16% drop from 2006 Sale

This is a fake listing.
This should be going for $3.5-$4MM
StreetEasy History
10/24/2006 Previous sale closed for $1,885,000
09/25/2008 Listed in StreetEasy by Prime Manhattan at $1,992,150
09/30/2008 Price decreased to $1,975,000
10/03/2008 Price decreased to $1,750,000
10/30/2008 Price decreased to $1,600,000
12/16/2008 Price decreased to $1,575,000

I hope you're joking.

6B went into contract when the listing was at $1,650,000. I saw the unit when it was listed by owner. I think it first started at somewhere around $2,000,000, maybe higher.

Why would this be so cheap?

Why would you think this is fake?? or cheap?? It's a 2-br cookie cutter apartment. Plus, look at the headline, it's obvious it's a distress sale:

$245K PRICE DROP-MUST SELL pristine 1500 sq ft 2 br/3ba, 4 W 21st

it's bland as hell. there seemed to be a lot of construction on the block. and there were a few competing fsbo apartments and rentals. when we went for the open house the doorman started telling us about the others and was asking us to go see them. it was odd.
we went to it after seeing the much nicer 141 fifth and it just didn't even register as a place anyone would want to live.

aboutready, are you sure 6B went into contract? it looks to me like it was just taken off the market. 3B on the other hand

but people, in what sense is this apartment 'so cheap'? over 1000psf to live on the 4th floor of a boring building with a mediocre layout in a good but not great location? this is exactly the sort of apartment that could sell for less (maybe even well less) than $1 million. i mean, for $1.5 you can get an apartment almost the same size, also two bedrooms, on a similar floor (3rd floor), recently renovated, in the butterfield house, one of the best buildings in the city and located in prime greenwich village. i'm sorry, but just because these people paid way too much for their apartment doesn't mean i should consider it cheap if i get it for less than they paid.

I looked in this building. I thought it was quite nice. The problem seems to be the parking lot across the street which I heard was going to be developed. The potential noise and the blockage of light were my main reasons for saying no.

happyrenter, can you please give me the address of the butterfield house so I can look them up? Thanks!

Interesting that the overpriced rental Echelon Chelsea would be right there too.

I'm pretty sure it's a ground lease building.

Will they have to move the building somewhere else soon if the landlord doesn't renew the ground lease?

Happyrenter, the Citi-Habitats listing for 6B was taken off the market, the Elliman listing is marked in contract.

NYRENewbie, yeah, the guy selling 6B proactively mentioned that the parking lot "wasn't going anywhere soon" or some such. I hadn't even thought about, honestly, because I was just browsing, but then I looked out and thought in your lying marketing dreams. It may not go anywhere now, times being what they are, but it will indeed go (probably right around the time you'd like to sell).

Steve, I don't know that this is a ground lease building. A few of the condo developments in Chelsea got off the ground very early, and started closing 2004. If someone bought pre-construction, prices hadn't really shot up to their top by 2003. Apartments at 260 PAS weren't all that expensive comparatively, as well. Now, they're quite overpriced.