Sale at 10 West 66th Street #5-D -$812psf.. It's not sporting anymore...

Hey I just made $200K in one month... sweeeet! I'm sure it's better than my old I-Bank group's bonus put together :)

Can I get one of those 200k a month jobs? :)

I knew this would happen...prices come down to reasonable levels, but nobody wants to live here anymore.

Or, is it the other way around?

And, if people don't want to live at 66th and CPW (a fantastic location, mind you), where DO they want to live now? Where are families running away to?

Looks like we got a winner.... I had an inkling this might go.... ohhh. let's play "what did it go for?"

My humble biased deranged guess is $800psf.... an even number. :)

This is really amazing, the kind of listing that alpine292 just loves to hate. I mean, it's down 30% and undercutting everybody else in the building by 45%, and that's just ASKING price. Love it!

Of course, nothing could be more ghetto that Lincoln Center half-a-block from CPW.

T... yep Alpine292 is hoping that NYCRE won't affect his Mcmansion in Jersey.... :)

a little tidbit... back in the late 80's early 90's, the Time Warner Center used to be the "Coliseum" and in front every Sunday... there would be a ton of chartered buses... the buses were for families of criminals in distant jails (for a family day visit). And the Lincoln Center was the "project" in West Side Story...

Here we go to $500psf.... oooooh rahhhhh!

If I was on the board of this coop, I would reject the buyer without hestitation. A desperation sale like this would do tremendous harm to the value of the neighboring apartments. I would not be surprised if they rejected the applicant.

This is what you call price discovery in an illiquid market. Get used to it. This sale does not change the value of neighboring apartments, it changes the "perceived value" of neighboring apartments.

I am going to guess $1.225MM.

BigApple, what happens if the board rejects a desperation sale? Does the seller default on his obligations? Is that better for the board, the building, and the other owners there?

this went quickly to contract...........

Newbuyer99 - I'm not sure but I would guess, if there is a mortgage, it would go to the bank. Any buyer the bank finds for the place would have to be approved by the board again. Logically, any maintenance in arrears would be paid off by the bank. The board would eventually have to take a lower than market price given the nature of the sale but it wouldn't be as much as this present sales price. Again, just a guess on my part.

And joedavis, I wish I was that buyer! I don't know why people are so against buying during these times. I think it's a wonderful opportunity to get apts such as this. I really think there are deals to be had.

BigApple - are you suggesting the bank would get MORE in a foreclosure that this sale right now? If so, why would that be? Or are you suggesting that going through a foreclosure process and ending up with a lower price is better for the building/occupants? I am just trying to understand the reasoning behind your statement that if you were on the board, you would reject this sale.

The reality at a building like 10 West 66th is that most of the owners have been there for a very long time (many bought a quarter-century ago, when the building converted), and they own their coop shares outright with a very low cost basis. There won't be a foreclosure on #5D. I wouldn't expect a Board rejection either, unless there's a problem unrelated to the price.

"I think it's a wonderful opportunity to get apts such as this. I really think there are deals to be had."

That's cool. But don't be offended if others disagree with you.

05/31/2007 Previous sale closed for $948,000
presently 10 West 66th Street #30G 1 bed $1,449,000. It is presently in contract.

$500K profit in 19 months and all in the current challenging economy.

1818: It's hard to draw conclusions from that one unless you know the contract price and the amount invested in the renovations. The listing makes the reno sound quite expensive, though that could be broker hype.

bigapple,

i don't think anyone is opposed to buying now--i know i'm not. and i wasn't opposed to buying a year ago. the question is not "when?" but "what price?" i tend to think that prices on most apartments are headed down but if one apartment gets there faster than another does, well, great! snap it up. i don't happen to think that this apartment is yet a great deal if it closed for the asking price. it needs a fair amount of work, and while it is in a fantastic location it is not a fantastic building. this apartment represents significant market movement, but not necessarily a price floor--yet.

I dont get it..

12D sold for 2MIL in AUG
19D for 2.5MIL in DEC 2007

so 5D is in contract and was asking 1.3MIL, who knows what it is in contract for but compared to other D lines, umm, it seems fairly clear what is going on? Lets assume $10K per floor, and add 70K to equal 12D..but 12D only has 2.5Bths and 5D has 3 full baths.

It's an interesting indicator of what is actually going into contract now. Supports my contention that if you have an overall "okay" product on UWS so. of 96, that if you price in 900s (or below), you will get bids close to your ask.

exactly, how does anyone possibly claim to say they dont see prices down at all? What kool-aid are they drinking? Pass some over!

Right, and the floor now seems to be 800+ for this kind of product.

BigApple... I for one hope Co-Op Boards don't put their heads in sand. $1.3 is market... this one got ahead of the curve (smart owner)

1818... by your reasoning... buy up $10MM worth of NYC RE with an IO mortgage and wait 19 months... Presto! You just made $5MM! Now only if you could get 1819 to get a cooler 100yr mortgage with a no payment due for 99 yrs... just dandy. OH... Mr. Paulson... I got it a 100year balloon mortgage that'll reflate this thing.

UD and NYC10023... what gets me is that in 04' to 07'... nothing short of $3MM was worth me even looking at for a 3bdrm in "prime" UWS... and now I get like 10 pages of SE searches in the $2MM range...

5D was an estate sale and the heirs seemed VERY eager to take the money and get out. A somewhat unique situation? Yes. They priced it aggressively and made the sale. Only time will tell if they were too hastey or not. It will likely force down prices at the margin.

W7 so 5D was an unemotional trade... how refreshing.... the heirs looked into the future and said I want out... only if I coulda done that with AIG, Lehman, Apple, IBM, oh.. the whole S&P.... oh well... :)

so distressed, estate, heir, divorce, death sales no longer apply as 'current market value'?

5D was on market for 4 months and price reduced 4 times totaling 30% or so from original ask. I wouldnt classify that as pricing aggressively, I would classify that as pricing high, and chasing the market down to the point where sellers want out.