chop chop

What's so special about #5A? DAY-O!

Yeah, Day-O! doesn't live there any more. I know this building very, very well. There was not Day-O! premium, several apartments sold for 5.5+.

Here's some 2004 pricing, and some intense seller competition to boot:

17 East 97th 6C:
http://www.streeteasy.com/nyc/sale/226892-coop-17-east-97th-street-carnegie-hill-new-york

04/25/2008
Listed in StreetEasy by Elliman at $1,895,000
05/13/2008
Price decreased to $1,850,000
06/04/2008
Price decreased to $1,775,000
06/19/2008
Price decreased to $1,750,000
06/25/2008
Price decreased to $1,700,000
07/29/2008
Price decreased to $1,675,000
09/03/2008
Price decreased to $1,625,000
09/29/2008
Price decreased to $1,525,000
10/22/2008
Price decreased to $1,300,000

And 5C:
STREETEASY HISTORY
12/01/2004
Previous sale closed for $1,295,000
10/08/2008
Listed in StreetEasy by Corcoran at $1,595,000
11/14/2008
Price decreased to $1,450,000

Still way overpriced, IMHO, but this is now being offered at a loss to the purchase in January 07

http://www.streeteasy.com/nyc/building/878-west-end-avenue-manhattan

STREETEASY HISTORY
09/30/2006
Previously listed in StreetEasy by Corcoran for $829,000
01/09/2007
Previous sale closed for $810,000
09/04/2008
Listed in StreetEasy by Elliman at $895,000
10/08/2008
Price decreased to $850,000
11/14/2008
Price decreased to $799,000

My question would be...what did the apartment sell for in '03...so is it really a price drop or was the original asking price crazy high that a price drop sound great but means nothing.

Which apartment are you referring to?

So, happyrenter, if this can happen to an apartment, why can't it happen to a house?

following me from thread to thread, nice. i don't really know what you're talking about. i think both houses and apartments have been severely over-priced. i think the market is in virtual free-fall. i just don't make shit up to justify my position.

69 5th Avenue 7GH:

http://www.streeteasy.com/nyc/sale/326585-coop-69-fifth-avenue-flatiron-new-york

07/24/2008
Listed in StreetEasy by The Argo Corporation at $3,300,000
08/15/2008
Price decreased to $2,950,000
09/11/2008
Price decreased to $2,850,000
09/17/2008
Price decreased to $2,599,000
10/16/2008
Price decreased to $2,499,000
10/24/2008
Price decreased to $2,299,000
11/14/2008
Price decreased to $1,995,000

you guys should be posting these to the "favorite choppers" thread. Some serious drops...

"i just don't make shit up to justify my position."

Don't need to make up shit. It's all over the place.

No - I don't follow you from thread to thread. Just noting your inconsistency when I see it.

The DAY-O was sarcastic.

i know it was. what do you make of that chop at 300 WEA. Pretty serious.

happyrenter: An $895K reduction on a great apartment in a great location that was already in line with 2006 comps is always serious. The weird thing is, an asking price that drops 37% between June and November no longer even surprises anyone.

That's very true. If you can't sell a 10 room prewar apartment on 74th and West End, what the hell can you sell?

Amway... Tupperware... pencils... apples... paper clips...

Would be very interesting to see what they close at. My gut feel (based on nothing) is that 4A will close for 3.5.

10 rooms at 300 West End for $3.5 million. If you're right, the mighty have indeed fallen. And, of course, no guarantee it gets even $3.5. It's an estate--my guess is they would jump at an offer of $3.5 right now.

What really struck me about 17 East 97th 6C was how low the maintenance is. Is it right? Aren't they hiding the RE tax portion? How can it be so low? Most buildings that size in the UES have maintenance charges of 2K or so. The $1200 a month you're saving would allow you to pay an additional 200K in mortgage and come out even, roughly.

Trompiloco: Not implausible for an established, no-service building with a light debt burden. On the minus side, the westbound bus runs on 97th.

Here's an impressive chop. The area right around Madison Square Park has been hot hot hot, and this is apartment is spacious, has a terrace, and looks to be in excellent condition.

http://www.streeteasy.com/nyc/sale/342694-condo-39-east-20th-street-flatiron-new-york

STREETEASY HISTORY
08/16/2008
Listed in StreetEasy by Halstead Property at $3,995,000
10/16/2008
Price decreased to $3,500,000
11/17/2008
Price decreased to $3,000,000

This apartment is a floor floor duplex. Look at the comps for the full floor simplexes in the building:

01/11/2006 #7 FL $2,250,000 -
07/19/2005 #5 FL $2,075,000 -
02/27/2004 #8 FL $1,620,000

39 East 20th:
We saw the 8th and the 5th; the 8th sold in mid 2008 after only a few weeks on the market it was listed at I think $2.495, which a few months ago, and in the condition it was in--appeared fair. It was gut renovated from when they purchased it in 2005, and was a gorgeous 3 bedroom, top of the line all the way around. The 5th is cheap shoddy construction and is a dump; it needed a lot of work, and had no view vs. the 8th floor which had open city south views); personally I would offer nothing remotely close to what the owner is asking now....everything in the 5th floor scremed bad contractor/low end home depot.

gramercygrl:

thanks for the intelligence, but that only adds to my point: $2.5 million for one floor, and now TWO floors are available for only $3 million. That represents a pretty substantial chop, don't you think?

I definately agree, it is an EXCELLENT LOCATION and seems to be a wonderful apartment!! Its a very substantial chop--i hate to add to the bears arguments here, but it makes you wonder how much lower they will go and how overpriced several comprables in the area are.

why is 300 west end asking so much more per foot when 277 west end sold at under 1K foot? does not make sense to me. I know 277 west end was mulched on this site esp brilliantly by west81st for hideous schwab views. But 2M diff in price!!

Irish carpenters, we hardly knew ye.

Bela,

You can't compare the buildings--or the apartments--at all. 277 West End 6C is a 2400 square foot Classic 7. 300 West End 4A is 3400 square foot ten room apartment. One is asking 2.5, the other 4.1. Now, it may be that 300 is overpriced, but I don't think it can be compared to 277. As for 5A and 5B at 300, you are correct, they are now grossly overpriced--but again, not relative to 277, which just isn't comparable, but relative to the identical apartment 1 floor below--4A.

277 6C should be compared with, say, 52 Riverside Drive, where 6A, a mint condition Classic 7 with magnificent views, is available for 2.975. Or 333 Central Park West (a streeteasy favorite) that has been reduced to 2.799. Since 277 appears to need some work (not tons, but some), I think it is too pricey in this market.