Price reductions at 535 WEA

The $3MM reduction on #11 is a good start. If they do that six more times, I'm a buyer.

I suspect you'd have a little bit of competition at that price.

Yes, me!

Any updates on this building? Haven't heard anything about buyer groups forming
or deposit forfeits or attempts to renegotiate here.

Interestingly, they raised all the prices back up to original asks (for those where there were reductions). 11 in contract, which I believe is about half of all the units.

And they bought the building in 2005 for peanuts: http://www.streeteasy.com/nyc/closing/33583

mimi,
they built the building, they didn't buy it.

Sorry, I thought it was a conversion, since the ad says says pre-war details....I guess they bought a building there in 2005 and they demolished it, since the sale is on record.

Easy mistake to make mimi, don't worry about it. There's a bit of humor in their marketing this as 21st century pre-war.

mimi, they bought several buildings and tore them down. Some were small co-ops.

Out of curiosity, I said to myself, hey self, if I got a deal on unit 17 and bot it for a shade under 20 large, what would I get? So I looked at the listing. All 6,637 sq ft. This is a condo, not coop. Well my brood cares about living space, you know, walking, talking, sleeping, throwing things, kicking balls, lacrosse balls, the whole shabang. The footprint alone is about 5,481 for 21% inflation. But, if you choose to eliminate the common stairways and elevator shafts (not safe for kids to play in the elevator shafts) then you can subtract another 490 sq ft (conservative estimate) this leaves you with a 5,000 sq ft apt or about 33% inflation. Still a sweet, spacious crib, but not for my 20 large

Not my bag for 20m. For 20m, I'll get myself a park block 21ft townhouse, and live-in help in self-contained apt. And have change left from 20m.

mimi, here's a good article on the alleged "pre-war" character of this building:
http://www.nytimes.com/2008/03/09/nyregion/thecity/09prew.html?scp=8&sq=535%20west%20end&st=cse

The first sale - #7B - came in at a 25% discount: $7,113,600 vs. an ask of $9.5MM.

any thoughts on whether future closings will disclose a similar discount to ask? Also, any other views on pricing in current environment for this building?

Rock1: The listing history for #6B reflects a contract date nearly a year later than #7B, but the discount is similar: 21.6% for #6B vs. 23.8% for #7B. (Note that Streeteasy has adjusted the closing price for #7B to reflect the total consideration paid by the buyer; hence the change in the discount fom 25% to a little under 24%.)

The 15th floor just closed for $12,907,846 (taxes included). 15 is the highest of the "full" full-floors; the building sets back at 16. The published asking price was $23MM (plus taxes), so the final discount vs. ask is nearly 45%, unless there's more to the transaction than meets the eye.

The buyer's a trusts-and-estates lawyer, with no link to the sponsor that I can find. Note the timing, though: The $16.3M sale went to contract in June 2008. The three $12.9M sales went to contract in November 2008, December 2008, and June 2010.

Oops, #15 is the usual hedge-fund money after all....

Possible that these were sold unfinished and in need of further work inside?

NWT, how can you tell that hedge-fund money bought #15?

The spouse who signed the PoA, etc., is the lawyer. Googling her turned up the husband, who's hedge-fund. An associate of theirs bought another full-floor, but can't remember which one.

Doh - I was just about to tell you! Google. The POA gives you buyer name. It's a little trickier because the spouse goes by maiden name a lot...

7A just sold, with Extell paying the taxes. For a change, it's RE money rather than Wall St.: http://www.jlemle.com/about/

Here's their old place: http://streeteasy.com/nyc/sale/564534-coop-1155-park-avenue-carnegie-hill-new-york

Shucks, NWT. I was just about to do that. FWIW, the move, I think has to do with educational reasons.