My neighbor is undercutting my price... please help. building at 10 West 66th Street

here we go...

9A has now dropped a mere 50 K to $2,350,000

11A has dropped 200K to $2,295,000.

Who will go sub $2 million first and in one jump or more?

what foolz. They should get 10A to sell as a triplex WORTH $20MM! THINK OUT SIDE THE 2 DIMENSIONS!

Oh here's another beauty... 320CPW 7MN, comes out with a little jab at 6MN, thats been on the market since 11/09 in crap condition.
http://streeteasy.com/nyc/sale/478267-coop-320-central-park-west-upper-west-side-new-york

http://streeteasy.com/nyc/sale/562369-coop-320-central-park-west-upper-west-side-new-york
7MN, 1 fl elevation, clean lines and new floor.. for $25K less.... and let the fight begin.

w67: Minor point about 320 CPW #7MN: I don't think the floors are new. They appear to have been refinished or replaced during an earlier renovation. In the original master on the "N" side, the floor is in pretty rough shape. Maybe this room was carpeted when the other floors were redone? I agree that the floors in #7MN are better than the ones downstairs. On the downside, shiny black counter and "clean lines" notwithstanding, #7MN needs a new kitchen. #6MN has a tolerable kitchen, by the low standards of the rear elevator bank at the Ardsley. One other subtle difference: the dining area in #7MN is narrower because of an extra coat closet. That leaves less room for adding cabinetry or workspace in the DA to supplement the small kitchen. Both apartments need bathroom updates.

#7MN shows better than #6MN because it needs less demolition and has slightly better views; but I think both apartments are a long way from move-in condition.

http://streeteasy.com/nyc/sale/478267-coop-320-central-park-west-upper-west-side-new-york
w81, duly noted. Note how 6MN undercut upstairs neighbor by $25K a day after it's listing.

Now given 6MN has been on the market since 11/2009 or 12 months, and my rule of thumb is 5% for every quarter, meaning my opening bid would be $1.2MM and my counter to their $1.4MM would be to threaten a $1.2MM bid for the upstairs unit, does this CPW 3bdrm unit trade closer to my $1.2MM (fmv today) or their ask $1.525MM? -i'm smirking cause I know the answer. So, is $700 psf getting closer to my $500psf call 2 yrs ago?

C'mon 67, are you really a rear elevator bank kinda guy? Although it is nice to see you found the ultimate bargaining play. Giddy up bubba!

w67 what do you recon these things would rent for? i'm guessing no more than $6,500 (yes I saw 10mn listed for $8k). So we might be back to square 1.

"I will see your $15,000 cut and raise it by $385,000."

http://streeteasy.com/nyc/sale/497434-condo-30-west-street-battery-park-city-new-york

Price reduced $400,000 3 days ago

82 days on market in StreetEasy

http://streeteasy.com/nyc/sale/515242-condo-30-west-street-battery-park-city-new-york

Price reduced $15,000 11 days ago

188 days on market in StreetEasy

Spinny. Front or back as long as I'm giving it!
10024, $5500 to $6k more likely. Yes back to square one..... But funny as hell it's getting closer to $1mm cpw 3bdrm with w/d. Won't be long now. Let the sellers negotiate for us buyers, heh?

Malthus, that's a nice poker game they are playing. .... Yet even with $400k cut they are 5% off from 07' peaky purchase. WTF r they thinking?

Fwiw, $400k is 10yrs of my kids private education... Just like that the seller gave me and the wife a trust fund for my kids.

Fking lemming sellers, itz real money we are playing for......

http://streeteasy.com/nyc/building/300-riverside-drive-new_york

Looks like the entire A line is trying to get out and 6A comes in 350k below their neighbors but above recent sales in the same line.

Active Listings (5)
↓ $2,350,000 300 Riverside Drive #9A 2 beds
↓ $2,295,000 300 Riverside Drive #11A 2 beds 1,600 ft²
$1,950,000 300 Riverside Drive #6A 2 beds

09/15/2010 #2A $1,845,000 -2.6% $1,895,000 ↓ Sold 2 beds 2.5 baths
03/25/2010 #13A $1,938,000 -3.0% $1,999,000 ↓ Sold 2 beds 2 baths 1,500 ft²

Malthus: The interesting thing about that "A" line - aside from the sheer number of listings - is how different those apartment are, although the footprint and exposure is identical throughout. To pick the three most extreme examples, I think #2A, #11A and #13A appeal to very different buyers. I haven't seen #6A yet, so I can't comment on the positioning vs. #9A, which appears to be the most direct competition.

That is an interesting comment West81st. You mean different in decorating style? Except at the margins that is not really a high priority for me, especially compared to cost, size and location. Do you have clients in this market who would buy one and not another if they could snap it up for what they considered a good price.

A box is a box is a box.

Excelsior!

Just closed

09/23/2010 #11C $2,230,000
http://streeteasy.com/nyc/sale/482178-condo-181-east-90th-street-carnegie-hill-new-york

Just listed (today)

10/26/2010 #8C Listed by Gumley Haft Kleier at $2,650,000
http://streeteasy.com/nyc/sale/564146-condo-181-east-90th-street-carnegie-hill-new-york

i dunno, but $900K for house sitting for 6 years, give me a fking break Mikey (the name has been altered to protect the innocent homesitter)....

I wouldn't worry too much about the $900k since he won't be getting that.

Malthus: I think the differences at 300 RSD go beyond decorating. #2A was a sensible, nicely renovated six with some seasonal views; it wouldn't really compete with apartments like #9A, #11A and #13A that feature panoramic Hudson vistas. #11A sticks out in a different way, because it has been converted to an opulent 1BR; the maid's room has been merged into the kitchen, and the former MBR functions as a sitting room. You could switch it back, but a buyer who would do that might as well just buy #9A.

That said, there's clearly a price where buyers who seem like a more natural fit for one listing would cross over and buy another.

w67 beat NY Mag to the story by 2 years. Nice

http://nymag.com/realestate/realestatecolumn/69247/

back to 300 riverside drive.

9A has just dropped another $55K to land squarely at 11A's asking of $2,295,000.

both are still ignoring 6A's recent entry at $1,950,000.

50yrsideline, graci.

Cc, but there is 4 floors of height! Surely the 6a is not a comp, but then again how come 11a -and 9a are priced the same? -shrug- this is so confusing. I need a professional borker to chime in.

W67: don't waste your Ivy-league brains on piffle like this. It ain't rocket science. Bid 1.5 on all 3?4?5? A-line apts. Hang tight, you'll hear back.

if you really want to have fun, make sure to tell all three that you've placed the three bids --- first one back to you gets the deal.

But of course. The kicker would be for me to bid $1.4 for 6a, $1.5mm for 9a and $1.52 for 11a, and let them know I've already 'value' priced them against each other. But you see how I would be using the 6a desperate list to work the top floors over. You wanna act like you are a 'sensible' prick.

CC,W67: but of course, you'd tell the others of your bids. And that's assuming 1.5 is a non-lemming bid. Which it isn't.

Interesting plan, and I hope somebody will try it. The differences among the properties and the sellers' circumstances might limit the effectiveness of the strategy, but there's a always hope.

By the way, #6A just misses clearing the trees. Condition is probably the weakest of the five "A" units that have been available in the past year, since it needs a kitchen. Overall, the condition of #6A is fairly close to #13A, but #13A has the views. By the way, #13B is now available. That would have been some combination.

26 Beaver Street:

Active Listings (2)
$1,595,000 26 Beaver Street #18FL 2 beds 2,300 ft²
↓ $1,495,000 26 Beaver Street #17FL 2 beds 2,200 ft²

And to top it off, #18 was sold in Feb 2008 for $1,525,000.
I'd say this beaver is bad.

Oh you dirty dirty beaver.

Looks like a battle is brewing between the D lines at 164 W 79th St. 3D cut the price a week ago. 8D entered the fray two days later. Game on! 3D, it's your move...

Forget the bids on 300 RSD. Just go up the road a bit and rent a clasic 6 for under $4k and no fee.

http://streeteasy.com/nyc/building/425-riverside-drive-manhattan

Omfg! No fee to boot! Holy crap. How do sellers compete against investors that apparently bought their places for $50k 15 yes ago? I mean with even with $2k carry, the $24k pure profit is like 50% cash on cash return. Flmaoz. Not only should you be concerned about your neighbors selling below you, you should worry about the investor who is willing to undercut professionally listed rentals by 50%!

quick...someone put malt's 425 RSD rental in their rent/buy analysis pipe and smoke it!!

sprinkle buyer's tax bennies on top before lighting!!

And in case anyone is thinking those listings are flukey, I submit the following:

http://streeteasy.com/nyc/rental/707587-rental-435-riverside-drive-morningside-heights-new-york
http://streeteasy.com/nyc/rental/655889-rental-360-riverside-drive-manhattan-valley-new-york

Rest assured however that pricing in prime UWS will not be affected by events in distant morningside heights.

Malthus: I wouldn't really call that rental at 425 RSD a comp. It's on the ground floor. I guess somebody was able to look past that shortcoming, because there's a lease out. But I doubt it will appeal to the same market as the high-floor "A" units at 300, which are all about the view.

You beat me to it, W81. Also, it's 15 blocks north, in a completely different neighborhood. I think a rental at 300RSD, if the board process were not too onerous would probably fetch 6k+.

Which one? There are 2 3-beds listed at 425. I didn't call it a comp either. Just saying that you currently have the option of paying 4k per month and no fee for a classic 6 at 116th or $13k per month at 103rd. I don't doubt that the ones at 300 RSD have better features all around. But still, for $9k more per month that must be one mfing view!

You're missing the point, malthus. That's like saying rents should be the same at 110th & CPW and 94th & CPW. People pay up for location. Not saying the difference is 9k, but it certainly isn't 0.

http://streeteasy.com/nyc/rental/569691-rental-250-riverside-drive-upper-west-side-new-york

This is a better comp. But not perfect as it's not a doorman bldg (very important for some).

http://streeteasy.com/nyc/building/270-riverside-drive-manhattan

Much better comp. But still no doorman.

I think the D line is a good comp for the A line at 300RSD, albeit w/o a doorman. So the question is - pay 13k in carrying costs (I didn't calculate) to buy or rent at 8k (I'm adding a little for doorman) if such a thing can be found in the neighborhood.

Well, I was typing while your point was posted so yes I did miss it. I get that the location is different as well. However, I think your analogy to 94th vs. 110th on CPW is a stretch. In any event how much of a difference do you think those differences justify? If not three plus times as much, two times?

Malthus: it's not what I think, the market lays it out for you.

1st(?) flr elevator rental at 425RSD, touch under 4k.
12th flr elevator rental 6, views at 270RSD, 6k+.

I haven't been to either building, so I'm assuming condition of apt, building is the same. Neither are doorman bldgs.

If the SE prices are to be believed, to be precise:

12D at 270RSD rented for close to $7500.

In case it's not clear, I'm NOT advocating buying over renting with these numbers, just saying that you shouldn't be comparing a 4k rental 15 block north (where the 15 block north gets you a "worse" nabe) and also not factor in doorman & gnd floor. It's not 9k more monthly to own, it's approx. 4k more.

Exactly, and I would say the market is laying out a pretty wide disparity between classic 6s that likely go beyond location and view. I would note that the comp you cited is nearly a year old, so maybe better in some ways but not in terms of timing.

I don't understand your point about the disparity. IMO, the numbers prove that there is an almost 100% premium for an apt 15 blocks south of 425RSD. I don't think you'll find that rental prices have dropped that much in pure rental buildings for that kind of apt. Co-op sublets are cheaper but obviously less desirable.

http://streeteasy.com/nyc/building/280-riverside-drive-new_york. This is a better comp in some ways (doorman). The 6 room doesn't have river views. My bad, doorman doesn't make a diff. in price.

What makes sales prices sticky (and stickier than rental IMO) is that 4k delta at the 8k+ rental point is not meaningful to a large enough group of buyers. It's likely that the 8k rental pool can probably afford 4k more monthly, and wishes that their 8k rental were nicer (just take a look at the rental pics).

Responding to your last post, I just disagree. If I need a three bedroom and am willing to go into decent neighborhoods in that general area with not very good public schools, all of those apartments are going to be on my radar.

I don't understand your disagreement. The market clearly prices in a difference - comparing rentals here. There are many people for whom the 15 blocks makes no difference, but there are enough that there is a diff. in rental price. And that diff. is almost 100%.

100%? The last 3 BR at 280 RSD went for $6350 (or at least that is what was reported). Where is the 8k rental?

Malthus: really?

280RSD, the 6-room has no riverview, 6350. But doorman.
290RSD, the 6-room has riverview, no doorman, 7500. I "added" 500 for a doorman, if you think that makes a diff. in price. If the doorman makes no difference, 7500/4000 is almost a 100% difference.
425RSD, 6-room riverview, 4k. no doorman.

Sorry, typo! 290RSD should be 270RSD.

and P.S. 75 ain't all that bad as a backup either. Maybe worth something to some, maybe not to others. But at 115th & RSD - you don't have a good backup.

Do you mean this 290 RSD: http://streeteasy.com/nyc/building/290-riverside-drive-manhattan
Activity for this building
Sales (0) Rentals (2)
Previous Rental Listings
10/20/2010 #14D $3,250 ↓ 2 beds 1 bath 1,000 ft²
05/17/2010 #2D $2,750 2 beds 1 bath 950 ft²

What exactly are you talking about?

Typo. But if your search parameters are truly that wide open if you were looking for a 3br, than nothing I say will make any difference to you. But, I'm starting to repeat myself, there are ENOUGH people to support the price differences.

11023, youre getting crazy with the variables..backup schools??
well, 115 and RSD would appeal more to columbia profs

Wbottom: are you an UWS parent of school age kids w/o hooks of any kind? If you do, then you'll appreciate the value of a backup school. I was trying to explain, in futility, why it costs more to rent at 100th & RSD than it would at 115th & RSD. It is irrelevant whether Columbia profs prefer a more uptown location. Or any other group of people. The market prices rentals higher (and IMO, almost 100% higher) at one location than the other. And if you toss in condition issues, it's not so hard to see why people end up buying at a premium. Now, I don't know what that buy over rent premium should be or obviously as all the bears would argue, why there should even be a premium, but it exists RIGHT NOW.

Sigh, next I'll be trying in vain to explain price differences between 82nd & CPW and 74th & CPW.

Maybe before you decide to enlighten people further, you should step back and try to understand what they are and are not saying. Try to realize that I am not arguing with this point: "it costs more to rent at 100th & RSD than it would at 115th & RSD".

I don't think it's cool to rehash quotes. But under current market conditions, I can visualize the existence of 4(?) buyers for each of the units at 300RSD at price points that would mean they pay more than double the rent at 425RSD assuming 20%dp and sunk-equity-blabla. I don't know how relevant it is to those 4 buyers the existence of a 6-room riverview apt at 425RSD for 4k monthly. The existence of 7500/month rentals at 270RSD is more relevant, but again I rehash my point about the X$delta being meaningless to enough people.

Correct me if I'm wrong, but isn't your main point, why would anyone pay X when you can rent a 6-room apt 15 blocks north for 4k?

Or as W81 says more succintly, it's not the same market.

Many years ago, I used to think - man, why would anyone ever pay twice what I'm paying for an apt in virtually the same location, same views. Now, I know. The market IS that maddeningly granular.

location, location, location, plus view, layout, improvements, etc

My point was that before bidding on overpriced apartments in Manhattan Valley, W67th should consider renting an apartment of the same general size 13 blocks North in the lovely neighborhood of Morningside Heights, just 1 block from the subway and all the amenities of Columbia. Of course, I am fairly confident that W67th is far too bearish to bid on such an apartment anyway, but I made the comment anyway as something of a joke. I then pointed out that he could also go only 6 blocks further North and pay a bit more than $4000, indicating that I too recognize that pricing may change as you come down Riverside Drive.

Whether it is the same market depends on your definition of market. But that is another thread entirely. See for example Juiceman and Wayne NJ.

I hear ya, malthus. It can be very subjective.

279 Central Park West "C" line: south-facing ~1,800ft² 3BR/3BA post-war condo with sharply-angled side park views.

#15C has been on the market over two years, and coninues to seek a substantial premium over the owner's 2006 basis:
08/21/1998 Previous Sale recorded for $1,196,500.
03/01/2006 Previous Sale recorded for $2,625,000.
10/08/2008 Listed by Fox Residential Group at $4,000,000.
10/30/2008 Price decreased by 0% to $3,995,000.
11/25/2008 Price decreased by 3% to $3,885,000.
03/13/2009 Price decreased by 7% to $3,600,000.
02/02/2010 Price decreased by 7% to $3,350,000.
09/08/2010 Price decreased by 7% to $3,100,000.

#9C was listed yesterday for 13% less:
12/16/1996 Previous Sale recorded for $775,000.
11/23/1999 Previous Sale recorded for $1,150,000.
11/16/2010 Listed by Corcoran at $2,695,000.

Light and prior transactions suggest a small premium for #15C. I don't think there's much difference in condition. Views favor #15C to some extent, but neither really qualifies as a view apartment.

This line may also interest rent-vs.-buy debaters. The monthly cost to carry #15C at $3MM, after putting 30% down, is close to $15K before tax benefits. #10C rented in April 2008 asking $9K/month (reduced from $12K). #8C, which was sleekly renovated, rented in April 2009 asking $11K (reduced from $15K). More recently, Streeteasy shows #12A renting with full park views and an ask of $11,950, but I'm not sure that listing passes the sniff test.

Fun! The correct answer is (C). Rent

This is the undercutting thread......

721 Fifth Trump Tower 37B asking $3.3m
http://streeteasy.com/nyc/sale/548714-condo-721-fifth-avenue-midtown-new-york

721 Fifth Trump Tower 47B BANKRUPTCY AUCTION
http://www.myccorp.com/upcomingsales/polo/poloflyer.pdf

Earlier this month, Aptometrist spotted a battle brewing in the "D" line at 164 West 79th. #8D fired a minor salvo on Thanksgiving Day, reducing by $56K to $1.739MM.
http://streeteasy.com/nyc/sale/566560-coop-164-west-79th-street-upper-west-side-new-york

175 East 62nd Street, "A" line: Nicely proportioned center-gallery six, with high maintenance that might reflect land-lease woes.
#8A:
05/15/2008 Listed by Brown Harris Stevens at $2,295,000.
07/09/2008 Price decreased by 4% to $2,195,000.
11/11/2008 Price decreased by 9% to $1,995,000.
06/16/2009 Listing sold. (Appears erroneous - no sale recorded)
09/15/2010 Listed by Warburg at $1,695,000.

#7A (big reduction yesterday):
09/20/2010 Listed by Prudential Elliman at $1,675,000.
01/04/2011 Price decreased by 12% to $1,475,000.

Both apartments have been renovated. If anything, #7A's renovation may be more complete.
http://streeteasy.com/nyc/building/175-east-62-street-manhattan

Really? A $1M spread? Anyone?

http://streeteasy.com/nyc/building/64-west-3-street-manhattan

$2,495,000 552 Laguardia Place #3 3 beds 1,800 ft²

$1,445,000 552 Laguardia Place #6FL 3 beds 1,823 ft²

It's obvious. If the power goes out #3 is 3 flights lower to the ground and hence worth $1m more. ;)

Sorry, some days I am just in a snarky mood.

not saying it accounts for the $1M difference, but three has enormous outdoor space.

Oops. Missed that.

malthus, the floor plan on SE is hardly a model of clarity.

http://streeteasy.com/nyc/building/st-tropez

9S is attempting a quick flip

06/24/2004 Previous Sale recorded for $999,000.
07/18/2009 Previously Listed by Corcoran at $1,595,000.
01/20/2010 Corcoran Listing sold. Last priced at $1,375,000.
02/17/2010 Previous Sale recorded for $1,322,500.
11/03/2010 Listed by Corcoran at $1,895,000.

but 17S was listed yesterday, and appears ready to deal.

05/13/1999 Previous Sale recorded for $550,000.
04/01/2002 Previous Sale recorded for $850,000.
12/06/2005 Previous Sale recorded for $1,565,000.
01/05/2011 Listed by Prudential Elliman at $1,575,000.

715 Park, AB combinations, one floor apart.

First #7AB:
04/06/2010 Listed by Fox Residential Group at $5,200,000.
04/15/2010 Price decreased by 7% to $4,850,000.
10/29/2010 Listing is no longer available.
11/05/2010 Re-listed by Fox Residential Group.
11/30/2010 Price decreased by 13% to $4,200,000.

And now #8AB, which de-listed when #7AB chopped in the fall, but now returns, ready to rumble:
09/15/2008 Previous sale recorded for $4,025,000 (as 8A+).
11/05/2010 Listed by Sotheby's International Realty, Inc. at $4,600,000.
12/09/2010 Listing is no longer available.
02/07/2011 Re-listed by Sotheby's International Realty, Inc..
02/07/2011 Price decreased by 11% to $4,100,000.
http://streeteasy.com/nyc/building/715-park-avenue-new_york

Both listings are still ambitiously priced, but competition might drive them to the clearing level.

here a resale is undercutting (or attempting to) the sponsor's attempt to sell. 6PR closed 12/09 for $1,405,000 (doesn't show up because it was listed as just 6P). the sponsor has 7PR currently on the market for $1,675,000. 6PR is offering to pay two years of real estate taxes (just over $1500 a month).

http://streeteasy.com/nyc/sale/571623-condo-254-park-ave-south-flatiron-new-york

12/07/2010 Listed by Corcoran at $1,350,000.
02/06/2011 Price decreased by 6% to $1,275,000.

I came upon an interesting "battle" at the Chester Court (201 West 89th St). Two 5-room apartments (7G and 12G), are now both on the market, priced at 1.55m and 1.295m, respectively. 7G entered the fray more recently at the higher price possibly because of condition and despite the elevation disadvantage. But, more interestingly, the two apartments exemplify two very different takes on how one gets maximum value from a 5-room apartment. 7G has sacrificed most of the DR for a more-or-less-proper 3rd BR, extracting more rooms and possibly function our of the same footprint. 12G has gone for the "loft-like" thing, but seems to leave a lot on the table in terms of the apartment's functionality. 7G appears to have the edge on condition (solely based on pictures, which can be deceiving). I'm interested to hear what the "regulars" think about these two apartments. And if 7G, can extract a 0.25m premium by reconfiguring the same space, why aren't more owners doing this sort of thing with their 5-room apartments?

aptometrist: I think the pricing there is all about condition, not the number of bedrooms. Buyers know they can put up a wall in #12G to create a third BR.

Elevation is probably a non-factor in that line. Facing the gardens, lower floors might actually be nicer. The windows that don't face the gardens face walls, so the difference there is a bit of sky and reflected light.

West81st, I agree with your elevation comment. The "gardens" are nothing to write home about from that line, it's more likely the "walls/windows" across the way that residents will catch a glimpse of. Doesn't it also strike you that the asks might both be aspirational given that only in 2009-ish a couple of inits in that line (2G, 4G, 10G) changed hands for 1.0-1.1m? I guess that's a question better pitched to the IYCDMMWCUWSE thread.

325 West 86th Street "B" line.
#16B hits the market:
03/16/2011 Listed by Halstead Property at $1,695,000.
...prompting an immediate (but probably inadequate) response from #6B:
12/04/2010 Listed by Corcoran at $1,975,000.
01/28/2011 Price decreased by 9% to $1,795,000.
03/17/2011 Price decreased by 7% to $1,675,000.
http://streeteasy.com/nyc/building/325-west-86-street-new_york

I've seen #6B, and a lot of other apartments at 325 West 86th. The original price would have been strange for this building even if the apartment were in mint condition. It isn't.

201 East 80th (Richmond), AB-line combinations. I think we can safely assume that the folks in 12AB are off 16AB's holiday card list as of approximately yesterday. Not sure the BHS brokers on the repsective listings are going to be spending much time together either. By the time 16AB sells somewhere in the 2's, it will deserve a spot on the price choppers thread as well.

16AB
07/09/2009 Previously Listed by Prudential Elliman at $3,875,000.
04/09/2010 Prudential Elliman Listing is no longer available. Last priced at $3,750,000.
07/20/2010 Listed by Brown Harris Stevens at $3,500,000.
09/16/2010 Price decreased by 9% to $3,195,000.
12/28/2010 Listing is no longer available.
03/16/2011 Re-listed by Brown Harris Stevens.
http://streeteasy.com/nyc/sale/541183-condo-201-east-80th-street-yorkville-new-york

12AB
04/02/2011 Listed by Brown Harris Stevens at $2,550,000.
http://streeteasy.com/nyc/sale/596424-condo-201-east-80th-street-yorkville-new-york

Is is just me, or is $645k a bit on the pricey side for 4 floors of elevation?

Battle of the 1BRs at 215 West 88th St, a relatively new condo conversion of a pre-war building with a large residual RS/RC population (http://streeteasy.com/nyc/building/merrion-condominium).

5A and 7A are on the market for $789k and $799k, respectively. Condition is almost identical due to the recent sponsor renovation, so the only difference between them is elevation. Sadly, both apartments appear to have been acquired by their current owners in the beginning of 2008, so both owners are likely to lose money after transaction costs.

5A just dropped its price by $26k to stay ahead of 7A, which went down $26k in January. The latest pricing still looks ambitious for apartments this size.

sidelinesitter, I can't speak to everybuyer (and I know that the overall footprint must be the same), but I like the existing floorplan of 16AB much, much more than of 12AB. 16AB has 4 real bedrooms, a home office and is left with a decent living/dining area. 12AB has 3 bedrooms, a den/office/small bedroom, an awkwardly small living room and a needlessly large dining room - at least for my tastes. Lots of wasted space in 12AB.

For what it's worth, I think both are overpriced. Will be interesting to see if that market agrees or not.

http://streeteasy.com/nyc/sale/596424-condo-201-east-80th-street-yorkville-new-york?email=true

That didn't take long. 12AB is in contract. The market clearly does not agree...

Here's an interesting situation: 2 apartments, same line, same broker.

http://streeteasy.com/nyc/sale/575806-coop-145-146-central-park-west-upper-west-side-new-york
http://streeteasy.com/nyc/sale/596203-coop-145-146-central-park-west-upper-west-side-new-york

10B went on the market first, five months ago, for 4.5, and has not had a price cut. It looks to have a pretty butchered up layout (formerly classic six, now 7.5 rooms) and a very dowdy style, though I can't say anything about the condition, 13B went on the market Less than seven weeks ago at a hair under 5, had an almost instantaneous chop to 4.8, and has just been clipped again to 4.5. It has had a very high end but rather taste-specific renovation--oak floors stained blue, fireplace veiled up and mantel removed

The previous sale in the line was 7B, estate condition, for 2.7 in 2007. Other sales of non-park-view classic sixes have included two f-line sales for 3 and 4.1 in 2009.

If I were 10B I'd be pretty pissed at my broker--and low and behold, they have just brought in new brokers from Corcoran.

Seems to me that two price chops totally 10% within less than seven weeks betray a whiff of desperation. If I were the sellers of 10B I'd either get way a

175 East 62nd Street; mid-floor "A" line. Big classic sixes with lots of bathrooms and high - but not crazy - maintenance. #8A is already a notable chopper, down 39% from the original 2008 ask:
05/15/2008 Listed by Brown Harris Stevens at $2,295,000.
07/09/2008 Price decreased by 4% to $2,195,000.
11/11/2008 Price decreased by 9% to $1,995,000.
09/15/2010 Listed by Warburg at $1,695,000.
03/13/2011 Listing is no longer available.
03/23/2011 Listed by Brown Harris Stevens at $1,450,000.
04/30/2011 Price decreased by 4% to $1,395,000.
http://streeteasy.com/nyc/sale/592904-coop-175-east-62nd-street-lenox-hill-new-york

#7A just upped the ante with another big price cut.
09/20/2010 Listed by Prudential Elliman at $1,675,000.
01/04/2011 Price decreased by 12% to $1,475,000.
03/31/2011 Price decreased by 6% to $1,380,000.
05/25/2011 Price decreased by 13% to $1,200,000.
http://streeteasy.com/nyc/sale/555432-coop-175-east-62nd-street-lenox-hill-new-york

Battle going on in the A line at 1199 Park.

http://streeteasy.com/nyc/sale/613996-coop-1199-park-avenue-carnegie-hill-new-york
06/06/2011 Listed by Prudential Elliman at $1,795,000.
06/28/2011 Price decreased by 6% to $1,695,000.

http://streeteasy.com/nyc/sale/606363-coop-1199-park-avenue-carnegie-hill-new-york
05/08/2011 Listed by Corcoran at $1,975,000.
06/04/2011 Price decreased by 10% to $1,775,000.
06/30/2011 Price decreased by 6% to $1,675,000

70 East 96th Street #2D vs. #3D. These classic fives have been dueling for almost a year, with both listings switching brokerages along the way. The latest salvo is #2D's cut to below its January 2006 (pre-reno?) closing price.

History for #2D:
01/30/2006 Previous Sale recorded for $1,023,000.
09/14/2010 Listed by Halstead Property at $1,250,000.
11/29/2010 Price decreased by 4% to $1,195,000.
01/14/2011 Price decreased by 4% to $1,145,000.
01/28/2011 Listing is no longer available.
02/09/2011 Re-listed by Halstead Property.
03/16/2011 Listing entered contract.
05/13/2011 Re-listed by Halstead Property.
05/13/2011 Price decreased by 2% to $1,125,000.
06/05/2011 Price decreased by 3% to $1,095,000.
07/30/2011 Listing is no longer available.
09/06/2011 Listed by Corcoran at $999,000.

And for #3D:
11/17/2010 Listed by Brown Harris Stevens at $1,195,000.
03/08/2011 Listing entered contract.
04/09/2011 Listing is no longer available.
04/20/2011 Re-listed by Brown Harris Stevens.
04/20/2011 Price decreased by 4% to $1,145,000.
05/03/2011 Price decreased by 2% to $1,125,000.
05/18/2011 Listed by Prudential Elliman at $1,125,000.
05/22/2011 Price decreased by 4% to $1,075,000.
06/24/2011 Delisted by Brown Harris Stevens. Last priced at $1,125,000.
06/28/2011 Price decreased by 2% to $1,049,000.
08/24/2011 Listing is no longer available.
09/01/2011 Re-listed by Prudential Elliman.

http://streeteasy.com/nyc/building/70-east-96-street-new_york

Correction: The work on #2D pre-dates the 2006 sale.

Financial district: 80 John Street
http://streeteasy.com/nyc/sale/597200-condo-80-john-street-financial-district-new-york
#2C Reduced its asking price $445K 4 weeks ago to $1,150,000
#3C reduced its asking price $345,000 at about the same time, to $1,050,000 undercutting 2C by $100K
Still no buyer...

114 East 84th Street

#9D
Couldn't find city record for #9D in 2008
07/15/2011 Listed by Stribling at $1,675,000.
08/16/2011 Price decreased by 3% to $1,630,000.
09/13/2011 Price decreased by 2% to $1,595,000.
09/30/2011 Price decreased by 6% to $1,499,000.

#3D
08/30/2010 Previous Sale recorded for $1,442,750.
05/19/2011 Listed by Corcoran at $1,535,000.
07/06/2011 Price decreased by 3% to $1,495,000.
09/23/2011 Price decreased by 5% to $1,425,000.

These cuts are getting painful and there are still no buyers. What's also amazing is the short holding period for both properties.

901 Lexington is a great location, but has a terrible view of the ugly Hunter College building across the street, which also blocks the afternoon light.

#6N has been on the market since April, but dropped their price again when #7N dropped last week.
04/09/2011 Listed by Brown Harris Stevens at $3,785,000.
05/15/2011 Price decreased by 5% to $3,595,000.
06/25/2011 Off market temporarily.
10/17/2011 Re-listed by Brown Harris Stevens.
10/17/2011 Price decreased by 6% to $3,370,000.

#7N clearly needs lots of work
09/16/2011 Re-listed by Corcoran.
10/13/2011 Price decreased by 11% to $2,375,000.

There was another price cut at 114 E. 84th yesterday for $75k. Looks like 3D has gotten competitive and desperate. I wonder whether 9D will follow.

http://streeteasy.com/nyc/sale/609636-coop-114-east-84th-street-upper-east-side-new-york

At 71 East 77th there are two apartments that are on teh same floor and are mirrors of each other. However one is listed at $1.695 (9C) and one at $1.095 (9B). Why the huge difference? 9C doesn't look like it's in much better shape than 9B.

9B also seems much more eager to sell given its time on the market and lower price, but still no one has bitten. What are the chances for 9C?

http://streeteasy.com/nyc/sale/649027-coop-71-east-77th-street-upper-east-side-new-york
http://streeteasy.com/nyc/sale/649663-coop-71-east-77th-street-upper-east-side-new-york

both owners are still high balling

the small cut is not worth anything

I know this is off-topic, but I am curious about this building (71 E 77). Is the maintenance reasonable, or is it a bit high? If high, does anyone know of specific problems in the building that could be the cause?

Both apts. do seem high compared to recent building comps.

01/26/2011 #3C $745,000
01/24/2011 #7D $925,000

But maybe they're looking to a better floor comp.

02/25/2010 #9D $1,150,000

01/26/2011 #3C $745,000 is slightly not that crazy, but still overpriced