chasing the market down: our favorite price choppers

This is an UBER_CHOPPER!
50 Sutton Place South #3GM
http://streeteasy.com/nyc/sale/615603-coop-50-sutton-pl-south-sutton-place-new-york
1/15/2010 Previously Listed by Brown Harris Stevens at $2,495,000.
10/04/2010 Brown Harris Stevens Listing sold. Last priced at $2,235,000.
10/04/2010 Previous Sale recorded for $2,138,750.
01/05/2011 Previously Listed by Stribling at $2,375,000.
06/12/2011 Stribling Listing is no longer available.
06/14/2011 Listed by Douglas Elliman at $2,275,000.
07/26/2011 Price decreased by 9% to $2,075,000.
09/30/2011 Price decreased by 6% to $1,950,000.
11/09/2011 Price decreased by 8% to $1,795,000.
01/04/2012 Price decreased by 6% to $1,685,000.
05/16/2012 Listing is no longer available.
05/24/2012 Listing entered contract
Where will it close it$?$?
Had to include this one here as well.

$802 psf for sutton place. Wow.

last ask.. probably will be in the $6-$750 PSF range

more choppin on Sutton.. 23% so far this year.

http://streeteasy.com/nyc/sale/663395-coop-50-sutton-place-south-sutton-place-new-york
02/15/2012
Listed by Corcoran at $1,025,000.
02/23/2012
Price decreased by 15% to $875,000.
03/03/2012
Price decreased by 3% to $845,000.
06/02/2012
Price decreased by 5% to $799,000

A Trump chop: 150 CPS down about a million 3
http://streeteasy.com/nyc/sale/691780-coop-150-central-park-south-central-park-south-new-york?email=true

11/01/2005
Previously Listed by Stribling at $3,950,000.
07/12/2006
Stribling Listing sold. Last priced at $3,495,000.
07/12/2006
Previous Sale recorded for $(insiders only)
02/01/2010
Previously Listed by Sotheby's International Realty, Inc. at $4,290,000.
05/30/2012
Sotheby's International Realty, Inc. Listing is no longer available. Last priced at $3,190,000.
06/25/2012
Listed by Trump at $2,999,995.

another 35% chopper on Sutton-- Oh My!
with unobstructed panoramic river views no less

http://streeteasy.com/nyc/sale/685383-coop-45-sutton-place-south-sutton-place-new-york
06/26/2008
Previously Listed by Fox Residential Group at $2,150,000.
07/22/2008
Off market temporarily.
10/23/2009
Previously Listed by Fox Residential Group at $1,875,000.
01/13/2011
Fox Residential Group Listing is no longer available. Last priced at $1,750,000.
05/22/2012
Listed by Fox Residential Group at $1,385,000.

doesn't this guy know there's a Whole foods coming. LMFAO

> doesn't this guy know there's a Whole foods coming. LMFAO

Hahahaha .. A WF is NOT worth paying an EXTRA $365K ? That's stupid ... a WF near by should worth at least an extra cool MILL! No ?

Waiting for that currently out of reach sutton home to become a reality still i see.

Is this the cheapest neighborhood in manhattan?

yea hones soon I'll be able to affor a few apartments on Sutton..... still lmfao

Because it's the cheapest neighborhood, like you wrote in another thread?

07/19/2012
Previously Listed by Douglas Elliman at $1,950,000.
07/20/2012
Douglas Elliman Listing is no longer available.
07/27/2012
Listed by Douglas Elliman at $1,095,000.

http://streeteasy.com/nyc/sale/698033-coop-25-sutton-pl-south-sutton-place-new-york

Brooks2: Looks like the original price on July 19th was a typo, no?

No - Brooks2 knows that people on Sutton ALWAYS cut their price by 50% in 7 days....

Not sure. Yes there are a lot of overpriced apartments on SP!

Brooks, we had a lot of drama with Truth, mutombo, columbiacounty, aboutready, and alanhart, but not enough str33teasier. Do you think he might return?

I can't be bothered. Don't know about str33teasier

Do you and str33teasier agree on NYC real estate?

Not sure, he may. Many probably do

Caonima too?

Again not sure

She/he may

Can you ask?

Go ahead

Thought I just did.

Did you think or assume?

322 Central Park West #1A: Ground floor + high maintenance + 50% downpayment = a 34% drop from the original ask. The share allocation seems to reflect a professional space rather than a street-level residence; so #1A doesn't enjoy the normal ground-floor advantage of low monthlies.
02/24/2011 Listed by Metropolitan Res. Partners at $1,595,000.
05/04/2011 Price decreased by 6% to $1,495,000.
06/10/2011 Price decreased by 7% to $1,395,000.
12/20/2011 Off market temporarily.
01/24/2012 Re-listed by Metropolitan Res. Partners.
02/11/2012 Price decreased by 3% to $1,349,000.
02/23/2012 Price decreased by 5% to $1,285,000.
03/14/2012 Price decreased by 3% to $1,245,000.
04/26/2012 Listing entered contract.
07/16/2012 Sale recorded for $1,050,000.
http://streeteasy.com/nyc/sale/585805-coop-322-central-park-west-upper-west-side-new-york

I asked Al_Assad. He agrees with me

@W81 - Four thousand dollars a month in maintenance!? They should cut that monster in half and rent out half of it as office space. They could even let the commercial tenant have two of the three bathrooms and it would still be livable.

There it is: w67th's $500 ppsf on CPW!

Congratulations

@322 cpw. Still way overpriced, but yes $500psfon cpw! Whoot there it iz! And whoot there's sprint sprinting away!

Don't let it get too far, but you say you are too tied up and overleverged in nyc re?, -shrug- not my fault you chose to ignore w67 advice. And I really do hope you did it out of 'hating the messenger' u re bullz. Sweet sweet justice!

Still not too late to sell re and buy sprint, but pls don't expect the run from $2.4 to $4.5 in 4 months when you get into sprint at $12 by the time you close the sale of your coop. Flmaozzz.

Hey enricho69, how's that LIC condo bought at the peak doing?

I post this only because the owners still haven't substantially dropped their price in two years! Perhaps the owners are still shooting for the $1.75 that 9C got just before the crash. But if they're not truly motivated why bother with the hassle of showing the apartment sporadically for two years? This is the broker's only listing, so I guess she's not too busy to turn away the business.

09/24/2010 Listed by Marguerite De La Poer, LLC at $2,100,000.
02/13/2011 Off market temporarily.
05/03/2011 Re-listed by Marguerite De La Poer, LLC.
05/03/2011 Price decreased by 5% to $1,995,000.
09/10/2011 Price decreased by 5% to $1,895,000.
03/18/2012 Off market temporarily.
04/18/2012 Re-listed by Marguerite De La Poer, LLC.

http://streeteasy.com/nyc/sale/556670-coop-955-lexington-avenue-lenox-hill-new-york

CONDO CHOPPER 12% SOLD 887500 06/18/2003Previous Sale recorded for $(insiders only)
04/30/2012Listed by Corcoran at $995,000.
06/11/2012Price decreased by 5% to $950,000.
07/04/2012Listing entered contract.
08/09/2012Listing is no longer available

http://streeteasy.com/nyc/sale/680333-condo-250-west-88th-street-upper-west-side-new-york

950000 to 887500 is not a drop at all

103 Riverside Drive: Nothing wrong with this 26-foot-wide knockout that $10MM in price cuts couldn't fix.
06/03/2010 Listed by Vandenberg at $21,500,000.
06/28/2010 Price decreased by 8% to $19,750,000.
09/17/2010 Price decreased by 16% to $16,500,000.
02/01/2011 Sale recorded for $0. (Family transfer)
02/23/2011 Listing is no longer available.
04/08/2011 Listed by Sotheby's International Realty, Inc. at $14,750,000.
11/02/2011 Price decreased by 15% to $12,500,000.
03/01/2012 Listing is no longer available. Last priced at $12,500,000.
03/19/2012 Later Listed by Brown Harris Stevens at $12,100,000.
07/31/2012 Sale recorded for $11,500,000.
http://streeteasy.com/nyc/sale/670972-townhouse-103-riverside-drive-upper-west-side-new-york

ouch

103 riverside went for 11.5MM. Kind of a big hit for such a unique property. Interestinly enough the trade was for a property at 875 Park for 14MM. 875 Park property originally listed for 17MM.
That's 2.5MM to trade to Park.
Unfortunatly the back stories on these trades are kinda sad, even in the big money families some rain must fall.

Awesome Brooklyn Heights price chop for the starter-home crowd:

http://streeteasy.com/nyc/sale/690381-coop-40-remsen-st-brooklyn-heights-brooklyn?email=true

09/23/2006 - Previously Listed by Corcoran at $675,000.
01/30/2008 - Corcoran Listing is no longer available. Last priced at $495,000.
06/16/2012 - Listed by Tom Marco Real Estate at $331,900.
06/30/2012 - Price decreased by 11% to $297,000.
07/03/2012 - Price decreased by 16% to $249,900.
08/31/2012 - Price decreased by 20% to $199,900.

Back at the peak they thought they could get nearly $700k ($1500/SF!) for a ground floor unit. But after all these chops the price is looking pretty reasonable. Is there something wrong with this building, street, or neighborhood?

Triple, the listing makes me believe that there are some issues as to current condition, availability of financing, etc. I'm not a BH expert, but I believe Remsen is a very good location, and that apartment is not far from the promenade. I haven't looked at the building itself, but the listing definitely puts forth some red flags.

no maintenance ?

A friend of mine saw this place. The maintenance is very, very high for the unit (all maintenance in this building is extremely high--not sure what's going on there) Also it's been sitting empty for years. He had a lot of concern about mold, plumbing, etc. Apparently those things are big issues in long-vacant properties.
He was told buyers aren't allowed representation and decided it was just to dicey.

http://streeteasy.com/nyc/sale/667300-condo-52-east-end-avenue-yorkville-new-york
03/03/2012
Listed by Corcoran at $1,850,000.
04/24/2012
Price decreased by 9% to $1,675,000.
05/18/2012
Listing is no longer available.
08/16/2012
Re-listed by Corcoran.
08/16/2012
Price decreased by 12% to $1,475,000.

http://streeteasy.com/nyc/sale/676413-coop-440-east-56th-street-sutton-place-new-york
04/13/2012
Listed by Corcoran at $1,250,000.
08/27/2012
Price decreased by 20% to $998,000.

@AR, Marco, W23rd - My first thought, given that it was a ground floor unit and the "no representation" part, was that there had been a break-in or some other kind of incident and that the seller had moved away and really wanted to unload the place somehow!

In the same building (linked from the building's page; SE won't allow so many links in one post), Apt. 4 looks to be about 700 SF and has $1685 maintenance; Apt. 5 is the same size or a little smaller, and has $905 maintenance. That's a huge gap, and both 4 and 5 have access to a roof deck so that can't be what makes the difference. I wonder what the story is with the maintenance.

W23, did your friend say what the maintenance in Apt. 1 was?

Apt. 7 sold for $200,000 back on 12/20/2011. Apt. 8-10 (looks like two units combined: http://streeteasy.com/nyc/building/40-remsen-street-brooklyn/floorplans) got chopped from $1.4M before selling at $930k, and was then listed immediately afterward at a $30k profit (and lost 500 square feet along the way).

And the listing for Apt. 1 has no floorplan, but SE's got one stashed away here:

http://img.streeteasy.com/nyc/image/42/2801542.jpg

Aha! ...dead body in the basement?

(I jest, of course.)

I want to say the maintenance was just under 800. It appears that the monthlies are over $2 a square foot for all the units. And the building is a ten unit walk up--no amenities. My friend said it wasn't in terrible shape...but the windows face the garbage cans, the appliances are all shot, the ceilings are very low and the hallways of the building feel run down. The seller is not involved (to my knowledge) and it is being sold by the bank. I can't figure out what's up with 7 and why it sold for 200k (unless it was foreclosed on too) and 8-10 is confusing as well. Look at the different floor plans. I can't figure out if those were combined or if they were trying to sell it as a possible combination.

Oh, and the floor plan for 1 is bogus. There is no basement space that comes with the apartment.

I can't shut up:
If you look closer you'll see #5 is in bad shape and #4 is lovely and much larger. Apartment 4 is just breathtaking (to my taste) but its priced far too high and the maintenance is a real deterrent.

Chopped 25% since 20010' 04/15/2010
Previously Listed by Brown Harris Stevens at $1,250,000.
04/26/2011
Previously Listed by Douglas Elliman at $1,085,000.
07/05/2011
Brown Harris Stevens Listing is no longer available. Last priced at $1,095,000.
09/13/2012
Douglas Elliman Listing is no longer available. Last priced at $975,000.
09/29/2012
Listed by Corcoran at $939,000.
http://streeteasy.com/nyc/sale/742234-coop-50-sutton-place-south-sutton-place-new-york

i guess Whole Foods is not helping

the far east side seems to be the only area of the city not rebounding strongly

Nothing is rebounding strongly , look at the numbers.

I can only tell you that in the buildings I've been looking at last summer (when I wasn't looking in earnest) things lingered and prices fell. This year things are selling in weeks for close to asking price. Small sample; but in my world there is a definited rebound

Selling yes, rebounding is a fetch, a far one.

things moving .. yes .. folks who are buying into the "inflation" story are trying to buy before they are priced out ... okeedokee ... as to rebounding .. agree w/Brooks2 .. it's still way too early ... and I also believe we're reached peak rent in NYC ...

* [More Bank Layoffs Coming: 'Bad as I've Seen It': Whitney]

http://www.cnbc.com/id/49152630

* [Whitney: Up to 100,000 Layoffs On the Way ]

http://www.bloomberg.com/video/whitney-up-to-100-000-layoffs-on-the-way-GwondGw2RCKQIvobAX7c0Q.html

* [Manhattan Apartment Vacancies Climb as Rents Reach Record]

http://www.bloomberg.com/news/2012-09-13/manhattan-apartment-vacancy-rate-climbs-after-rents-reach-record.html

Look who is "back".

50 Central Park West #2A: A relic of the bubble finally sells, 42% below the original 2008 asking price.
02/20/2008 Listed by Brown Harris Stevens at $5,500,000.
09/29/2008 Price decreased by 10% to $4,950,000.
11/12/2008 Price decreased by 9% to $4,500,000.
12/02/2008 Price decreased by 11% to $3,995,000.
08/07/2009 Price decreased by 1% to $3,975,000.
08/18/2009 Price decreased by 6% to $3,750,000.
03/06/2010 Listing entered contract.
03/30/2010 Re-listed by Brown Harris Stevens.
02/16/2011 Listing is no longer available.
02/17/2011 Later Listed by Mercedes Berk at $3,750,000.
10/21/2011 Later Listed by Brown Harris Stevens at $3,250,000.
10/24/2011 Delisted by Mercedes Berk. Last priced at $3,200,000.
10/01/2012 Sale recorded for $3,195,000.
http://streeteasy.com/nyc/sale/184210-coop-50-central-park-west-lincoln-square-new-york

3.195 from 3.2mm must have been ego thing. good trade

Good trade for whomz? Sellers sat on azz lost 25% addl. on inflation. 25% was interest rate goings from 7% to 3% and loss of 6% commish and lost opportunity to buy sprint at $2.4.

The fker lost his whole bunch of wealth. And buyer bought when his money was worthless. Imagine the follow on buyer, how cheap he's gonna be when interest rate is at 8%.

Jeeezz.

Hey I got a new stk tip for you......

33 Riverside Drive #PHC is now down 64.3% from the original ask.
07/09/2009 Listed by Sotheby's International Realty, Inc. at $4,200,000.
01/30/2010 Price decreased by 7% to $3,900,000.
04/06/2010 Price decreased by 10% to $3,495,000.
10/07/2010 Listing is no longer available.
01/31/2011 Re-listed by Sotheby's International Realty, Inc..
03/29/2011 Price decreased by 6% to $3,295,000.
06/24/2011 Price decreased by 12% to $2,895,000.
07/24/2011 Listing is no longer available.
08/13/2011 Re-listed by Sotheby's International Realty, Inc..
09/15/2011 Delisted.
12/05/2011 Listed by Brown Harris Stevens at $2,499,000.
01/10/2012 Price decreased by 8% to $2,299,000.
02/17/2012 Price decreased by 13% to $1,999,000.
05/22/2012 Price increased by 50% to $2,999,000.
08/15/2012 Listing is no longer available.
09/11/2012 Listed by Brown Harris Stevens at $1,800,000.
11/05/2012 Price decreased by 17% to $1,499,000.
http://streeteasy.com/nyc/sale/733714-coop-33-riverside-drive-upper-west-side-new-york

The Gershwin name hasn't swayed buyers, and neither did a three-year maintenance rebate. The most mind-boggling thing about this absurd listing is that the original price was set in 2009, AFTER the bubble popped.

It's all about the maintenance. Lower-floor apts have sold for high ppsf. If I were the owner, I'd try negotiating a reduction in # of shares with a one-time payment if feasible.

33 riverside #PHC
What price is fair?
All equations can be made to balance.

From 5 months ago
This is an UBER_CHOPPER!
50 Sutton Place South #3GM
http://streeteasy.com/nyc/sale/615603-coop-50-sutton-pl-south-sutton-place-new-york
1/15/2010 Previously Listed by Brown Harris Stevens at $2,495,000.
10/04/2010 Brown Harris Stevens Listing sold. Last priced at $2,235,000.
10/04/2010 Previous Sale recorded for $2,138,750.
01/05/2011 Previously Listed by Stribling at $2,375,000.
06/12/2011 Stribling Listing is no longer available.
06/14/2011 Listed by Douglas Elliman at $2,275,000.
07/26/2011 Price decreased by 9% to $2,075,000.
09/30/2011 Price decreased by 6% to $1,950,000.
11/09/2011 Price decreased by 8% to $1,795,000.
01/04/2012 Price decreased by 6% to $1,685,000.
05/16/2012 Listing is no longer available.
05/24/2012 Listing entered contract
Where will it close it$?$?
Drum roll please.........
$1,500,000.

51 5th ave 10 c/d

chopperoooooo!

03/28/2008
Previously Listed by Halstead Property at $2,795,000.
08/15/2008
Halstead Property Listing is no longer available. Last priced at $2,600,000.
09/07/2011
Listed by Brown Harris Stevens at $2,300,000.
05/12/2012
Price decreased by 15% to $1,955,000.
08/22/2012
Listing entered contract.
11/14/2012
Listing sold.
12/12/2012
Sale recorded for $1,800,000.

This thread seems to have become stale after a long run.

400 East 52nd Street #17A
10/07/2008
Previously Listed by G. Laurie Cooper at $1,595,000.
01/12/2009
G. Laurie Cooper Listing is no longer available.
01/22/2009
Previously Listed by Brown Harris Stevens at $1,350,000.
03/27/2009
Off market temporarily. Last priced at $1,275,000.
10/05/2010
Previously Listed by Halstead Property at $1,250,000.
02/01/2011
Halstead Property Listing is no longer available.
10/12/2011
Listed by Halstead Property at $1,145,000.
11/15/2011
Price decreased by 13% to $995,000.
10/16/2012
Listing is no longer available.
01/21/2013
Re-listed by Halstead Property.
02/06/2013
Listing entered contract.

Brooks2, thank goodness you are back. I was getting tired of Sonya_D who seemed to have racial and ethnic problems.

But Brooks2: Assuming the final sale amount is $900,000, and the unit is listed at gross 1,200 sf, that 's $750/sf (I am imagining it sold for more than $900,000, so in actuality it's probably closer to $800/sf).

That's nowhere NEAR the $500/psf average you've been promising me for that Manhattan real estate was dropping to for many years now. Why isn't this selling for $600,000, like you said it should be?

A. That was w67th prediction.
2. I just pointed out the ones that were getting them out.
III. Is this a stochastic Pice decline?

This one looks like a 5h PSF
50 Sutton Place South » #2C

$715,000
50 Sutton Place South #2C in Sutton Place


Co-op
Sutton Place
5 rooms
2 beds
2 baths
Maintenance: $1,923
Best Priced 4.5 Room on SPS
n
02/15/2012
Previously Listed by Corcoran at $1,025,000.
01/12/2013
Corcoran Listing is no longer available. Last priced at $749,000.
01/28/2013
Listed by Brown Harris Stevens at $715,000.

perhaps we are starting to see those stochastic Price Declines!!!!!

50 SPS 2C, in adddition to needing renovation, is actually a first floor unit due to the street grade at the rear of the building; hence the pricing.

Price declines none the less and pricing under 600$ psf!

447 East 57th Street 9-B
10/03/2007
Previously Listed by CBHK at $1,580,000.
07/01/2008
CBHK Listing is no longer available. Last priced at $1,450,000.
09/17/2008
Previously Listed by Brown Harris Stevens at $1,375,000.
06/06/2009
Brown Harris Stevens Listing sold. Last priced at $1,050,000.
05/11/2010
Previously Listed by Brown Harris Stevens at $1,295,000.
10/26/2010
Brown Harris Stevens Listing is no longer available. Last priced at $990,000.
01/18/2013
Listed by Brown Harris Stevens at $870,000.

looks like this is already offer around 500 $psf... maybe MArtian investment will cause a stochastic price increase.

447 East 57 is such a weird case.

The BoD in this building is well known for its outragous financial requirements. They demand something like 3x-4x liquid in cash - AFTER the apartment is paid for. I never understood this - the BoD is willing to let the price of the units depress in the manner you noted above, due to their super-hi requirements, and see that as being better than having less onerous financial requirements and keeping the unit/psf price higher. I don't understand the logic of the BoD in this case....

http://streeteasy.com/nyc/talk/discussion/21746-building-at-447-east-57th-street

10/23/2012
Listed by Bellmarc at $1,900,000.
11/09/2012
Also Listed by A.C. Lawrence at $1,900,000.
01/24/2013
Price decreased by 16% to $1,600,000.
01/24/2013
Re-listed by A.C. Lawrence. Last priced at $1,600,000.
14 East 4th Street #1123 in Noho

01/17/2013
Listed by Nestseekers at $1,500,000.
02/08/2013
Price decreased by 13% to $1,300,000.
264 W 77th Street #APT2 in Upper West Side

Brooks2 any more Sutton Place price choppers?