500 Park Ave., 2425B + maids, sold for $6,750,000. Other sellers can't be happy. I keep forgetting that a ton of stuff that sold late spring hasn't made it here yet.

06/01/2008 Listed in StreetEasy by Prudential Elliman at $14,950,000.
09/19/2008 Price decreased by 7% to $13,950,000.
11/11/2008 Price decreased by 18% to $11,495,000.
12/01/2008 Price decreased by 9% to $10,495,000.
02/19/2009 Listing is no longer available.
03/03/2009 Price decreased by 21% to $8,250,000.
05/05/2009 Listing entered contract.
08/27/2009 Listing is no longer available.

"75 % down in Harlem (tks AH)
http://curbed.com/archives/2009/08/31/harlem_circus_house_sells_for_over_75_off_original_price.php#more"

When it first came on the market, I remember thinking how ridiculous the price was. But I'm thinking at the price it actually went for, some enterprising group of wannabe Harlem Condo owners could probably self develop it and end up with some pretty great apartments at good numbers. I mean, look at what you could end up with making this into 4 GREAT units. If you could do the work for $200 psf (which I think you could), you'd end up 2,000+ sf units (and GREAT 2,000 SF units) for $3/4MM each.

It appears the buyer is planning on living in it as a single family home as they have been advertising for a housekeeper/cook for their 10,000 upper Manhattan home who can cook both Chinese and American food.

30yrs, that renovation will be so expensive! Tiffany glass, damaged intricate wood work...I estimated the reno in 2.5 million at least. How much you think you can sell a 2000sft condo these days?
Nevertheless, this price sets a new floor for Harlem. How can you sell a little house that needs reno for 1.4 now?

Ok, so you're talking about a full restoration: you still end up with 2,000+Sf units, with Tiffany stained glass windows restored (plus parking?) for less than $500 a ft. Still doesn't sound too bad. And I think the 4 units would probably end up being nicer than a lot of the whole houses you could get up there for the same price.

Forget about parking! You can't add a new entrance, it's landmarked.

i'm with 30yrs here mimi. not everyone's project, but what a f'ng awesome project it would have been.

you would only buy if you intended to live there for quite a while, i think, or invest there for the same. the costs would be large. but who likes the renovations done by the prior owners? for someone sort of to mostly wealthy with some time and quite a bit of cash to spend, this was a dream opportunity. or with 30yrs perspective, investment. or something in between.

41 Central Park West (Harperley Hall) #2G
04/25/2009 Listed in StreetEasy by Brown Harris Stevens at $1,600,000.
06/08/2009 Price decreased by 22% to $1,250,000.
06/25/2009 Price decreased by 12% to $1,100,000.
08/18/2009 Listing entered contract.
09/09/2009 Sale recorded for $999,000.
In the end, the next-door neighbor stepped in and stopped the bleeding, just below the mansion-tax boundary.

Hold on a sec -- that tiny little 1BR with barely a kitchen actually sold for $999K ?? I don't care how sweet the view is, that's outrageous. I just had to check my calendar to see if maybe it was still summer '08....

The Bailey House is a landmark alright for a number of reasons. I think it must set a record for price cuts because it originally hit the market during the peak at about $10MM. Even with the needed renovation, I think $1.4MM is an absolute steal. That house was owned for many years by a married couple who ran a funeral home out of the building. The husband died and the wife is elderly and lived in the building up until this sale. The house needs work but is still in better condition than many houses I've seen in Harlem less than half the size yet selling at comparable prices. You could EASILY and quickly get a large portion of that house in great living condition as an owner's residence while taking your time with the renovation of remaining units. At that price, you have the luxury of time. Want to know why the house has no parking ? Because the same family sold the large house next door (in what must have also been a highway robbery) that contained a driveway with off street parking. The most unattractive element of the house is the neighborhood which is still very sketchy. That widow's husband may be rolling in his grave because I think the sale of the mansion and adjacent property represents a classic example of how members of subsequent generations who are not part of building up family wealth often end up being the ones who engage in unwise business practices resulting in the loss of all that was accumulated.

HDLC said: "I think the sale of the mansion and adjacent property represents a classic example of how members of subsequent generations who are not part of building up family wealth often end up being the ones who engage in unwise business practices resulting in the loss of all that was accumulated."

... wow ... that's sobering

I know this thread is for sales and this apt hasn't even had an offer, but it is just too amazing and don't know where to post it. Love the raise in ask in 7/08. What were they thinking? Btw, lots of reno needed. The floors are in bad shape -- they squeek at every possible step. The kitchen needs a gut. Good luck even at this price.

320 Central Park West: #31
STREETEASY HISTORY
01/10/2008
Listed in StreetEasy by Halstead Property at $2,300,000.
03/11/2008
Price decreased by 4% to $2,200,000.
03/19/2008
Listing is no longer available.
04/04/2008
Re-listed by Halstead Property.
04/23/2008
Price decreased by 18% to $1,800,000.
05/23/2008
Price increased by 17% to $2,100,000.
07/01/2008
Listing is no longer available.
07/22/2008
Currently Listed in StreetEasy by Gilberte Sherman Realty at $1,695,000.
09/11/2009
Currently Listed in StreetEasy by Corcoran at $1,495,000.

apt23, this thread is for any chop activity i believe.

"41 Central Park West (Harperley Hall) #2G
04/25/2009 Listed in StreetEasy by Brown Harris Stevens at $1,600,000.
06/08/2009 Price decreased by 22% to $1,250,000.
06/25/2009 Price decreased by 12% to $1,100,000.
08/18/2009 Listing entered contract.
09/09/2009 Sale recorded for $999,000.
In the end, the next-door neighbor stepped in and stopped the bleeding, just below the mansion-tax boundary. "

I really wish we could find out if the next door neighbor had actually offered MORE money to them before they put it on the market. I'd take a 50/50 bet on yes.

yeah. go ahead and say it, i know you want to.

30yrs: The only reason I'd bet "no" is that, if the neighbor's interest was evident all along, the neighbor should have been an explicit carve-out from the listing and BHS wouldn't have booked the sale. Of course, it's possible I'm giving the seller too much credit.

You mean the guy who thought he would get $1,600,000 and ended up taking less than $1 million?

but I still don't understand your logic: even if there was a carve out, why would that have lead to "no"?

30yrs: I just figured that if BHS didn't get paid on the 41CPW sale because the neighbor was a carve-out, the listing would show as POM or EXP, not Sold. Fragile reasoning, I admit. It's entirely possible the neighbor's money was on the table all along.

Back to price-choppers. Here's a 3,000SF Chelsea/Flatiron loft that dropped 48.5%:
38 West 26th Street #5B
http://www.streeteasy.com/nyc/sale/349593-coop-38-west-26th-street-chelsea-new-york
09/17/2008 Listed in StreetEasy by Corcoran at $3,595,000.
09/26/2008 Price decreased by 17% to $2,995,000.
11/20/2008 Price decreased by 10% to $2,695,000.
01/13/2009 Price decreased by 11% to $2,395,000.
03/06/2009 Price decreased by 12% to $2,100,000.
05/24/2009 Price decreased by 5% to $1,995,000.
06/26/2009 Listing entered contract.
09/15/2009 Listing sold.
09/15/2009 Sale recorded for $1,850,000.
Looks like a second home that became an unaffordable luxury after a change of circumstances.

What're POM and EXP? Status codes in the real database?

where are the bulls on this ??

NWT: "Permanently off the market" and "Expired". Apologies for the jargon. While the ink is drying on my license, I try to fit in with the cool kids.

BTW, has anyone else noticed an unusually heavy volume of spam on the board today?

West81. Yes I see it.

Marco-m. They don't like to argue with facts.

Alll I have to say is that the decreases to 2004 is occurring quickly and assuredly. Won't be long till we start testing 2001-2003 prices. I hope all the lemmmings who bought in the last feeding frenzy don't ever utter the words '2001 pricing on my unit's comp, WTF??!!!!!!!!!'.

Its the Black Knight disease...its just a flesh wound!

w67 - I think you're dreaming about rate of decline. There are a fair number of 2004 prices around, esp. pre-war on UWS and in Carnegie Hill it seems, but most of the decline to get there happened fall 2008 to spring 2009. I don't see much evidence of anything happening "quickly" at the moment. Maybe we end up seeing one off 2003 or earlier prices sometime soon, but to get there in significant segments, let alone market-wide, will take a long period of supply grinding price down while demand clears the market at each price point. The entertaining part of the ride is over. We are now into the watching paint dry phase.

I've said this elsewhere. Dead spring 2010 selling season. 2 full kicks in the nutz, then we shall see. : )

must say the trades are happening at lower prints than I expected. Oh yeah, happy lehman anniversary. Only 12 months ago, flmao.

M. Flmao. Yes, but a flesh wound.

That version makes more sense. If spring 2010 is dead and summer is just summer (unlike summer 2009 activity), then we'll be having a similar conversation this time next year (happy lehman second anniversary, by the way!), but with sellers having had a lot more time to lose faith in the meantime. It's still watching paint dry. Fallout from a dead spring 2010 selling season would be seen in prioes fall 2010 and winter/spring 2011.

ss, i'd agree for much of manhattan. but i'm seeing some very different activity recently in the smaller unit market, the downtown excluding fidi market, and of course listing to closing prices in many new developments. these are new changes, and they occurred fairly rapidly.

POM is "supposed" to be Permanently Off Market, is in the Seller has decided not to sell the apartment, but to retain it. EXP is "supposed to be "Our exclusive on this unit has expired and the Seller has elected not to renew it". The problem is that usually the actual agent (not even broker), chooses off a drop-down menu what the "reason code" is, and many choose POM for "I lost the listing" or "it rented instead of sold".

924 West End Avenue (Clebourne) #111: Oversized, high-floor seven in one of the better buildings on Upper West End. Closed 12.5% below final ask, 34.4% below original ask. Arguably a price-chopper, successful lowball and market mover. Corcoran's periodic attempts to freshen the listing do not appear to have helped much.

06/20/2008 Listed in StreetEasy by Corcoran at $3,199,000.
08/01/2008 Listing is no longer available.
08/14/2008 Re-listed by Corcoran.
08/20/2008 Delisted temporarily.
09/03/2008 Re-listed by Corcoran.
09/09/2008 Price decreased by 6% to $2,999,000.
10/14/2008 Price decreased by 1% to $2,979,000.
10/30/2008 Listing is no longer available.
11/11/2008 Re-listed by Corcoran.
11/11/2008 Price decreased by 4% to $2,850,000.
12/22/2008 Delisted temporarily.
01/03/2009 Re-listed by Corcoran.
01/06/2009 Price decreased by 2% to $2,799,000.
02/18/2009 Price decreased by 11% to $2,499,000.
03/13/2009 Price decreased by 4% to $2,399,000.
06/12/2009 Listing entered contract.
09/15/2009 Sale recorded for $2,100,000
http://www.streeteasy.com/nyc/sale/309107-coop-924-west-end-avenue-manhattan-valley-new-york

133 East 64th Street #8A. As if living downstairs from the Madoff penthouse isn't bad enough, imagine competing with it for resale attention.
05/29/2009 Listed in StreetEasy by Warburg at $9,200,000.
06/06/2009 Price decreased by 14% to $7,950,000.
07/14/2009 Price decreased by 4% to $7,600,000.
09/23/2009 Price decreased by 10% to $6,850,000.
http://www.streeteasy.com/nyc/sale/416190-coop-133-east-64th-street-lenox-hill-new-york
(dual-listed with BHS: http://www.streeteasy.com/nyc/sale/416307-coop-133-east-64th-street-lenox-hill-new-york)

i seem to recall this being discussed before, but the last chop was three weeks ago and i don't see it here. also note citi-habitats calling for sealed bids by september 16th. well, it's september 23rd now. this is a stunning decline, and i'm not sure what explains it. any thoughts?

http://www.streeteasy.com/nyc/sale/373778-coop-237-lafayette-street-nolita-new-york
07/22/2005 Previous Sale recorded for $2,300,000.
10/04/2006 Previously Listed in StreetEasy by Citi-Habitats at $2,800,000.
11/06/2007 Previously Listed in StreetEasy by Citi-Habitats at $2,675,000.
11/06/2007 Citi-Habitats Listing is no longer available. Last priced at $2,575,000.
04/26/2008 Citi-Habitats Listing is no longer available.
11/20/2008 Previously Listed in StreetEasy by Citi-Habitats at $2,550,000.
01/11/2009 Listed in StreetEasy by Citi-Habitats at $2,550,000.
01/11/2009 Citi-Habitats Listing is no longer available.
02/27/2009 Price decreased by 8% to $2,350,000.
03/07/2009 Price decreased by 2% to $2,300,000.
07/02/2009 Price decreased by 9% to $2,100,000.
08/30/2009 Price decreased by 17% to $1,750,000.

sorry, i recall now. it's the bathrooms. although the unit did sell for $2.3mm mid-2005. it wouldn't kill the deal for me, but i can see the issues as i do want a master en-suite bath.

http://www.streeteasy.com/nyc/sale/62714-condo-150-west-56th-street-midtown-west-new-york
08/02/2005
Previous Sale recorded for $(insiders only)
01/18/2007
Listed in StreetEasy by Prudential Elliman at $2,450,000.
01/22/2007
Listing is no longer available.
02/01/2007
Re-listed by Prudential Elliman.
08/14/2007
Price increased by 14% to $2,800,000.
09/28/2007
Price decreased by 14% to $2,400,000.
12/02/2008
Price decreased by 8% to $2,200,000.
02/19/2009
Listing is no longer available.
06/04/2009
Re-listed by Prudential Elliman.
06/04/2009
Price increased by 13% to $2,480,000.
07/14/2009
Price decreased by 20% to $1,980,000.

863 days on market in StreetEasy

What do you think happens here?

alex... we play the game.. wait it out till tenant leaves in Feb 10'.... wait wait.. no at least 3 months so the seller gets to know the God of Cash Flow.... our unicorns eat their unicorns.... then wait till bks in 2/11'... then buy at courthouse for $1MM....

But the lemmings keep getting in my way... but it's kool, plenty of dead unicorn meat to go around... (theirs that is)....

i must admit six seven the smell of blood is in the air

the throat tickles...then comes the projectile vomiting....seemingles endless...taste the gluttony now

Ubitttom. That closed on 8/05 for $2mm. In 07' I wouldve stabbed a bunch of you to buy at $2mm, now I'm won't even look until it's within spitting distance of 2004 prices, and yet we are only 13 months into this poopstorm. So is it me or are their unicorns all dead?

W67, what do you think is appropriate 2004 price comp level?

29 East 64th Street #5D: Closed 48.7% below original ask.
10/24/2007 Listed in StreetEasy by Stribling at $3,200,000.
11/28/2007 Listing is no longer available.
01/08/2008 Re-listed by Stribling.
01/08/2008 Price decreased by 6% to $2,995,000.
09/11/2008 Price decreased by 7% to $2,800,000.
10/27/2008 Price decreased by 13% to $2,450,000.
02/24/2009 Price decreased by 18% to $1,999,000.
03/20/2009 Listing is no longer available.
04/15/2009 Re-listed by Stribling.
04/15/2009 Price decreased by 10% to $1,790,000.
06/25/2009 Listing entered contract.
09/21/2009 Sale recorded for $1,642,500.

Among other things, this listing looks like a good example of misinterpreting comps. There have certainly been sales of six-room, or "seven-into-six", apartments in this building that closed well above $3MM. Those sales have been in the featured "A" and "B" lines. Neither the "D" line nor its runty doppelgänger, "C", ever approached that level.

The light bulb apparently went on for #5D after a one-two punch last fall: first Lehman, and then the arrival of #4C on the market in November. Although #4C is slightly smaller (one less maid's room in the original plan; the fire stairs occupy that part of the footprint), it's arguably a better deal because the lower room-count translates into significantly lower maintenance. #4C just went to contract for the third time since April.

http://www.streeteasy.com/nyc/sale/349593-coop-38-west-26th-street-chelsea-new-york

09/17/2008 Listed in StreetEasy by Corcoran at $3,595,000.
09/26/2008 Price decreased by 17% to $2,995,000.
11/20/2008 Price decreased by 10% to $2,695,000.
01/13/2009 Price decreased by 11% to $2,395,000.
03/06/2009 Price decreased by 12% to $2,100,000.
05/24/2009 Price decreased by 5% to $1,995,000.
06/26/2009 Listing entered contract.
09/15/2009 Listing sold.
09/15/2009 Sale recorded for $1,850,000.

alex: What do you think happens here?

I think they are in trouble. There isn't a bathroom on the living/dining floor. And, there are TEN other 2 bedrooms for sale in the same building. They should get a clue from the chaos on the RSB Trump corridor and realize that before the foreclosure sales start establishing new comps for their building they need to list at $1000 psf immediately and pray they get a sale just on the gimmick of undercutting their neighbors.

http://www.streeteasy.com/nyc/sale/368550-coop-417-park-avenue-midtown-new-york

12/03/2008Listed in StreetEasy by Corcoran at $1,825,000.
01/17/2009Price decreased by 10% to $1,650,000.
04/09/2009Price decreased by 21% to $1,299,000.
04/30/2009Price decreased by 13% to $1,125,000.
06/14/2009Listing entered contract.
08/14/2009Listing sold.
08/14/2009Sale recorded for $900,000.

anyone remember this one?

http://www.streeteasy.com/nyc/sale/390737-coop-23-east-10th-street-greenwich-village-new-york

from $1,395,000 all the way down to $815,000? plus seller paid closing costs and shaved a point off the mortgage!

Sure do. Those teeny-weeny little rooms, with the stairs positioned to make everything even worse.

NWT,

You're not the only who still thinks it was over-priced. Every broker I spoke to said it would be virtually impossible to flip due to its lack of light. But still, what a price chop... talk about desperation!

NWT, I'm just curious if you've also seen #805 in the Albert as well... Do you think it's similarly overpriced?

I don't know what anything should be priced at, but 805 is a whole different kind of place than the other one. I remembered the other one only because of the weird space.

celbrett, that sale at 417 Park is interesting. $900,000 for 10SW, then a few weeks later 9NW hits the market at $3,450,000.

They're about the same size, same room-count, same maintenance. If anybody pays the $3.45M for 9NW, for $2.55M they'd be getting slightly better exposure, slightly better detail and layout, and a fireplace. Kitchen and baths don't count as they're so easy to fix.

The loss of detail in 10SW was due to it being cut up from huge rooms in a full-floor apartment, while 9SW was three untrashed rooms from a half-floor apartment.

NWT, agreed but that is an extremely big difference for minor benefits. $2.55mm can add alot of detail. Did you notice the access to two bathrooms from the master in 9NW?

Here's one on the east side that appealed to me:

http://www.streeteasy.com/nyc/sale/378062-coop-440-east-56th-street-sutton-place-new-york?email=true

Any price choppers of 3BR listings that are actually still available?

233 W 26th Street #2E: 3360SF tri-level loft with 240SF terrace. Closed 43.3% below original 2007 ask and 16.3% below final ask.
05/31/2007 Previously Listed in StreetEasy by Corcoran at $3,395,000.
11/27/2007 Corcoran Listing is no longer available. Last priced at $3,200,000.
04/28/2009 Listed in StreetEasy by Sotheby's International Realty, Inc. at $2,300,000.
06/30/2009 Listing entered contract.
09/24/2009 Sale recorded for $1,925,000.
http://www.streeteasy.com/nyc/sale/407066-coop-233-w-26th-st-chelsea-new-york

1021 Park Avenue #3C: Eleven rooms, top coop, opulent renovation. Closed 50% below original ask.
01/29/2008 Listed in StreetEasy by Brown Harris Stevens at $11,750,000.
03/26/2008 Price decreased by 10% to $10,600,000.
04/16/2008 Price decreased by 6% to $9,950,000.
10/27/2008 Price decreased by 10% to $8,950,000.
01/06/2009 Price decreased by 16% to $7,500,000
03/24/2009 Listed in StreetEasy by Sloane Square at $6,625,000.
06/24/2009 Listing entered contract.
09/10/2009 Sale recorded for $5,865,000.
http://www.streeteasy.com/nyc/sale/394583-coop-1021-park-avenue-upper-east-side-new-york

An upstairs neighbor there called it. Last October, after I'd told her about the $10M asking and she'd stopped laughing, she said ~maybe~ $6M.

here's a chopper that's still around. previously listed as 1F not 1 F.

Sold for $1.795mm in 05/06. Originally listed in 11/07 at $3.365mm. and now.

01/11/2009 Listed in StreetEasy by Bond New York at $2,150,000.
01/21/2009 Price decreased by 7% to $2,000,000.
02/10/2009 Price decreased by 15% to $1,700,000.
02/19/2009 Listing is no longer available.
03/08/2009 Re-listed by Bond New York.
05/21/2009 Price decreased by 12% to $1,499,000.

http://www.streeteasy.com/nyc/sale/373861-coop-529-w-42nd-st-clinton-new-york

05/30/2006 Previous Sale recorded for $1,795,000.
11/26/2007 Listed in StreetEasy by Corcoran at $3,365,000.
12/11/2007 Listing is no longer available.
01/08/2008 Re-listed by Corcoran.
01/08/2008 Price decreased by 11% to $2,995,000.
01/24/2008 Price decreased by 13% to $2,600,000.
04/24/2008 Listing is no longer available.
05/01/2008 Re-listed by Corcoran.
05/12/2008 Price decreased by 19% to $2,100,000.
06/16/2008 Delisted temporarily.

http://www.streeteasy.com/nyc/sale/155352-coop-536-west-43rd-street-clinton-new-york

flipper...lives in a world full of wonder..flying thereunder...under the sea!!!

loved that show

AR,
wrt 1F, how do you think they shrunk the apartment? 3450 down to 2900sq/ft?

maybe we had a husband with that miss marked rulers from Spencer Gifts.
wife: (wait a second...this isn't 9 inches)

falco, i noticed that as well. you don't see much sf shrinkage, however.
maybe a squatter is entitled to an easement for a portion of the apartment.

Shrinkage? I was in the pool. I was in the pool.

Nice chop chop, but with maintenance and taxes at $11.5/month...it may still have a chop in its future.

http://www.streeteasy.com/nyc/sale/316919-condo-1080-madison-avenue-upper-east-side-new-york?email=true

who knows where this one will clear--i thought youd typoed the mtnce--also, where the f are the 4 bdrms--lotta pain comin for this to sell

great marketing, posting a bad floor plan.

http://www.sothebyshomes.com/nyc/sales/0015996#floorplans

ar i see still needs machete work to trade with that mntnce

where do i get one of those spencer gift rulers?

I'm pretty sure we sold a couple of those first floor duplexes at The Armory for like $125,000 early 90's.

$43MM below original ask qualifies as a price-chopper, right? And $10.5MM below final ask is a pretty spectacular lowball.
15 Central Park West #PH40B
04/29/2008 Previous Sale recorded for $21,500,000.
07/03/2008 Listed in StreetEasy, but no longer available, by Brown Harris Stevens at $80,000,000.
07/07/2008 Re-listed by Brown Harris Stevens.
10/30/2008 Listing is no longer available.
02/11/2009 Listed in StreetEasy by Brown Harris Stevens at $47,500,000.
09/09/2009 Sale recorded for $37,000,000.
OK, so they still made a few bucks.
http://www.streeteasy.com/nyc/sale/383737-condo-15-central-park-west-lincoln-square-new-york

shadow invetory coming back on. and some interesting developments. this is a small studio, at the Smyth Tribeca.

http://www.streeteasy.com/nyc/sale/468273-condo-85-west-broadway-tribeca-new-york
03/15/2007 Previously Listed in StreetEasy by Stribling at $1,100,000.
04/23/2007 Stribling Listing is no longer available.
10/02/2009 Listed in StreetEasy by Stribling at $620,000.

smyth tribeca, like the recently discussed soho mews, includes valcucine kitchens. they don't seem to be a big selling point, maybe they overreached, poggenpohl would have been JUST fine.

At 477 sf, "The spectacular corner 2BR/2Bth Penthouse apartment", must be the smallest 2/2 in history

1326 Madison Avenue #32: Just reduced to $1.295MM, 41% below the original ask.
01/27/2008 Listed in StreetEasy by Corcoran at $2,200,000.
02/14/2008 Price decreased by 10% to $1,975,000.
02/23/2008 Price decreased by 9% to $1,795,000.
03/04/2008 Price increased by 2% to $1,825,000.
03/08/2008 Listing is no longer available.
09/23/2008 Re-listed by Corcoran.
09/23/2008 Price increased by 4% to $1,895,000.
02/18/2009 Price decreased by 5% to $1,795,000.
03/13/2009 Price decreased by 17% to $1,495,000.
10/02/2009 Price decreased by 13% to $1,295,000 (not yet on SE).
http://www.streeteasy.com/nyc/sale/173480-coop-1326-madison-avenue-carnegie-hill-new-york

The sellers accepted an offer in March 2008. That deal fell through, and by the time #32 returned to market, the few remaining Carnegie Hill buyers had better options.

300 East 54th#31BCDF
http://www.streeteasy.com/nyc/sale/385757-coop-300-east-54th-street-sutton-place-new-york

Not sure if this has been mentioned above. If it didn't qualify before yesterday's $300K cut, it certainly does now:
02/19/2009 Listed in StreetEasy by Prudential Elliman at $3,900,000.
03/18/2009 Price decreased by 4% to $3,750,000.
04/14/2009 Price decreased by 7% to $3,500,000.
05/05/2009 Price decreased by 6% to $3,300,000.
06/02/2009 Price decreased by 12% to $2,895,000.
06/30/2009 Price decreased by 3% to $2,795,000.
10/06/2009 Price decreased by 11% to $2,500,000.

Now 36% below original ask.

let me be the first to pontificate... that's not only a chopper, it'll be a splitter.... What'd i say about one of the signs of capitulation?, enormous combos will be dismantled.... RIP 300 East 54, apt 31BCDFGHIJKL.....RIP

700 Park Avenue #10C: Unique, dated trophy renovation of a mid-century classic six; closed 41% below original ask.
09/26/2007 Listed in StreetEasy by Brown Harris Stevens at $4,225,000.
04/10/2008 Price decreased by 5% to $3,995,000.
09/09/2008 Price decreased by 12% to $3,500,000.
04/09/2009 Listed in StreetEasy by Stribling at $3,100,000.
04/18/2009 Price decreased by 6% to $2,900,000.
07/07/2009 Listing entered contract.
10/06/2009 Sale recorded for $2,500,000.
http://www.streeteasy.com/nyc/sale/400240-coop-700-park-avenue-lenox-hill-new-york

101-103 Greene #3B chopped to 33% below the ask from January. I think it could go another 33% down from here, to $1k per sf.

http://www.streeteasy.com/nyc/sale/434579-condo-101-103-greene-soho-new-york

01/23/2009 Previously Listed in StreetEasy by Warburg at $6,750,000.
05/20/2009 Delisted by Warburg. Last priced at $5,750,000.
07/07/2009 Listed in StreetEasy by Corcoran at $5,000,000.
10/09/2009 Price decreased by 10% to $4,500,000.

http://www.streeteasy.com/nyc/sale/393801-condo-30-west-126th-street-central-harlem-new-york

03/03/2008 Previously Listed in StreetEasy by Warburg at $890,000.
07/01/2008 Warburg Listing is no longer available. Last priced at $780,000.
07/22/2008 Also Listed in StreetEasy by Corcoran at $780,000.
03/21/2009 Listed in StreetEasy by Corcoran at $499,000.
03/21/2009 Also Listed in StreetEasy by Corcoran at $499,000.
03/21/2009 Corcoran Listing is no longer available. Last priced at $699,999.
05/03/2009 Listing entered contract.
07/02/2009 Listing is no longer available.
07/02/2009 Corcoran Listing is no longer available.
10/02/2009 Listing sold.
10/02/2009 Sale recorded for $450,000.

445 East 75th St. #15CDE

Started at $2.5MM, now asking $1.2MM

05/10/2008 Listed in StreetEasy by Prudential Elliman at $2,499,000.
07/05/2008 Price decreased by 4% to $2,399,000.
07/22/2008 Price decreased by 13% to $2,099,000.
07/29/2008 Price decreased by 5% to $1,999,000.
08/07/2008 Price decreased by 5% to $1,899,000.
08/15/2008 Price decreased by 3% to $1,849,000.
08/18/2008 Delisted temporarily.
09/09/2008 Re-listed by Prudential Elliman.
09/27/2008 Price decreased by 3% to $1,795,000.
11/04/2008 Price decreased by 7% to $1,675,000.
12/21/2008 Listing is no longer available.
09/17/2009 Listed in StreetEasy by Corcoran at $1,100,000.
10/02/2009 Price increased by 9% to $1,200,000.

I know people will jump down my throat, but I actually think it's a pretty good deal at the current ask. Even wondering if the sellers are trying to start a bidding war (price increase 2 weeks after listing seems to at least suggest that theory).

In any case, certainly qualifies for this threat.

and the rain that falls on #15CDE...........Maintenance: $4,143...
not to mention the costs of the combo just at the moment they're breaking them down.
Can't argue with the space.

thread, not threat

Their 2050SF looks about right, so the maintenance is $2psf. Definitely high, but not crazy - I've certainly seen worse.

http://www.streeteasy.com/nyc/sale/470097-coop-6-west-20th-street-chelsea-new-york

05/16/2008 Previously Listed in StreetEasy by Prudential Elliman at $2,550,000.
07/05/2009 Prudential Elliman Listing is no longer available. Last priced at $1,600,000.
10/09/2009 Listed in StreetEasy by Corcoran at $1,299,000.

needs architect. but lots of light and options for this sort of space. may go see today.

6W20 is a commercial building, so you can't get a residential mortgage. It is probably closely held, like a few loft buildings in the Chelsea area.

6 west 20th is sort of a heartbreaker. it comes with a 1500 square foot terrace. wow. but do you really want to put, all in probably $1.8 million into something you have to live in illegally?

HR: what is the procedure for commercial -> res. rezoning?

6W20 is interesting, but look at the comps. For example a full floor was sold in the same building in 2007 during a much healthier market at less than 500 sq/ft...also, more than half of the "roof space" is unusable due to water tower, etc

"6W20 is a commercial building, so you can't get a residential mortgage. It is probably closely held, like a few loft buildings in the Chelsea area."

I remember a listing in the early-mid 90's which had been on the market for at least a few YEARS and finally got foreclosed on. I think it went for like 100PSF. (it was like the 4th, 5th or 6th floor)

In 2004, they tried to get $2 million for 11R, also about 2,000SF. Didn't happen

Bring a good architect make sure the building is straight.

Back in '01 or '02 me and a friend almost bought 29 west 17th. The whole building (10,000 sq ft). I think the ask was 2.8m?
But she was a leaner, yeah that's right, like in Piza. Though not as much as it's Italian brother (yet) you could see it from the street.
And not the first Flatiron building I've been in that you walked across a room downhill.

Again, bring a good architect.

Beware investors and resellers of new condos. At the Orion. 1088 days on market. How would you like to carry the costs that many years and know you will still sell less than original cost.

Price reduced $195,000 about 4 months ago
1,088 days on market in StreetEasy

MORE IN THIS BUILDING
ORION Condominium
350 West 42nd Street
New York, NY 10036

STREETEASY HISTORY
08/09/2006
Previous Sale recorded for $1,488,711.
10/03/2006
Listed in StreetEasy by Corcoran at $1,895,000.
11/30/2006
Price decreased by 4% to $1,825,000.
12/15/2006
Listing is no longer available.
01/04/2007
Re-listed by Corcoran.
01/04/2007
Price decreased by 3% to $1,765,000.
01/16/2007
Price decreased by 5% to $1,685,000.
03/06/2007
Price increased by 5% to $1,765,000.
12/11/2007
Price increased by 5% to $1,850,000.
02/09/2008
Price increased by 5% to $1,950,000.
05/01/2008
Price decreased by 8% to $1,795,000.
07/03/2008
Price decreased by 6% to $1,695,000.
09/09/2008
Price decreased by 0% to $1,690,000.
06/11/2009
Price decreased by 12% to $1,495,000.

Post 1000!!! Go thread.

Gotta love the 3 back-to-back 5% increases at the end of 2007 / beginning of 2008 on the Orion apartment. Yeah, if you've been on the market a year after some price drops with no buyer, and you think you see the market inching up to your price, you should definitely increase your price. Heaven forbid you actually sell the asset if the price can only increase.

Any idea what the mortgage situation was and whether there's a renter in there?

He also bought 32H a few months later. Total for 32G and 32H was $2.25M. Mortgages total $1.8M. ARM at 6.775%, resetting 2011.

This June, switched title to the two from himself to self-and-wife LLC.

There's a great 2005 "Manhattan's Hot!" story in the paper -- http://query.nytimes.com/gst/fullpage.html?res=9B06EEDE103FF930A35757C0A9639C8B63 -- where this buyer said he liked the Orion's proximity to the Port Authority bus terminal.