chasing the market down: our favorite price choppers

118 East 82nd (townhouse) has been chopping away in a very disciplined fashion for a couple of years. Sort of reminds me of 169 East 79th further below - similar size, neighborhood, initial ask, initial listing date; same listing firm (BHS). The 19% final chop/price capitulation on 169 East 79th is different of course. At least so far.

09/03/2008 Listed by Brown Harris Stevens at $6,150,000.
01/11/2009 Price decreased by 3% to $5,950,000.
02/21/2009 Price decreased by 5% to $5,660,000.
04/08/2009 Price decreased by 5% to $5,380,000.
05/28/2009 Price decreased by 5% to $5,115,000.
08/03/2009 Price decreased by 4% to $4,900,000.
03/30/2010 Price decreased by 5% to $4,660,000.
05/18/2010 Price decreased by 5% to $4,430,000.
09/09/2010 Price decreased by 3% to $4,275,000.
http://streeteasy.com/nyc/sale/345768-house-118-east-82nd-street-upper-east-side-new-york

12/04/2008 Listed by Brown Harris Stevens at $6,575,000.
01/23/2009 Price decreased by 12% to $5,786,000.
04/24/2009 Price decreased by 15% to $4,900,000.
06/19/2009 Price decreased by 14% to $4,200,000.
09/10/2009 Listing entered contract.
12/31/2009 (House - 1 family) $3,400,000
http://streeteasy.com/nyc/sale/368720-house-169-east-79th-street-upper-east-side-new-york

1016 Fifth Avenue #7B: This old-fashioned seven (2 BR + 2 Maids) with direct museum views first hit the market in 2006. At the time, #5B had just sold, fully renovated, for $5.8MM. The problem here is clesrly condition, because another renovated neighbor, #6B, sold very quickly this spring for $4.2MM. #7B was in contract at that point; that deal fell through, and the owners have moved the listing to Corcoran after four years with Sotheby's.
08/01/2006 Listed by Sotheby's International Realty, Inc. at $4,900,000.
01/23/2007 Listing is no longer available.
02/16/2007 Re-listed by Sotheby's International Realty, Inc.
01/23/2008 Listing is no longer available.
03/18/2008 Re-listed by Sotheby's International Realty, Inc.
07/01/2008 Listing is no longer available.
01/29/2009 Listed by Sotheby's International Realty, Inc. at $4,200,000.
07/20/2009 Listing is no longer available.
08/11/2009 Re-listed by Sotheby's International Realty, Inc.
11/24/2009 Price decreased by 7% to $3,900,000.
03/28/2010 Listing entered contract.
05/15/2010 Re-listed by Sotheby's International Realty, Inc.
05/15/2010 Price increased by 1% to $3,950,000.
06/17/2010 Listing is no longer available.
07/15/2010 Listed by Corcoran at $3,950,000.
10/27/2010 Price decreased by 12% to $3,495,000.
http://streeteasy.com/nyc/sale/540247-coop-1016-fifth-avenue-upper-east-side-new-york

nothing like a good, disciplined run of chopping

Four years and $1.5mm in price chops and yet still overpriced? I got that email last nite on that unit with 10% price chop. And thought, what an asinine seller and borker.

$3.5mm for 5th ave prime 2/3bdrm. Flmaoz. To me this unit looks like it's on the 10yr bubble ride to $500psf. Flmaozz

1170 Fifth Avenue #11D: Carnegie Hill six closed 41% below original 2009 ask.
03/05/2009 Previously Listed by Prudential Elliman at $2,599,000.
03/07/2009 Listed by Warburg at $2,599,000.
03/11/2009 Delisted temporarily.
03/21/2009 Re-listed by Warburg.
05/13/2009 Price decreased by 15% to $2,200,000.
08/25/2009 Prudential Elliman Listing is no longer available. Last priced at $2,200,000.
09/04/2009 Listing is no longer available.
01/07/2010 Re-listed by Warburg.
01/07/2010 Price decreased by 5% to $2,100,000.
01/28/2010 Price decreased by 14% to $1,800,000.
04/22/2010 Price decreased by 6% to $1,695,000.
07/31/2010 Listing entered contract.
10/26/2010 Sale recorded for $1,525,000.
http://streeteasy.com/nyc/sale/390202-coop-1170-fifth-avenue-carnegie-hill-new-york

amazing this is a stock layout for a 5th ave six--
2.6 was beyond drug-induced--1.5 is probably about right for current mkt

There is some other interesting stuff going on at 1170 Fifth as well, with 9D (asking $1,900,000) experiencing some neighbor-undercutting-my-price action from the 11D sale and 3A going nowhere at an asking price right on top of the spring 2005 previous sale.

here's a reverse chop

when in doubt...jack it!!!

http://streeteasy.com/nyc/sale/565361-condo-138-broadway-williamsburg-brooklyn?email=true

251 West 95th Street #6W: This resale of a recently converted eight - renovated by the owner - may finally be approaching market value after nineteen months in which the price was reduced by exactly $1.

This building had several would-be flippers among the first-generation buyers. Only one (#4S) seems to have succeeded. The location, limited services and general lack of curb appeal - especially during the 96th Street MTA project - seem to have capped the upside here.
04/17/2006 Previous sale recorded for $1,752,705.
05/05/2008 Listed by Klara Madlin at $2,695,000.
07/10/2008 Price decreased by 7% to $2,500,000.
02/19/2009 Price decreased by 10% to $2,250,000.
03/25/2009 Price decreased by 11% to $2,000,000.
12/01/2009 Listing no longer available.
01/05/2010 Re-listed by Klara Madlin at $2,000,000.
09/28/2010 Price decreased by 0% to $1,999,999.
11/03/2010 Price decreased by 5% to $1,895,000.
http://streeteasy.com/nyc/sale/229770-coop-251-west-95th-st-6w-upper-west-side-new-york

Last week New York Magazine had an article about neighbor-on-neighbor price competition (two or more active listings in the same line, etc.), two years after w67's 'neighbor undercutting my price thread'. This week's NYMag entry in the two-years-after-the-fact category is a piece on price choppers:

http://nymag.com/realestate/features/69451/

sidelinesitter: Thanks for the link. Although few of the price cuts in that NY Mag slideshow hold a candle to the the hundreds of massive chops in this thread, the broker explanations are entertaining:
"...it's standard practice to discount remaining units..."
"...wanted to 'kickstart' activity..."
"...wanted to be 'recognized as a value buy'..."
"It’s an estate sale and we have a very motivated seller...”
"An opportunity abroad has the seller needing to move..."

The first and second comments on that list make some sense. The last three would have been good reasons to price the listings to move in the first place.

221 West 82nd Street #3F: 3BR prewar condop, updated ~15 years ago. Seven weeks on the market, reduced 20%.
09/30/2010 Listed by Corcoran at $2,250,000.
10/28/2010 Price decreased by 13% to $1,950,000.
11/17/2010 Price decreased by 8% to $1,799,000.
http://streeteasy.com/nyc/sale/558399-condop-221-west-82nd-street-upper-west-side-new-york
Broker/neighbor gets credit for prompt action, but the original ask was egregious considering the comps and the obvious issues: high maintenance, low floor, dated reno, Broadway traffic, bus-stop views, etc.

815 Park Avenue #PH1: Terraced duplex six. Closed 38.2% below original ask after more than two years on the market.
04/28/2008 Listed by Stribling at $6,000,000.
06/05/2008 Price decreased by 0% to $5,995,000.
01/01/2009 Listing is no longer available.
05/14/2009 Re-listed by Stribling.
05/14/2009 Price decreased by 25% to $4,500,000.
07/28/2009 Price decreased by 11% to $4,000,000.
10/20/2009 Delisted temporarily.
11/01/2009 Re-listed by Stribling.
11/01/2009 Price increased by 25% to $4,995,000.
02/05/2010 Price decreased by 20% to $4,000,000.
06/29/2010 Listing entered contract.
11/10/2010 Sale recorded for $3,710,000.
http://streeteasy.com/nyc/sale/227627-coop-815-park-avenue-upper-east-side-new-york

With 20% down, it would have cost $23700 monthly to buy. The listing says the apt is available to rent for $15000/month. So why buying if it cost $7700 more per month. Shit! That's serious money!

the lemmingz think "i saved $1.3MM" not $8K monthlies compounded at 8%/yr will give me $30MM in 30 years...... chk my math, my 7yo did for me. Gotta teach the youngins to NOT be a financial lemmingz.

To be fair...it's what the street is willing to pay.

Mr. Valintine has set the price

feeling good Lewis.

Looking good

Another candidate for the price-shopper Hall of Fame: Reduced 69% in two+ years. When chopping the price didn't work, they offered to chop up the apartment. (The 2009 Akam listing with the same apartment number was for the smaller piece of the proposed carve-up). That didn't work either.

08/29/2008 Previously Listed by Prudential Elliman at $3,200,000.
10/08/2008 Prudential Elliman Listing is no longer available. Last priced at $2,600,000.
01/29/2009 Previously Listed by Akam Sales and Brokerage at $799,000.
05/15/2009 Akam Sales and Brokerage Listing is no longer available. Last priced at $599,000.
10/08/2009 Previously Listed by Prudential Elliman at $1,950,000.
12/04/2009 Prudential Elliman Listing is no longer available.
05/26/2010 Listed by Prudential Elliman at $1,100,000.
05/27/2010 Listing is no longer available.
07/01/2010 Re-listed by Prudential Elliman.
07/08/2010 Price increased by 5% to $1,150,000.
11/30/2010 Price decreased by 13% to $995,000.
Another victim of crazy maintenance.
http://streeteasy.com/nyc/sale/527951-condop-343-east-74th-street-upper-east-side-new-york

West81, that is a fascinating listing. Those common charges are fairly insane, which makes me wonder how low this goes. Any guesses?

IMO, the layout isn't good: too vertical, almost each room is on a different floor. And, $7500 for 74th & 1st ave? Feel sorry for owner; I suppose they thought RE prices/values only go up & there'd always be someone who'd pay $7500 per mo for this.

Truly bizarre. This begs for a new thread title, "What were they thinking?" Actually this could be an idea...

Great information on that building from NWT (of course) here:
http://streeteasy.com/nyc/talk/discussion/20812-sale-at-343-east-74th-street-ph3d

What were they thinking? Well I'll buy fro $4mm and sell for $5mm, who gives a shyat about the $85k carry, when I'll make $900k in 2 year. And my borker tells me the first $500k is tax free!!!!!!!!! Damn making $700k is so so so easy!

Flmaoz. That one and it's bank can ride that down to zero. Flmaoz.

Thanks W81. That thread is tragic comedy: The fish hook, the annoying realtor & the f'd up landlease situation. Yup, the bank can ride it down like Slim Pickens in Dr. Strangelove.

955 Lexington Avenue #11B. This Lenox Hill six has followed an increasingly familiar recipe: high maintenance and two blown contracts have produced seven price cuts that have trimmed 51.6% off the original 2008 ask. The timing of the first failed contract was particularly bad.
05/04/2008 Listed by Prudential Elliman at $1,850,000.
05/30/2008 Price decreased by 8% to $1,695,000.
10/17/2008 Listing entered contract.
11/26/2008 Re-listed by Prudential Elliman.
11/26/2008 Price decreased by 12% to $1,495,000.
03/13/2009 Price decreased by 13% to $1,299,000.
09/16/2009 Price decreased by 4% to $1,250,000.
12/09/2009 Listing entered contract.
02/06/2010 Re-listed by Prudential Elliman.
02/06/2010 Price increased by 4% to $1,299,000.
03/26/2010 Price decreased by 8% to $1,199,000.
12/03/2010 Price decreased by 25% to $895,000.
http://streeteasy.com/nyc/sale/229511-coop-955-lexington-avenue-lenox-hill-new-york

By the way, the new ask on 955 Lex is fairly close to w67's magic number of $500/SF. It looks like $600/SF using honest dimensions. The maintenance puts an asterisk on the price, but only up to a point.

For an odd contrast, see the listing for #7C: Slightly smaller six on a lower floor; nice condition. Asking $2.1MM

To add insult to injury, I think 955 Lex is out of PS 6 zone in this new round of rezoning. Ruh-roh.

Took 3 years and 1228 posts, but there you go kiddies, $500psf

I was just thinking that you would post something here about the 500.
what can I say...book'em Dano

BTW, manned elevator at 955 Lex. How much does that cost?

12 floors, 29 apartments.

168 hours/week - that's 4 shifts, at least 160k/year.

Divide by 29 - 5kish/year on average extra in maintenance, more for the higher floor units.

The 50% down requirement can't be helping that unit either. Not to mention the bad staging and hideous fenestration.

955 Lex looks like a lovely pre-war, but sellers having a tuff time. Guess mntnc is too high, but, layouts look nice.

http://streeteasy.com/nyc/sale/433575-coop-955-lexington-avenue-lenox-hill-new-york
#4C
6 rooms
2 beds
2 baths
Maintenance: $3,628

06/06/2006 Previous Sale recorded for $1,350,000.
07/01/2009 Listed by Prudential Elliman at $1,750,000.
07/03/2009 Listing is no longer available.
07/17/2009 Re-listed by Prudential Elliman.
09/22/2009 Price decreased by 6% to $1,650,000.
01/07/2010 Price decreased by 3% to $1,595,000.
03/18/2010 Price decreased by 6% to $1,495,000.
11/30/2010 Listing is no longer available.

Congrats W67 on the $500 & kudos W81 for recognizing it.

Dwell, did you mean to post #11B at 955 Lex instead of 4C (which just went off the market)? 11B had a pretty dramatic price cut today. A classic six for $895K is astounding, but not considering its $4000+ maintenance and the fact that this estate apt. is a total wreck with much of its pre-war beauty stripped away.

http://streeteasy.com/nyc/sale/229511-coop-955-lexington-avenue-lenox-hill-new-york

Sorry all, should have read backwards. I see that West81st already discussed 11B.

NYC10023, the kicker re: the elevator man situation is that he also functions as the doorman. Your guest is out of luck if s/he arrives and the doorman is operating the elevator at that moment. But hey, this building does firewood delivery directly to your door. Is that work an extra $1500 a month?

They should convert elevator to automatic & have a FT DM

800 WEA #3D has reached an interesting stage. The total reduction from the initial ask is still just 20%, and the ask is still arguably in line with comps, given the low floor and poor condition. On the other hand, classic sixes with reasonable maintenance on upper WEA were fairly easy to sell when this listing first appeared in June. #3D may now be chasingan eroding market, after spotting the market a head start with ambitious pricing in the summer and a failed contract in the fall.
06/05/2010 Listed by Corcoran at $1,750,000.
07/13/2010 Price decreased by 4% to $1,675,000.
09/01/2010 Listing is no longer available.
09/14/2010 Re-listed by Corcoran.
09/14/2010 Price decreased by 6% to $1,575,000.
10/08/2010 Price decreased by 5% to $1,495,000.
10/15/2010 Price decreased by 3% to $1,450,000.
11/17/2010 Listing entered contract.
01/03/2011 Re-listed by Corcoran.
01/03/2011 Price decreased by 4% to $1,395,000
http://streeteasy.com/nyc/sale/530493-coop-800-west-end-avenue-upper-west-side-new-york

This is a great example of a ridiculous initial asking price followed by a series of meaningless chops. It's now at a reasonable price - $100k less than two other M-lines (although both of the others are renovated).

01/18/2008 Listed by Corcoran at $950,000.
02/09/2008 Price decreased by 4% to $915,000.
03/11/2008 Price decreased by 2% to $895,000.
04/10/2008 Price decreased by 3% to $869,000.
05/01/2008 Price decreased by 2% to $849,000.
05/29/2008 Price decreased by 2% to $835,000.
06/16/2008 Price decreased by 1% to $825,000.
06/29/2008 Price decreased by 3% to $799,000.
08/26/2008 Delisted temporarily.
09/04/2008 Re-listed by Corcoran.
09/04/2008 Price increased by 3% to $820,000.
10/31/2008 Price decreased by 5% to $779,000.
11/20/2008 Listing is no longer available.
01/07/2009 Currently Listed by Prudential Elliman at $749,000.
01/05/2011 Re-listed by Prudential Elliman at $749,000.

http://streeteasy.com/nyc/sale/167474-coop-410-west-24th-street-west-chelsea-new-york

this is a good ex of an apt which, had it been priced reasonably in early 08, might have traded for much mor $$ than it will today--seller was busy smokin some herb just before the market tanked

kudos to the broker!!

Borker and seller can't count above 5. It's not their fault.

360 East 88th Street #38AC: Closed 54% below original ask. The sale was split into two pieces, most likely to evade mansion tax on the $950K "A" piece.
10/31/2008 Listed by Prudential Elliman at $7,500,000.
02/10/2009 Price decreased by 21% to $5,950,000.
03/03/2009 Price decreased by 19% to $4,800,000.
04/30/2009 Listing is no longer available.
05/13/2009 Re-listed by Prudential Elliman.
06/02/2009 Price decreased by 11% to $4,250,000.
02/04/2010 Price decreased by 6% to $3,995,000.
04/26/2010 Price increased by 0% to $4,000,000.
05/13/2010 Listing is no longer available.
05/25/2010 Re-listed by Prudential Elliman.
11/15/2010 Listing entered contract.
12/15/2010 Sales recorded for $3,450,000 ($2,500,000 + $950,000).

20 East 74th Street #67H: Six-into-four duplex with outdoor space that has stumped some pretty successful brokers. Now priced 44% below original ask.
05/31/2008 Listed by Corcoran at $3,650,000.
07/01/2008 Listing is no longer available.
07/12/2008 Re-listed by Corcoran.
09/14/2008 Price decreased by 7% to $3,400,000.
12/14/2008 Listing is no longer available.
01/13/2009 Listed by Brown Harris Stevens at $2,995,000.
04/18/2009 Price decreased by 10% to $2,695,000.
06/06/2009 Price decreased by 11% to $2,390,000.
12/17/2009 Listing entered contract.
01/22/2010 Re-listed by Brown Harris Stevens.
05/02/2010 Price decreased by 6% to $2,250,000.
01/07/2011 Price decreased by 9% to $2,050,000.
http://streeteasy.com/nyc/sale/551720-coop-20-east-74th-street-upper-east-side-new-york

I see one of the A line units at 300 RSD has finally gone into contract. The other two continue to linger. Anyone know the contract price for 9A? I've been watching that trio with curiosity.

That's some painful chopping, West81st. I think readers should also direct their attention to the text of the listing as well. Like a Bravo reality show, I found myself wondering it it was real or simply a caricature of itself, yet I couldn't look away.

Stunning Duplex Apartment Just Steps from Central ParkLocated on one of the Upper East Side's most splendid residential blocks, this thoughtfully designed duplex home boasts the fruits of its recent and complete renovation.Upon entering the apartment's main level, an immediate sense of comfort, even familiarity, is apparent. Like the embrace of a cherished old friend, the rich glow of polished wood, cheery hues, and sun-spangled bright work envelop the space with that inimitable sense of home. At its heart, a meticulously appointed chef's kitchen, beautified by professional-grade appliances and expertly crafted millwork, evokes the intoxicating aromas and freshly baked memories that flavor a lifetime. Sunlight gushes with inexhaustible determination from a windowed dining area and adjoining ivy-clad balcony, perfect for enjoying southerly vistas and an uncommon calm. The trappings of traditional elegance punctuate the open living room, which blends seamlessly into the paneled library, and back out into the common spaces of this flow-friendly floor plan, ideally suited for entertaining and gracious living. This level is served by an oversized coat closet and a powder room. The grandly proportioned staircase, its substantial turned balustrade gleaming, offers an invitation to the home's private quarters.Descending the gracious stair to the lower level, a quiet sanctuary from the public rooms is united by a central hall. The master bedroom is spacious and elegant haven for dreaming. An en suite master bath with a soaking tub, double-vanity, steam shower, and integrated speaker...

bet when RE is slow this borker writes college app essays for her clients.

The problem with w 74the street 67H is the comparables in the price range.
Nice block, good location, so-so apartment.

55 East 72nd Street #10S: Prime UES eight-into-six, closed 42.3% below original ask.
04/30/2008 Listed by Brown Harris Stevens at $5,200,000.
09/02/2008 Price decreased by 13% to $4,500,000.
10/31/2008 Delisted temporarily.
03/04/2010 Later Listed by Prudential Elliman at $3,250,000.
12/28/2010 Sale recorded for $3,000,000
(Simplified history, excluding Sloane Square co-exclusives.)
http://streeteasy.com/nyc/sale/500266-coop-55-east-72nd-street-upper-east-side-new-york

812 Park Avenue #2/3: Closed 58.6% below original ask.
06/06/2008 Listed by Prudential Elliman at $8,995,000.
06/24/2008 Price decreased by 12% to $7,900,000.
08/18/2008 Delisted temporarily.
09/01/2008 Re-listed by Prudential Elliman.
09/01/2008 Price decreased by 11% to $6,995,000.
02/19/2009 Listing is no longer available.
03/13/2009 Price decreased by 16% to $5,850,000.
07/24/2009 Listed by Brown Harris Stevens at $5,750,000.
01/04/2010 Listing is no longer available.
01/12/2010 Re-listed by Brown Harris Stevens.
04/14/2010 Price decreased by 17% to $4,750,000.
12/16/2010 Listing entered contract.
01/06/2011 Sale recorded for $3,727,500.
http://streeteasy.com/nyc/sale/440143-coop-812-park-avenue-upper-east-side-new-york

That still seems a bit high considering the lack of views ("into a garden" should say it all...). And for that price who wants to have to schlep to the basement to do laundry even if it's a 'private' room?

Bramstar: I never saw #2/3E, so I can't comment directly on the views or light. The gardens behind the low-rises on 75th are fine, but there's an alley in between that probably isn't much to look at. It looks as though the original Elliman brokers, flush with their recent success on a higher floor, underestimated the degree to which buyers would ding #2/3E for its views. As for the laundry facilities, I doubt the owners will be the ones schlepping to the basement.

$3.7MM is a lot of money; but for a Carpenter duplex on 75th and Park that can work for a family of five, I think it's pretty good value. I've seen people pay much more and get much less.

Where will this one finally end up?

http://streeteasy.com/nyc/sale/574843-coop-215-west-75th-street-upper-west-side-new-york?email=true

StreetEasy History
09/17/2008 Previously Listed by Corcoran at $825,000.
11/07/2008 Delisted temporarily by Corcoran. Last priced at $799,000.
01/04/2011 Listed by Corcoran at $649,000.
01/24/2011 Price decreased by 8% to $599,000.

here's one that chopped itself 40% down to $450 psf, although it was an estate sale with original kitchen and bath, second floor didn't help either.

http://streeteasy.com/nyc/sale/430274-coop-433-east-51st-street-beekman-new-york
06/20/2009Listed by Corcoran at $625,000.
07/21/2009Price decreased by 20% to $499,000.
09/11/2009Price decreased by 5% to $475,000.
12/01/2009Listing is no longer available.
02/03/2010Re-listed by Corcoran.
02/03/2010Price decreased by 12% to $420,000.
04/08/2010Listing entered contract.
06/30/2010Re-listed by Corcoran.
10/15/2010Listing entered contract.
01/19/2011Sale recorded for $372,500.
01/20/2011Listing is no longer available.

...which would officially make the owner of #5G, listed at $460k, an unhappy camper. 23% premium for 3 floors of elevation? I think not.
http://streeteasy.com/nyc/sale/432560-coop-433-east-51st-street-beekman-new-york

Flmaozzz. Toasted studios all around. $450psf!!! Whoot

Just out of curiosity, how much do you all think the carrying charges (maintenance + taxes) play in price reductions?

Not the biggest cut at 35% but in raw dollars, I think this may be the record...an $11,000,000 chop.

http://streeteasy.com/nyc/sale/502799-house-351-riverside-drive-manhattan-valley-new-york

HDLC: $11MM? At the Time Warner Center, they chop that much over the first course at Per Se.
25 Columbus Circle #PH78
11/13/2008 Listed by Brown Harris Stevens at $65,000,000.
03/30/2009 Price decreased by 25% to $49,000,000.
05/05/2009 Listing sold.
06/16/2009 Sale recorded for $37,500,000.
http://streeteasy.com/nyc/sale/365387-condo-25-columbus-circle-lincoln-square-new-york

In the pre-war division, the late Mrs. Astor's duplex might still retain the crown: $21MM in cuts, plus a contract discount reported at close to another $5MM off the final ask.
05/07/2008 Listed by Corcoran at $46,000,000.
07/03/2008 Delisted temporarily.
09/18/2008 Re-listed by Corcoran.
11/07/2008 Price decreased by 26% to $34,000,000.
01/23/2009 Delisted temporarily.
02/05/2009 Listed by Stribling at $29,000,000.
08/04/2009 Price decreased by 14% to $24,900,000.
12/29/2010 Listing entered contract.
http://streeteasy.com/nyc/sale/379639-coop-778-park-avenue-upper-east-side-new-york

As for the Schinasi Mansion, my bold prediction is that Columbia will wind up owning it eventually. OK, maybe not so bold.

My, my...I see I haven't been keeping up with the scalpings around town.

With a couple more chops, maybe President Bollinger would be bold enough to convince the Trustees to purchase the Schinasi Manse as his official digs

I'm knew to the chopping game, this was chopped & Diced:
10/23/2009
Listed by Carol E Levy at $499,000.
02/10/2010
Price increased by 10% to $549,000.
03/10/2010
Price decreased by 5% to $519,000.
05/25/2010
Price decreased by 4% to $499,000.
09/07/2010
Price decreased by 5% to $475,000.
10/04/2010
Price decreased by 3% to $460,000.
11/10/2010
Price decreased by 2% to $449,000.
11/16/2010
Price decreased by 11% to $399,000.
01/04/2011
Listing entered contract.

"new"

We need an address, or better yet, link, Keith.

Yes, I guess that would help.
http://streeteasy.com/nyc/sale/473665-coop-105-west-73rd-street-upper-west-side-new-york

500 East 83rd Street #14K: Sometimes, a seller realizes that the problem was the price, not the original broker.
11/20/2008 Listed by Corcoran at $2,650,000.
02/18/2009 Price decreased by 6% to $2,499,000.
08/06/2009 Listing is no longer available.
09/23/2009 Re-listed by Corcoran.
09/23/2009 Price decreased by 8% to $2,299,000.
02/05/2010 Price decreased by 3% to $2,240,000.
05/10/2010 Price decreased by 6% to $2,099,000.
07/29/2010 Corcoran Listing is no longer available. Last priced at $2,099,000.
07/30/2010 Listed by Prudential Elliman at $2,100,000.
09/13/2010 Price decreased by 5% to $1,995,000.
11/09/2010 Listed by Corcoran at $1,995,000.
11/11/2010 Prudential Elliman Listing is no longer available. Last priced at $1,995,000.
11/22/2010 Listing entered contract.
02/14/2011 Sale recorded for $1,870,000.
http://streeteasy.com/nyc/sale/543493-coop-500-east-83rd-street-yorkville-new-york

West81st - do you think 500 East 83rd was a good deal? It doesn't look like anything special, and I don't love the location, but it's still a "real" 4-bedroom with decent maintenance for well under $2MM.

newbuyer99: I haven't been watching Yorkville as closely lately, because I'm not currently working with anyone who wants to be there. Deals like 500 East 83rd (or better) seemed pretty common in 2009, so the question would be whether Yorkville has bounced much. My guess is that it hasn't, and that the closing price for 14K simply reflects market conditions. One thing is certain: anyone who had the slightest interest in that apartment had plenty of opportunity to see it and outbid $1.87MM.

Cookie cutter layout, low ceilings, no view, back-of-beyond location. I think it traded where it should have. Perhaps the seller could have teased out a slightly better price if he hadn't let it moulder on the market for so long in a ping-pong listing game between two brokerages.

Thanks for those thoughts. Agree Yorkville doesn't appear to have bounced back much (although brokers listing condos at the Dunhill and at 170 East 87th seem to think it has).

I guess it's more of an inventory issue. Within either PS 290 or PS 158, we are just not seeing much of interest comparable to the size and layout of that apartment at 500 East 83rd. Not saying it was our perfect apartment (it clearly wasn't), just an interesting data point.

How's this for pure longevity:

123 West 93rd Street #5D in Upper West Side

10/13/2006 Previously Listed by Prudential Elliman at $1,395,000.
01/30/2007 Prudential Elliman Listing is no longer available. Last priced at $1,250,000.
04/05/2010 Listed by Prudential Elliman at $1,315,000.
05/05/2010 Price decreased by 2% to $1,290,000.
06/11/2010 Price decreased by 1% to $1,275,000.
06/24/2010 Price decreased by 2% to $1,250,000.
07/15/2010 Price decreased by 4% to $1,200,000.
09/13/2010 Price decreased by 1% to $1,190,000.
09/23/2010 Listing is no longer available.
10/27/2010 Re-listed by Prudential Elliman.
02/21/2011 Price decreased by 2% to $1,169,000.
03/22/2011 Price decreased by 3% to $1,139,000

Have they really been trying to sell it for 4-1/2 years?

Not in a row. :)

Looks like unit #2D recently closed at $1,150,000. It has nearly identical floor plan and appears to be in much better condition so I would think #5D should get a sizeable discount from that unit.

http://streeteasy.com/nyc/sale/578078-coop-303-east-57th-street-sutton-place-new-york?email=true

Not sure if this belongs here, or on comps thread or what

02/19/2008Previously Listed by CBHK at $3,150,000.
02/26/2009CBHK Listing sold. Last priced at $2,650,000.
02/26/2009Previous Sale recorded for $2,325,000.
01/19/2011Listed by Corcoran at $2,995,000.
02/09/2011Price decreased by 17% to $2,495,000.
03/23/2011Price decreased by 7% to $2,325,000.

Note current ask right at February 2009 closing.

The amazing thing is that maintenance has gone up from an already very high $5800 two years ago to an absolutely insane $8000 now. I have to believe there is "some" price at which it sells, but I would imagine it's still far, far below current ask.

http://streeteasy.com/nyc/sale/592411-coop-167-east-61st-street-lenox-hill-new-york

Along the same lines, how about this beauty:

01/12/2009Previously Listed by Corcoran at $4,450,000.
07/05/2010Corcoran Listing is no longer available. Last priced at $3,350,000.
03/21/2011Listed by Stribling at $3,150,000.

$8700 maintenance. Any guesses what this sells for?

the 57 st apt is in the, i'm tearing up with nostalgia......

EXCELSIOR!!!!!!!!!

http://streeteasy.com/nyc/sale/518010-condop-333-east-91st-street-yorkville-new-york?email=true

05/29/2008Previously Listed by Brown Harris Stevens at $2,407,600.
08/21/2008Delisted temporarily by Brown Harris Stevens.
04/29/2010Listed by Prudential Elliman at $2,118,000.
01/19/2011Listing is no longer available.
03/24/2011Re-listed by Prudential Elliman.
03/24/2011Price decreased by 15% to $1,795,000.

320 Central Park West #3I: Just reduced again; now 46% below the original wacky 2008 asking price.
01/10/2008 Listed 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 Delisted.
07/22/2008 Listed by Gilberte Sherman Realty at $1,695,000.
01/05/2009 Price decreased by 9% to $1,545,000.
08/26/2009 Delisted.
09/11/2009 Listed by Corcoran at $1,495,000.
03/02/2010 Price decreased by 7% to $1,395,000.
07/21/2010 Price decreased by 7% to $1,295,000.
04/08/2011 Price decreased by 4% to $1,245,000.
http://streeteasy.com/nyc/sale/461403-coop-320-central-park-west-upper-west-side-new-york

7 listings in this building - a few quite similar to this - why so many? Just a coincidence? Looks like this will need to go to 6 figures to be sold. The buyer will need the cash saved to paint that kitchen. And that grandfather clock.....

Seems apt #5I set the market when it closed at $1,212,500 on 1/4/2011. Also, #5I's original ask was about $1.4m. Wacky indeed.

Seems some 320 CPW sellers suffer from delusion. 3A & 4K are marketed as 3 bdrms, with auto assumption that the DR is the 3rd bdrm; actually 4k just has a 'dining area', but that's the 3rd bdrm. 3A's original ask in 8-2010 was $4.5m & current ask is $3.995.

Unfortunately it looks like this apartment doesn't show well. They should lose the heavy window swags, the cheesy, cumbersome bed-in-a-bag linens and, yes, repaint the kitchen in a lighter, more neutral palette. The decor seems stale and, IMO, makes the apartment look bulky and dark.

Does this count as a price chopper?

http://streeteasy.com/nyc/sale/526172-coop-200-east-78th-street-upper-east-side-new-york
http://streeteasy.com/nyc/sale/598512-coop-200-east-78th-street-upper-east-side-new-york

And what's it actually worth / what will it sell for?

11A sold for $650K in early 2007. 11G sold for $1.7MM in mid-2006.

newbuyer, that apartment has got to be worth less combined than separate. it's one of the cookiest, craziest, least-practical layouts i have ever seen. what were they thinking?

Why do you say that? Living room and dining room are far apart - some people like that, others don't, I think we're pretty indifferent. Only one bathtub (with the others showers) is a bit annoying.

What else is impractical about it?

There is a real lack of flow--it looks a bit rabbit warren-y--very awkward as well. Plus, though split bedrooms are generally a plus, this particular layout has the secondary bedrooms so far away from the MBR that it would not appeal to families with very young children. Too much of a hike back and forth if the little ones need attention during the night.

Other problems I'm noticing upon further inspection--the living room is a real dud with that laundry structure jutting out like a sore thumb. Most people would vastly prefer a gracious, symmetrical LR that doesn't have an odd alcove hampering the feng shui.

Plus, the kitchen and dining AREA (I would NOT call it a room) are really too far away from the LR. If you're the entertaining type, you will NOT want to schlep drinks, munchies, etc all the way from the hinterlands into the LR and back again. That type of awkward flow is murder on parties.

bramstar, all fair points. I'd still be tempted (at the right price, and $3MM isn't it), but would have to see the place for myself, both to examine the specific things you raise, and for the "feel".

http://streeteasy.com/nyc/sale/418457-coop-303-east-57th-street-sutton-place-new-york?email=true

More from the Excelsior (same line as 33G I posted from 3 weeks ago, with even higher maintenance of $8500 (!!!) presumably because of the higher floor). Now qualifies as a chopper, although I sure as hell would not pay $2MM+ for the privilege of paying $8500/maintenance every month.

06/20/2007Previously Listed by CBHK at $2,995,000.
08/21/2008Previously Listed by Prudential Elliman at $2,595,000.
08/21/2008CBHK Listing is no longer available. Last priced at $2,795,000.
09/12/2008Delisted temporarily by Prudential Elliman.
10/11/2008Previously Listed by CBHK at $2,595,000.
06/05/2009Listed by Halstead Property at $2,595,000.
06/08/2009CBHK Listing is no longer available.
03/23/2010Price decreased by 6% to $2,450,000.
04/18/2011Price decreased by 14% to $2,100,000.

Damned! If i had $8500 coming every month, i'd be retired already!

After fed, state & nyc income tax, $8500 per mo is like $4500-$5,000 net.

A couple years, a couple of brokers, and $80K in maintenance later: http://streeteasy.com/nyc/sale/503666-coop-67-park-avenue-murray-hill-new-york

07/21/2009 Previously Listed by Brown Harris Stevens at $2,495,000.
03/12/2010 Delisted by Brown Harris Stevens. Last priced at $2,249,000.
03/19/2010 Listed by Corcoran at $2,450,000.
06/22/2010 Price decreased by 8% to $2,250,000.
09/07/2010 Price decreased by 11% to $1,999,999.
11/15/2010 Price decreased by 5% to $1,899,999.
01/05/2011 Price decreased by 13% to $1,650,000.
02/16/2011 Listing entered contract.
04/07/2011 Sale recorded for $1,400,000.

I like this place. Only thing wrong is the low floor, but with central air not that big a deal.

The triplex penthouse at 812 Park finally found a suitably bold-face buyer, after three+ years and price cuts of more than 56% off the original 2007 ask.
11/16/2007 Previously Listed by Sotheby's at $36,500,000.
11/02/2008 Sotheby's Listing is no longer available. Last priced at $29,750,000.
06/19/2009 Listed by Brown Harris Stevens at $22,000,000.
06/24/2009 Also Listed by Sotheby's at $22,000,000.
03/15/2010 Delisted temporarily.
04/10/2010 Re-listed by Brown Harris Stevens.
05/28/2010 Delisted temporarily.
09/13/2010 Re-listed by Brown Harris Stevens.
09/13/2010 Price decreased by 28% to $15,900,000.
12/16/2010 Delisted temporarily.
01/05/2011 Listing entered contract.
04/27/2011 Sale recorded for $15,900,000.
http://streeteasy.com/nyc/sale/430112-coop-812-park-avenue-upper-east-side-new-york

1 West 72nd Street (Dakota) #10-11: Park-facing five, configured as a trophy 1BR. Fireplaces, separate maid's quarters and storage. Closed 39% below original 2008 ask.
07/12/2008 Listed by Prudential Elliman at $7,500,000.
06/03/2009 Price decreased by 21% to $5,900,000.
09/27/2010 Listing is no longer available.
11/05/2010 Listed by Prudential Elliman at $4,850,000.
01/25/2011 Listing entered contract.
05/25/2011 Sale recorded for $4,600,000.
http://streeteasy.com/nyc/sale/566917-coop-1-west-72nd-street-upper-west-side-new-york

Astor Court 210 West 90th Street #9K - nice one BR, excellent condition Maintenance $1112 what gives
07/28/2010 Listed by Prudential Elliman at $895,000.
10/05/2010 Price decreased by 3% to $865,000.
10/15/2010 Price decreased by 8% to $799,000.
02/15/2011 Listing entered contract.
05/11/2011 Re-listed by Prudential Elliman.
05/11/2011 Price decreased by 13% to $699,000.
http://streeteasy.com/nyc/sale/542965-coop-210-west-90th-street-upper-west-side-new-york

what gives? => A: $7.5MM to $4.6MM on a smaller scale... FLMAOz

Not so crazy given 15 yrs ago 9K would've been lucky at $400K... I guess what I am saying is fking $500psf ....

UNICORNS. So pretty and they shit gold.

looks like a reno that didn't resonate with buyers. 3/3.5 + maids and interior media room.

http://streeteasy.com/nyc/sale/558348-coop-205-east-69th-street-lenox-hill-new-york

11/07/2007 Previously Listed by Brown Harris Stevens at $4,900,000.
11/28/2007 Brown Harris Stevens Listing is no longer available. Last priced at $4,499,000.
02/05/2010 Previously Listed by Brown Harris Stevens at $3,590,000.
08/03/2010 Brown Harris Stevens Listing is no longer available. Last priced at $3,100,000.
09/30/2010 Listed by Gumley Haft Kleier at $3,295,000.
11/15/2010 Price decreased by 6% to $3,095,000.
02/14/2011 Listing entered contract.
05/05/2011 Sale recorded for $2,800,000.
05/06/2011 Listing sold.

This was one of the subjects of a Selling NY episode. Do you remember the back-story?

i have to confess i don't watch the show. i'm addicted to house hunters international but selling ny does nothing for me. what's the story?

OK, now I remember. It wa the nice couple with kids from a prior marriage who seemed over-extended by the place and needed to downscale on price level.

after a bit of searching i found their purchase, $2.7m in 06/06, listed then as 10BC, listed more recently as only 10C. seems as though they sunk some money into the place as well, but from the prior description hard to tell how much. it's quite a bit of apartment.

http://streeteasy.com/nyc/sale/13561-coop-205-east-69th-street-lenox-hill-new-york