If You Can Demonstrate Market Movement With Comps: Upper West Side Edition

back to 300 WEA...

If 12B sold for $2,100,000 in 2005....Seems like Minny got off a couple of nice sales in the mid 3's for 5A and 5B. Now, was the building greatly undervalued in the early years? Even if 12B was a piece of dog doo doo, the spread seems odd. So what does that mean for 13B?

Patient - check out the 12B listing - it is only the front half of the 5B/13B footprint. So the spread goes strongly the other way...

I incorrectly attributed the 300 WEA scoop to Curbed. The original April report on those sales appeared in the Times. Curbed just ref'd it.
http://www.nytimes.com/2009/04/09/realestate/manhattan/09real.html
http://curbed.com/archives/2009/04/09/rip_harry_belafontes_upper_west_side_floorplan_porn.php

Context offers a strong hint about the source of the leak. Note the quote from the listing agent about the state of the luxury market, three paragraphs up in the Times article.

Not only is 12B only about half the size of 13B, it was also a complete wreck. On top of that, it is a bizarre apartment: 2000 square feet but only four rooms. It's not a family apartment. 12B is also on the market right now, asking over $2.5, which seems unlikely.

13B is a great apartment, far superior to the low floor sales earlier this year. Moreover, while it needs work, it is in much better shape than the three previous sales. OTOH those comps are going to make it difficult.

thanks guys

13B is reportedly in contract.

Astute sellers. Probably got the one buyer who was willing to pay up for a 10-room on WEA.

322 West 72nd, C line. 3C was a post Lehman contract on a low floor a bit above 2 trades from earlier in 2008 and at nearly full ask. You have to wonder what the buyer was thinking. The 9C price really looks like quite a good outcome for the seller, down only 10% from the average of the 3 2008 sales. It a little harder to draw conclusions compared to the 2007 and 2006 estate sales.

http://www.streeteasy.com/nyc/sale/400260-coop-322-west-72nd-street-lincoln-square-new-york
10/30/2009 #9C $989,000
12/11/2008 #3C $1,130,000
08/27/2008 #5C $1,110,000
01/14/2008 #11C $1,062,500
02/27/2007 #13C $976,000
06/28/2006 #7C $795,000

A line of 499 ft² studios at http://www.streeteasy.com/nyc/building/201-west-72-street-manhattan:

09/2009 #04I $450,000
12/2008 #10I $520,000
01/2008 #05I $550,000
12/2005 #12I $525,000
05/2005 #06I $505,000
05/2005 #05I $255,000
08/2004 #08I $345,000
01/2001 #08I $275,000
11/1999 #09I $230,000
01/1999 #07I $185,000
01/1999 #06I $195,000
12/1992 #08I $162,500
03/1991 #10I $189,000
12/1990 #12I $191,000
12/1990 #04I $179,500
11/1990 #11I $190,000
11/1990 #09I $188,000
11/1990 #07I $186,000
10/1990 #06I $182,000
10/1990 #05I $180,500

245 West 99th Street (Ariel West) #9C: Same-unit resale of a 2BR/2BA condo in an amenity-rich new building.
01/18/2008 Previous Sale recorded for $1,585,000.
06/06/2009 Previously Listed in StreetEasy by Citi-Habitats at $1,650,000.
07/02/2009 Listed in StreetEasy by Prudential Elliman at $1,675,000.
07/07/2009 Citi-Habitats Listing is no longer available.
07/21/2009 Price decreased by 4% to $1,600,000.
09/02/2009 Price decreased by 2% to $1,575,000.
10/02/2009 Price decreased by 2% to $1,550,000.
11/06/2009 Price decreased by 3% to $1,500,000.
11/18/2009 Price decreased by 10% to $1,350,000.
Wells Fargo lent $1.393MM on this unit, so the new asking price is underwater. The latest cut also suggests that the repricing signalled by the resale of #7C has probably held. That's not surprising, since it's hard to imagine #9C appraising for more than $1.25MM after #7C sold for #1.2MM. Here's the history:
--------- Recorded Sales --------- | --------- Previous Listings -----------
** ACTIVE ** # 9C ............................... |↓ $1,350,000 2 beds 2 baths 1,320 ft²
01/09/2009 # 7C $1,200,000 -17.2% |↓ $1,450,000 Sold 2 beds 2 baths 1,320 ft²
07/17/2008 #14C $1,580,000 - 3.1% |↓ $1,630,000 Sold 2 beds 2 baths 1,320 ft²
05/07/2008 #12C $1,620,000 + 0.0% | $1,620,000 Sold 2 beds 2 baths 1,320 ft²
01/28/2008 #16C $1,690,000 .......... |
01/18/2008 # 9C $1,585,000 .......... |
01/16/2008 #10C $1,455,000 - 8.8% | $1,595,000 Sold 2 beds 2 baths 1,320 ft²
01/10/2008 # 7C $1,558,000 .......... |
01/10/2008 # 6C $1,526,840 - 2.0% | $1,558,000 Sold 2 beds 2 baths 1,320 ft²
01/08/2008 # 5C $1,495,000 - 4.0% | $1,558,000 Sold 2 beds 2 baths 1,320 ft²
01/08/2008 # 8C $1,595,000 + 0.0% | $1,595,000 Sold 2 beds 2 baths 1,320 ft²

Another example of a newbuild condo in search of a price floor, while the A line marches on in defiance. Although with Whole Foods now open....

Looks like they may have added a percentage of the billiard parlor and tiki bar footprint to the 1320.

Spin: I'm not sure the "A" line is exactly marching on. Wasn't the most recent sale (#18A) off close to 20%? But you may be right that the bigger apartments at Ariel West are faring better. That would make sense, because AW is very family-friendly.

I was pointing sarcastically (more or less) to the price hikes on the A line, now around 40% since 07/08. There seems to be a detachment with reality there.

on Ariel West....you can anticipate that when the closing px of 6A is published there could be some serious chaos unleashed among those A line offers.

The price history for 6A is crazy. If the final price is below the original ask on 8/2007, as walterh7's post would suggest, it will look like very poor marketing on corcoran's part. and another reason why it is difficult to fathom this market.

STREETEASY HISTORY
08/24/2007
Listed in StreetEasy by Corcoran at $2,815,000.
11/30/2007
Price increased by 5% to $2,950,000.
07/11/2008
Price increased by 5% to $3,100,000.
10/21/2008
Price decreased by 8% to $2,850,000.
04/30/2009
Price decreased by 7% to $2,650,000.
05/23/2009
Price increased by 19% to $3,150,000.
10/19/2009
Listing entered contract.

There has been some suspicious solidarity on the A line price movement. Maybe Hasselbeck has gone rogue.

In my unbiased view her colleague did a little better with her move to Astor Court.

Spin: Are the Hasselbecks selling too? I believe they're in #16A. The man played his cards right: a retired, weak-armed backup QB gets a condo with a view (and a wife with The View).

I think Behar moved within Astor Court, no to it. Nice stealth plug for the building, though.

Must be more careful... thought I was being smart but ctrl f highlights every 6A -even 16A. Its OK now Tim, go back to sleep.

Also meant to say, "In my complete and utterly biased view..." Is that dyslexia?

239 Central Park West, low-floor "C" line: large, viewless classic six in an A- building:
--------- Recorded Sales --------- | --------- Previous Listings -----------
** ACTIVE ** # 5C ............................... |↓ $1,850,000 2 beds 2 baths 1,825 ft²
11/16/2009 #3C $1,525,000 -10.0% | . $1,695,000 Sold 2 beds 2 baths
07/01/2009 #4C $1,700,000 - 5.6% |↓ $1,800,000 Sold 3 beds 2.5 baths 1,900 ft²
01/24/2005 #6C $1,625,000 - 5.6% |. $1,595,000 Sold 3 beds 2 baths 1,800 ft²

#3C needed the most work, and #6C needed the least. So the sale of #3C isn't quite as dire as it looks.

Correction: variance from ask on #6C should be +1.9%, not -5.6%.

334 West 87th Street #6A : Same unit resale of a two-bedroom, 1.5-bath coop, 8.7% below 2005 basis. Not clear whether renovation was done by the sellers or the previous owners.
09/15/2005 Previous Sale recorded for $952,500.
06/26/2009 Listed in StreetEasy by Corcoran at $890,000.
07/18/2009 Listing entered contract.
11/13/2009 Listing sold.
11/13/2009 Sale recorded for $870,000.
http://www.streeteasy.com/nyc/sale/432574-coop-334-west-87th-street-upper-west-side-new-york

03/16/2005 Previous Sale recorded for $900,000.
small 2/2. can't tell who did which renovations.
http://www.streeteasy.com/nyc/sale/355132-coop-345-west-70th-street-lincoln-square-new-york
10/03/2008 Listed by Brown Harris Stevens at $1,150,000.
10/30/2008 Price decreased by 13% to $999,000.
12/08/2008 Delisted temporarily.
01/06/2009 Re-listed by Brown Harris Stevens.
02/24/2009 Price decreased by 5% to $950,000.
03/16/2009 Price decreased by 5% to $899,000.
05/01/2009 Listing entered contract.
07/13/2009 Listing is no longer available.
11/17/2009 Sale recorded for $848,000.

Another quickie: http://www.streeteasy.com/nyc/sale/445923-coop-210-riverside-drive-upper-west-side-new-york

08/19/2009 Listed by Halstead Property at $1,795,000.
09/18/2009 Listing entered contract.
11/19/2009 Sale recorded for $1,700,000.

#4G, two floors up and same footprint, went for $1,660,000 in 2006.

Priced right, things move. 201 West 72nd Street (Alexandria) #9D. Same unit resale of a 2BR/2BA condo in a centrally-located, amenity-rich postwar building. Closed 11.5% below 2006 basis. One week on the market.
07/25/2006 Previous Sale recorded for $1,287,500.
07/31/2009 Listed by Brown Harris Stevens at $1,225,000.
08/08/2009 Listing entered contract.
11/13/2009 Sale recorded for $1,139,999.
http://www.streeteasy.com/nyc/sale/441241-condo-201-west-72nd-street-upper-west-side-new-york

614 sold for $1,227,500 in 08/07. but 714 has a rather magnificent planted terrace, making the reduction in price more pronounced than is first apparent.

http://www.streeteasy.com/nyc/sale/404941-coop-101-west-81st-street-upper-west-side-new-york
04/15/2009 Listed by Prudential Elliman at $1,350,000.
07/23/2009 Price decreased by 4% to $1,295,000.
09/16/2009 Listing entered contract.
11/17/2009 Listing sold.
11/17/2009 Sale recorded for $1,160,000.

Just for fun:
243 West 98th St. #3B. Same-unit resale, 99.94% below 2006 basis.
01/12/2006 Sale recorded for $800,000.
10/22/2008 Sale recorded for $500.

Bit of an asterisk on this one:
"As part of the scheme, Garri Zhigun, Galina Zhigun and Furman purchased a block of ten rent-regulated condominium apartments at 243 West 98th Street, Upper West Side, Manhattan ("the Apartments"). With respect to seven of the ten Apartments, subprime lenders were falsely told in mortgage applications and supporting documents that the buyers intended to live in the Apartments as a “primary residence.” With respect to there maining three Apartments, subprime lenders were falsely told that the Apartments were to be used as “investment properties” that earned approximately $6500 a month in rent from tenants. None of the documents submitted to the subprime lenders disclosed that: (1) certain buyers were seeking loans to purchase more than one Apartment as a “primary residence;” (2) each of the Apartments was already occupied by a tenant and therefore not suitable for a primary residence; or (3) the Apartments were subject to rent regulation laws that precluded the buyer from charging $6500 in rent."
http://www.mortgagefraudblog.com/index.php/weblog/permalink/3_guilty_pleas_in_multi_million_dollar_mortgage_fraud_case/

315 West 99th Street #2D
(http://streeteasy.com/nyc/sale/446221-coop-315-west-99th-street-upper-west-side-new-york)
05/10/2007 Previous Sale recorded for $842,000.
05/05/2009 Previously Listed by Corcoran at $749,000.
08/15/2009 Corcoran Listing is no longer available.
08/21/2009 Listed by Corcoran at $749,000.
09/02/2009 Listing entered contract.
11/15/2009 Listing sold.
11/19/2009 Sale recorded for $749,000.

210 West 85th, #4E

11/01/2007 Previous Sale recorded for $1,170,000.
12/02/2009 Listed by Halstead Property at $895,000.

Loss of equity has got to be nearly 100%.

300 CPW #8E, in estate condition: http://streeteasy.com/nyc/sale/440656-coop-300-central-park-west-upper-west-side-new-york

07/28/2009 Listed by Warburg at $3,995,000.
08/20/2009 Listing sold.
12/02/2009 Sale recorded for $3,860,000.

#16E, condition unknown, went for $4,900,000 in early 2008.

150 WEA, J line. Not an exciting building or line, but clear evidence of pricing settling in 15-20% below 2005/06 same line comps. Price series includes the 12J same unit resale down 17%. There were no recorded J line trades in 2007/08, so no price observation around the market peak.

http://streeteasy.com/nyc/sale/390870-coop-150-west-end-avenue-lincoln-square-new-york
11/30/2009 #12J $350,000
11/23/2009 #23-J $327,500
09/30/2009 #20-J $322,500
09/16/2009 #21J $335,000

04/27/2006 #22J $405,000
11/09/2005 #12J $420,000

Sorry, one more. Higher floor, same price zip code. Five comps in 3 months. I don't see the currently listed 5J getting $369k for by far the lowest floor of the bunch.

09/17/2009 #28J $349,000

remember those alcove studios used to trade for $80K.... BTW lincoln towers has always been my "white box" barometer as they trade so frequently in the 50/60/70 w mkt.

NWT: I don't think #8E and #16E at the Eldorado are comparable. The floorplans change at 15, and #16E has a big terrace.

Rvisiting 2628 Broadway (Ariel East) "B" line, floors 23-27. Small 3BR/2BA. Listed as 1,628 ft²; interior space is probably around 1,400. #25B closed 12/03 for 1.6MM, continuing the dramatic slide that started last year. October contract.
-------- Recorded Sales -------- | ---------- Previous Listings ----------
12/03/2009 #25B $1,600,000 -19.0% | $1,975,000 3 beds 2 baths 1,628 ft²
09/30/2009 #23B $1,625,000 -15.6% | $1,925,000 Sold 3 beds 2 baths 1,628 ft²
07/31/2008 #24B $2,000,000 - 9.3% | $2,205,000 Sold 2.5 beds 2 baths 1,628 ft²
01/04/2008 #27B $2,250,000 ......... |
12/19/2007 #26B $2,100,000 ......... |
http://streeteasy.com/nyc/building/ariel-east

West81st, you're right, not comparable at all. Don't remember what I was thinking, if anything....

Here's somebody getting out more-or-less even: http://streeteasy.com/nyc/sale/429861-condo-27-west-72nd-street-upper-west-side-new-york

01/24/2008 Previous Sale recorded for $2,351,250.
06/19/2009 Listed by Corcoran at $2,795,000.
10/21/2009 Listing entered contract.
12/10/2009 Sale recorded for $2,600,000.

NWT, the 2008 transaction unlikely to have been arms-length. The unit was never listed, buyer and seller are principal / director at the same RE company (Stellar Management), and there seems to have been some back-to-back deed changes within a month. The 2008 transaction was well below 2007 closings on the same line, and those 2007 closings were likely from contracts inked in 2006 in pre-sales.

If you see an outlier, it's probably an outlier. I guess you just wanted someone else to do the leg work ;).

inonada, you are right, but that is not the only one. There have been a number of transactions in that building this year, and prices seem to defy gravity relative to prior sales. By my count, there have been 10 same-unit resales at the Olcott this year, and 9 of the 10 have transacted at prices ABOVE the previous 2006-08 closings. See #'s 905, 903, 510, 207, 511, 1115, 1110, 311, 710, and 414.

Anyone have a theory here? I don't. It looks like a number of the original deals were sponsor sales, but I don't how that, in and of itself, would explain these 2009 transactions that are above the original basis.

I was thinking perhaps some of them were sold to RS tenants (fun story: http://www.nypost.com/f/print/news/regional/item_sTSgxKLOYVvfZL0Bk5zRAL). However, looking at the 903 line, that doesn't seem to be the case really. The different floors of that line sold for something consistent in 2007. One interesting datapoint is that 1003 closed for $1.43M in March 2007 and re-sold for $1.715 in November 2007. The building does seem to be holding up better than most, but I personally don't see the particular attraction of this place (not that I know much about it).

good point about some prior RS tenant sales (perhaps). But even igorning those, and looking at just the recent sales, the prices/sft are holding up surprisingly well there. Maybe it's nothing more than people loving the location and willing to pay a premium for a condo...

Here's a seller not even attempting to recoup what he paid in 2007 for this 1/1.5: http://streeteasy.com/nyc/sale/482380-coop-80-central-park-west-lincoln-square-new-york

01/05/2007 Previously Listed by Corcoran at $1,550,000.
05/03/2007 Previous Sale recorded for $1,525,000.
12/04/2009 Listed by Brown Harris Stevens at $1,399,000.

The renovations (very nice IMO) were done by the previous owners.

Revisiting the "C" line at 302 West 86th, where #11C just closed for $1.05MM.
---------- Recorded Sales ----------|--------- Previous Listings ----------
12/09/2009 #11C $1,050,000 - 8.7% |↓ $1,150,000 ↓ Sold 2 beds 2 baths
04/16/2008 #10C $1,512,500 - 5.2% |↓ $1,595,000 Sold 2 beds 1.5 baths 1,400 ft²
12/14/2005 . #2C $1,060,000 + 1.0% | . $1,049,000 Sold 2 beds 1.5 baths 1,250 ft²
07/14/2004 . #3C ... $895,000 .......... |
http://streeteasy.com/nyc/sale/437888-coop-302-west-86th-street-upper-west-side-new-york
#11C is in very good condition, with the powder room expanded to a full bath, whereas #10C needed updating and only had 1.5 baths. On the other hand, #10C had annexed a narrow room from #10B, creating a footprint that is unconventional, but about 15% bigger.

220 Riverside Boulevard (Trump Place) #27B: Same unit resale of a 2BR/2BA condo with river and city views, 15.4% below 2005 basis.
11/29/2005 Previous Sale recorded for $1,950,000.
03/06/2009 Listed by Prudential Elliman at $1,795,000.
07/17/2009 Price decreased by 3% to $1,749,000.
09/22/2009 Listing entered contract.
12/09/2009 Sale recorded for $1,650,000.
http://streeteasy.com/nyc/sale/389959-condo-220-riverside-boulevard-lincoln-square-new-york

This apartment originally sold in 2003 for $883,500. The 2003 buyer borrowed $618,450, put about $265K down, and sold the place in 2005 for $1.95MM.

Nice appreciation from '03 to '05. Part of the rampant flipping in the Trump Towers can be attributed to repeat buyers. They bought at 200 pre-construction, flipped for a profit, bought at 220, did the same, and onto 240. Quite a few people made a couple of million bucks doing this (and didn't get their fingers burned).

1 West 67th Street #510: Same-unit resale of a funky duplex at Hotel des Artistes, 12.7% below April 2006 basis.
04/06/2006 Previous Sale recorded for $1,947,500.
01/16/2009 Listed by Prudential Elliman at $2,295,000.
06/17/2009 Price decreased by 6% to $2,150,000.
09/22/2009 Listing entered contract.
12/08/2009 Sale recorded for $1,700,000.
http://streeteasy.com/nyc/sale/375639-coop-1-west-67th-street-lincoln-square-new-york

255 West 98th Street #1A : Same-unit resale of a low-floor Edwardian five, 6.2% below June 2005 basis.
06/29/2005 Previous Sale recorded for $935,000.
03/20/2009 Previously Listed by Bellmarc at $1,100,000.
04/02/2009 Bellmarc Listing is no longer available.
04/21/2009 Listed by Halstead Property at $975,000.
05/27/2009 Price decreased by 8% to $899,000.
10/01/2009 Listing entered contract.
12/08/2009 Sale recorded for $877,000.

80 Riverside Boulevard (Rushmore) "A" line, floors 20-38: 3BR/3.5BA, 1,850 ft² and a dilemma for many of the ten or so buyers who are still in contract, since most appear to have signed long ago. The history of #36A is difficult to parse; I can't tell whether the final price was the result of an early contract falling through, or the original buyer renegotiating based on the threat of walking away. Either way, that sale has reset the market value for the line.
---------- Recorded Sales ---------- | ---------- Previous Listings ----------
12/07/2009 #36A $2,680,000 -21.2% | $3,400,000 Sold 3 beds 3.5 baths 1,850 ft²
11/19/2009 #28A $3,135,000 - 5.0% | $3,300,000 Sold 3 beds 3.5 baths 1,850 ft²
10/15/2009 #24A $3,375,000 + 0.0% | $3,375,000 Sold 3 beds 3.5 baths 1,850 ft²
10/07/2009 #26A $2,999,250 - 7.0% | $3,225,000 Sold 3 beds 3.5 baths 1,850 ft²
06/23/2009 #29A $3,325,000 + 2.3% | $3,250,000 Sold 3 beds 3.5 baths 1,850 ft²

1 West 67th #510. Down 12.7% from the 2006 trade. Take out another 6-10% for fees and its not good.

04/06/2006 Previous Sale recorded for $1,947,500.
01/16/2009 Listed by Prudential Elliman at $2,295,000.
06/17/2009 Price decreased by 6% to $2,150,000.
09/22/2009 Listing entered contract.
09/24/2009 Listing sold.
12/08/2009 Sale recorded for $1,700,000.

We could put this in the 'price chopper' thread as the closing price was 19% down from the listing price. You don't see that kind of haircut too often. Sellers seem to prefer the 'slow bleed'.

333 WEA 9B...This pricing trajectory is not uncommon. +50% from 2004 to 2007... -14% at the first list price from 2007 to 2009. Given that 12B is for sale and 3B was (but didn't sell), I suppose we can expect more pain.

06/01/2004 Previous Sale recorded for $2,200,000.
04/20/2007 Previously Listed by Stribling at $3,200,000.
06/07/2007 Stribling Listing sold.
09/06/2007 Previous Sale recorded for $3,200,000.
12/18/2009 Listed by Halstead Property at $2,750,000.

http://streeteasy.com/nyc/sale/484833-coop-333-west-end-avenue-upper-west-side-new-york

Looks like 15 CPW is immune to the economic forces at play in the real world. PH43/S805 combo just closed for $38,600,000 (http://streeteasy.com/nyc/closing/946531), a 76% premium over their combined July 2008 closing price (07/03/2008 #PH43 $21,500,000; 07/03/2008 #S805 $335,000).

The buyer (an LLC) and seller (a trust) share the same address, there was no listing of the property. I can only imagine what went on behind the scenes.

15 West 81st #9A: Same-unit resale of prime, Planetarium-view six-into-seven, 12.2% below 2006 basis, bu with an asterisk.
10/24/2006 Previous Sale recorded for $3,900,000.
05/08/2009 Listed by Stribling at $4,200,000.
07/08/2009 Price decreased by 6% to $3,950,000.
09/21/2009 Price decreased by 6% to $3,700,000.
10/21/2009 Listing entered contract.
12/22/2009 Sale recorded for $3,425,000.
The catch is that the 2006 "sale" was one leg of a swap with #8C. The price of each apartment was probably set by a neutral appraiser, and the $3.9MM figure looks credible, but the transaction can't be considered fully arm's-length.

Revisiting the "B" line at 2628 Broadway (Ariel East) again. The sale of #22B provides some insight into the oft-debated value of a terrace. #22B is essentially the same undersized 3BR as the "B" unit on floors 23-27, but with a 240SF terrace. In this case, the market seems to have valued the outdoor space at around 70% of the PSF price for the interior. That's understandable, considering the views.
-------- Recorded Sales -------- | ---------- Previous Listings ----------
12/11/2009 #22B $1,750,150 -23.1% | $2,275,000 3 beds 2 baths 1,598 ft²
12/03/2009 #25B $1,600,000 -19.0% | $1,975,000 3 beds 2 baths 1,628 ft²
09/30/2009 #23B $1,625,000 -15.6% | $1,925,000 Sold 3 beds 2 baths 1,628 ft²
07/31/2008 #24B $2,000,000 - 9.3% | $2,205,000 Sold 2.5 beds 2 baths 1,628 ft²
01/04/2008 #27B $2,250,000 ......... |
12/19/2007 #26B $2,100,000 ......... |
http://streeteasy.com/nyc/building/ariel-east

386 Columbus Avenue "A" line: Museum-facing 2BR/2BA, with minor variation in floorplans.
---------- Recorded Sales ---------- | ---------- Previous Listings ----------
11/13/2009 # 7A $1,140,000 -18.3% |↓ $1,395,000 Sold 2 beds 2 baths 1,135 ft²
06/17/2008 # 6A $1,725,000 - 9.0% |↓ $1,895,000 Sold 2 beds 2 baths
05/30/2007 #15A $1,995,000 + 0.0% | . $1,995,000 Sold 2 beds 2 baths 1,200 ft²
02/14/2007 #10A $1,850,000 + 0.0% | . $1,850,000 Sold 2 beds 2 baths 1,134 ft²
07/25/2006 #12A $2,000,000 - 4.5% | . $2,095,000 Sold 2 beds 2 baths
09/20/2005 #14A $1,675,000
05/24/2005 #15A $1,750,000
03/21/2005 # 4A $1,350,000
01/05/2005 #12A $1,525,000
10/22/2004 #10A $1,525,000
http://streeteasy.com/nyc/building/386-columbus-avenue-new_york
The owner of #7A had been there for over twenty years. Nonetheless, her equity cushion was relatively small because of a big cash-out refi, so most of the proceeds from the closing went to the bank.

Youch. I have a lot of hatred (arch. speaking) for that building. It's UGLY.

Westie - That is something few often see unless in the case of estate matters. In a sale like that they get no cash but they will still owe the feds a significant amount for the capital gain.

Cool, Geoff. Do you have floorplans in yr book?

Why is a 27ft entrance enticing? My grandfathers had something like that in his 7 and while I staid there it was nothing but a pain in the butt as you had to race down it any time the downstairs buzzer went off.

Geoff, sounds good. Comprehensive pictures will be handy, as when I remember what a building looks like but can't remember address, so am reduced to Google streetview. Also all the non-published architects whose buildings I saw in some old 1920's journal and can never find again.

I remember 800 West End Avenue #10C. Decent apartment, needed lots of work. Sold just in time to avoid the worst of the market decline. Never thought I would see #10C on the cover of a coffee-table book. I would bet the new owners knocked out a wall and sacrificed that 27-foot gallery. #10D next door had a more practical floorplan. I wonder if that one ever sold. Same broker as #10C. She flagged it as sold, but nothing ever showed up in ACRIS or the Rolling Sales update.

Sorry Geoff, the book looks like a bunch of exterior photos sorted by architect, plus a few recycled interior shots from recent listings where the brokers hired Michael Weinstein to do the photography. If the cover photo looks familiar, here's why: http://www.corcoran.com/images/media/UnitPhotos/519737.1.jpg

anyone recall what the 2/2s were going for in 1999 in that columbus avenue horror? i'm fairly certain i looked there, and my broker just shrugged and suggested "location?" it would have been significantly less, if i'm correct, but much less less than i've become accustomed to seeing.

AR: w/o looking at the closed sales via ACRIS, my bet would be not much less than 1m. Less desirable new condos were going for about 800k+...

10023, i seem to recall 800ish, so if it was higher this wasn't the unit. but it was a condo hard on the museum, very small for the times. 800k was my upper limit, which is where i finally (foolishly) closed for a much nicer unit in chelsea without a doorman.

i meant wasn't the building, not wasn't the unit.

and i'm off. it was late 2000 for an early 2001 closing. i believe there was a brief dip in prices then due to the recession? i'm getting too old to remember all these details.

2000/2001 pricing would probably have been a 7 handle for the simplex 2/2s at Columbus House.

thanks west81st. that sounds like what i recalled. and while $700s to $1.1s seems not insubstantial, it's much less substantial than what we've been seeing the past few years.

140 Riverside Drive (Normandy) #5K: Same-unit resale of a renovated, river-facing three bedroom in Emery Roth's Art Moderne homage to transatlantic cruise ships. 8.1% below 2004 basis. June contract.
11/19/2004 Previous Sale recorded for $2,475,000.
04/24/2009 Listed by Corcoran at $2,350,000.
06/09/2009 Listing entered contract.
12/16/2009 Sale recorded for $2,275,000.
http://streeteasy.com/nyc/sale/406747-coop-140-riverside-drive-upper-west-side-new-york

5K doesn't seem like a deal - 16K (wreck) closed for 1.825m. http://a836-acris.nyc.gov/Scripts/DocSearch.dll/Detail?Doc_ID=2009061900417001

386 Columbus:

5A closed for 800k late 2000. http://a836-acris.nyc.gov/Scripts/DocSearch.dll/ViewImage?Doc_ID=FT_1660007443966
2A closed for 694k 2001 http://a836-acris.nyc.gov/Scripts/DocSearch.dll/ViewImage?Doc_ID=FT_1080007663608
15A closed for 790K spring 2000 http://a836-acris.nyc.gov/Scripts/DocSearch.dll/ViewImage?Doc_ID=FT_1410007286141

A fair number of units haven't changed hands since the original sale (search "RTR realty" in ACRIS).

For some perspective, in early 2000, Lincoln Tower 2/2 apts with dining Ls were selling for low 400k.

10023, thanks, those prices are consistent with what i recall. i remember being horrified by them at the time. lincoln towers wasn't for me, but i looked at a couple of units there in my browsing process. i remember when a friend told me they'd sold their lt 2/2 for over a million. i was floored.

2004 again at http://streeteasy.com/nyc/sale/415016-condo-240-riverside-boulevard-lincoln-square-new-york

11/03/2005 Sale recorded for $1,081,750. (05/2004 contract)
05/21/2009 Listed by Trump at $1,250,000.
09/27/2009 Price decreased by 6% to $1,175,000.
12/02/2009 Listing sold.
12/23/2009 Sale recorded for $1,100,000.

The sellers also bought #8E for $3M+ in 2007.

nyc10023: I agree. The Normandy seems to interest architectural historians more than actual buyers. Even in 2007, a high-floor "K" line wreck could be had for $1.995MM.
http://streeteasy.com/nyc/sale/61466-coop-140-riverside-drive-upper-west-side-new-york

375 West End Avenue #4B: Same unit resale of a viewless 2BR/2BA with fairly high maintenance, just 2.2% above early 2004 basis despite "a newly renovated kitchen" that may have influenced the original, nutty asking price.
05/21/2004 Previous Sale recorded for $977,000.
06/06/2008 Listed by Corcoran at $1,450,000.
07/28/2008 Delisted temporarily.
01/06/2009 Re-listed by Corcoran.
01/06/2009 Price decreased by 10% to $1,299,000.
02/27/2009 Price decreased by 4% to $1,250,000.
03/10/2009 Price decreased by 4% to $1,200,000.
05/06/2009 Price decreased by 8% to $1,099,000.
07/18/2009 Price decreased by 5% to $1,049,000.
08/06/2009 Listing is no longer available.
09/27/2009 Listing entered contract.
12/04/2009 Sale recorded for $998,700.
http://streeteasy.com/nyc/sale/279137-coop-375-west-end-avenue-upper-west-side-new-york

From memory - 2/2s in the Lincoln Towers could be had for low 400s right up 'til early 2002 when prices took off. I remember a tempting (to me) two 2/2 potential apt combo (approx. 2400 sqft - 4b/4b with 60' LR + DR) with parking spot that was being flogged immediately after 9/11 at 800k (low-ish flr). Luckily or unluckily, LT has always been a no-go for my partner.

obviously i don't mind living in a post-stalinist-like environment. from memory they were the best deals for the space in all of below 96th street manhattan. it was the location that was a killer for me, i would have had to have changed preschools, etc. i looked all over, but i bought downtown.

50 Riverside Drive #5F: Repeat same-unit resale of a dark, viewless, renovated 2BR/3BA in a prime RSD coop, slightly below early 2005 basis. Timing of renovations is unclear.
02/18/2005 Previous Sale recorded for $935,000.
09/23/2008 Listed by CBHK at $1,250,000.
10/21/2008 Price decreased by 10% to $1,125,000.
01/01/2009 Listing entered contract.
03/06/2009 Listing is no longer available.
06/06/2009 Listed by Carol E Levy at $975,000.
06/30/2009 Price decreased by 2% to $959,000.
07/30/2009 Price decreased by 3% to $929,000.
09/25/2009 Listing entered contract.

12/02/2009 Sale recorded for $929,000
http://streeteasy.com/nyc/sale/418662-coop-50-riverside-drive-upper-west-side-new-york

"The sale of #22B provides some insight into the oft-debated value of a terrace. #22B is essentially the same undersized 3BR as the "B" unit on floors 23-27, but with a 240SF terrace. In this case, the market seems to have valued the outdoor space at around 70% of the PSF price for the interior. That's understandable, considering the views. "

Just playing Devil's advocate: Since I believe these were all Sponsor sales at "book" prices, I'm not sure you can say the "market" valued the outdoor space that way as much at the Sponsor valued it that way. Since the market bit at that price, i think it's more an indication of the "floor" price of which it was valued by the market.

30yrs: Fair point. I just figured that the list prices on the remaining Ariel units became dead letter so long ago that it would be reasonable to give the buyers credit for setting the price.

514 West End Avenue #7A: Same-unit resale of a decent five-room coop in an excellent location, at a 2004 price. November sale, but I couldn't find it here or on the lowballs thread, where it would fit equally well.
06/10/2004 Previous Sale recorded for $985,000.
05/21/2009 Listed by Brown Harris Stevens at $1,195,000.
07/31/2009 Listing sold.
11/19/2009 Sale recorded for $995,000.
http://streeteasy.com/nyc/sale/414826-coop-514-west-end-avenue-upper-west-side-new-york

18 West 90th Street Apt.E. Quirky floor-through on the third floor of a 21' townhouse (with a small elevator) on an excellent park block. Same-unit resale, 15% below January 2007 basis.
01/31/2007 Previous Sale recorded for $1,500,000.
04/04/2008 Listed by Halstead Property at $1,749,000.
06/16/2008 Listing entered contract.
11/04/2008 Re-listed by Halstead Property.
11/04/2008 Price decreased by 3% to $1,695,000.
01/05/2009 Price decreased by 6% to $1,595,000.
04/03/2009 Price decreased by 9% to $1,449,000.
07/02/2009 Price decreased by 8% to $1,329,000.
10/13/2009 Listing entered contract.
11/23/2009 Listing is no longer available.
12/05/2009 Listing entered contract.
12/31/2009 Sale recorded for $1,275,000.
http://streeteasy.com/nyc/sale/212686-coop-18-west-90th-street-upper-west-side-new-york

240 Riverside Boulevard (Heritage) #12-F: Same unit resale of a 1BR/1.5BA condo, at the original 2005 price. [The 2009 sellers probably paid the transfer taxes on both transactions, because they purchased from the developer in 2005, so the effective prices on the two sales are the same, almost down to the penny.] The sellers have been trying to flip #12F since 2007, when they paid $3.1MM for #8E.

11/03/2005 Previous sale recorded for $1,081,750
03/09/2007 Listed by Prudential Elliman at $1,650,000.
08/21/2007 Listing is no longer available.
12/06/2007 Re-listed by Prudential Elliman.
02/16/2008 Price decreased by 6% to $1,550,000.
04/04/2008 Price decreased by 4% to $1,495,000.
08/12/2008 Listing is no longer available.
10/02/2008 Listed by Brown Harris Stevens at $1,370,000.
01/11/2009 Listing is no longer available.
05/21/2009 Listed by Trump at $1,250,000.
09/27/2009 Price decreased by 6% to $1,175,000.
12/02/2009 Listing sold.
12/23/2009 Sale recorded for $1,100,000.
http://streeteasy.com/nyc/sale/72278-condo-240-riverside-boulevard-lincoln-square-new-york
http://streeteasy.com/nyc/sale/354735-condo-240-riverside-boulevard-lincoln-square-new-york
http://streeteasy.com/nyc/sale/415016-condo-240-riverside-boulevard-lincoln-square-new-york

235 West 108th Street #24: Same unit resale of a small, renovated 2BR/1BA coop, at the late 2004 basis.
11/01/2004 Previous Sale recorded for $550,000.
10/06/2009 Listed by Halstead Property at $595,000.
11/05/2009 Listing entered contract.
12/21/2009 Sale recorded for $550,000.
http://streeteasy.com/nyc/sale/469067-coop-235-west-108th-street-manhattan-valley-new-york

601 West End Avenue #12A: Same-unit resale of a renovated 3BR/2BA co-op in a former nursing home at 89th and WEA. 9.4% below early 2005 basis.
05/10/2005 Previous Sale recorded for $1,435,000.
02/18/2009 Listed by Corcoran at $1,475,000.
03/12/2009 Price decreased by 5% to $1,395,000.
08/28/2009 Listing entered contract.
12/02/2009 Sale recorded for $1,300,000.
Closed on 12/2, but no ACRIS fileling until 1/14. Relo sale, IIRC.
http://streeteasy.com/nyc/sale/385082-coop-601-west-end-avenue-upper-west-side-new-york

320 West 76th Street "F" line. Pre-war 2/1 with sunken LR. #3F may have been slightly better-appointed, but it's also on a much lower floor. Sconces and a nice paint job don't explain a 25.2% drop.
---------- Recorded Sales ---------- | ---------- Previous Listings ----------
01/08/2010 #7F .. $793,000 -3.9% |↑ $825,000 2 beds 1 bath
12/19/2007 #3F $1,060,000 -3.2% | . $1,095,000 2 beds 1 baths
http://streeteasy.com/nyc/building/320-west-76-street-manhattan
I'm not sure what the #3F buyer saw. Here's the listing:
http://www.barakny.com//listing_Details.aspx?listingid=443923

West81st - re: 320 W. 76th - looking at all the past closings wouldn't you say that 3K was the real exception in the building? (as in for some reason they got really really lucky?) Almost all of the other comparable apartmsnts there sold in the 800-900K range even way back.

ph41: I think you mean #3F, and it seems to be an outlier only in the sense that the sale was perfectly timed. #3F went to contract in September 2007, just before the first jolt to the market. #3G - similar footprint, not as nicely finished - followed into contract in December, and sold for 7% less. That seems about right. I agree that the #7F sale marks a reversion to the norm for this building, but that just underscores the stunning run-up that occurred circa 2007 and unwound over the next two years.

164 West 79th Street "B" line. Another modest pre-war line reverts to pre-bubble pricing. This drop may have been abetted by the construction of an unusually ugly condo (Linden78) in the southward sightline, plus buyer aversion to the Mansion Tax.
---------- Recorded Sales ---------- | ---------- Previous Listings ----------
12/23/2009 #9B . $985,000 -3.9% |↓ $1,025,000 Sold 2 beds 1.5 baths
02/28/2008 #8B $1,225,000 -1.9% |↓ $1,249,000 Sold 2 beds 1.5 baths
08/21/2006 #3B $1,200,000 +4.3% | . $1,150,000 Sold 2 beds 1.5 baths
07/07/2004 #9B . $950,000 ......... |
http://streeteasy.com/nyc/building/164-west-79-street-new_york

Re. 164 West 79th, forget any possible impact from Linden78. It's a full block to the west, and not even visible from 164. The drop in the "B" line simply is what it is: a reversion to 2004-ish pricing.

West81St ,Are you still with Burkhardt,

Yes. Both addresses work: Michael in front of @theburkhardtgroup.com or west81st in front of @gmail.com.

"reverts to pre-bubble pricing."

west81st... pre-bubble is considered to be 2004? i thought that was way into the bubble already. when did the RE bubble began in nyc?

"Yes. Both addresses work: Michael in front of @theburkhardtgroup.com or west81st in front of @gmail.com."

what the hell happened here? i thought we weren't meant to know who you are... "no one of consequence?" your name is Michael?

Admin. I aksed w81 out, to my surprise she was a he and an awkward crying game moment. Where've you been :)

lol w67, i have a toddler and we've been having a lot of fun lately. west81 being a male is a relief of sorts, as i felt really attracted to her/his "no one of consequence" mysterious attitude that made me consider i might be bisexual. all of us are i've been told. know yourself and be who you are.

Same-unit resale of a one-bedroom, down 13% from 2007:http://streeteasy.com/nyc/sale/429936-coop-340-haven-avenue-washington-heights-new-york

02/18/2007 Previously Listed in StreetEasy, already in contract, by Olshan Realty at $345,000.
03/27/2007 Previous Sale recorded for $330,000.
09/18/2008 Previously Listed by Prudential Elliman at $340,000.
09/19/2008 Delisted temporarily by Prudential Elliman.
06/19/2009 Listed by Prudential Elliman at $310,000.
10/09/2009 Listing entered contract.
01/20/2010 Sale recorded for $287,000.

a number of C line sales over the past few years. 16C here, estate sale. 8C sold for $660k 07/04.

http://streeteasy.com/nyc/sale/411624-coop-40-west-77th-street-upper-west-side-new-york

05/06/2009Listed by Corcoran at $745,000.
07/16/2009Price decreased by 7% to $695,000.
09/24/2009Price decreased by 7% to $649,000.
11/13/2009Listing entered contract.
01/28/2010Listing sold.
01/28/2010Sale recorded for $630,000.

In the "badly-timed condo conversions" department, 134 West 93rd Street is a kind of poor-man's Apthorp. The offering came to market almost exactly at the beginning of the credit crunch.
---------- Recorded Sales ---------- | ---------- Previous Listings ----------
02/01/2010 #6B NOT IN ACRIS YET |↓ $1,189,000 2 beds 2 baths 1,343 ft²
01/28/2010 #7B $1,100,000 - 8.3% |↓ $1,199,000 2 baths 1,343 ft²
06/12/2009 #9B $1,310,000 - 2.9% | . $1,349,000 2 baths 1,343 ft²
01/30/2009 #8B $1,259,000 - 3.1% |↓ $1,299,000 2 baths 1,343 ft²
01/06/2009 #2B $1,239,955 + 0.0% | . $1,239,955 2 baths 1,343 ft²

Even at ~800/SF renovated, I'm not sure this building is a bargain.

AR: At 40 West 77th, 16C and #16D might have been a neat combination (I think the living rooms are adjacent). The timing was just a litle off.

760 West End Avenue #11B: 2BR/1BA resale. Another 2007 bidding war leads to grief. Down 11% so far.
06/21/2007 Previously Listed by Citi-Habitats at $779,000.
12/05/2007 Previous Sale recorded for $820,000.
09/29/2009 Listed by Prudential Elliman at $759,000.
11/20/2009 Price decreased by 3% to $739,000.
02/03/2009 Price decreased by 3% to $715,000.
http://www.prudentialelliman.com/Listings.aspx?ListingID=1166456

#2AE, a one-bedroom at Schwab House: http://streeteasy.com/nyc/sale/462520-coop-11-riverside-drive-upper-west-side-new-york

A couple of bidders, apparently:

09/14/2009 Listed by Bellmarc at $569,000.
10/19/2009 Listing entered contract.
01/27/2010 Sale recorded for $570,000.

#4AE went for $512K in 2004, and higher-floor AE's for around $600K in 2005 and 2006.

To follow through on 13B at 300WEA: http://streeteasy.com/nyc/sale/468122-coop-300-west-end-avenue-upper-west-side-new-york

10/02/2009 Listed by Halstead Property at $5,250,000.
11/13/2009 Listing entered contract.
01/27/2010 Sale recorded for $5,000,000.