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

255 West 90th Street (Cornwall) #8C: 9-into-8, resold quickly at full ask, 15% above 2005 acquisition price. Most (possibly all) renovations pre-dated the 2005 sale.
02/22/2005 Listed by Coldwell Banker at $2,995,000.
03/29/2005 Listing entered contract.
06/28/2005 Sale recorded for $3,125,000.
01/18/2012 Listed by Halstead Property at $3,675,000.
03/06/2012 Listing entered contract.
04/18/2012 Sale recorded for $3,675,000.
http://streeteasy.com/nyc/sale/655277-coop-255-west-90th-street-upper-west-side-new-york
(Additional data from other sources)

780 West End Avenue #6D: 2BR/1.5BA pre-war condo, re-sold 21% below 2008 acquisition price.
12/22/1995 Previous Sale recorded for $211,000.
04/26/2002 Previous Sale recorded for $650,000.
05/13/2004 Previous Sale recorded for $900,000.
05/08/2008 Previous Sale recorded for $1,350,000.
02/01/2012 Listed by Charles Rutenberg at $1,095,000.
05/23/2012 Sale recorded for $1,065,000.
http://streeteasy.com/nyc/sale/660236-condo-780-west-end-avenue-upper-west-side-new-york

The 2004 buyer did very well on a $180K equity investment. The 2008 transaction appears to have been all-cash.

I wonder what the sellers' plans had originally been. Over the years they've bought four 6th-floor apartments there:

1999 6F
2001 6E
2008 6D
2010 6C

and have sold only this one.

I think what happened was that 6C became available, making D unnecessary as the connector apt (see plans for 4C & 4F).

Job filed with DOB - apts 6C, 6E, 6F have been combined.

http://a810-bisweb.nyc.gov/bisweb/JobsQueryByNumberServlet?requestid=5&passjobnumber=120376155&passdocnumber=01

See the plans for 6CEF here.

http://www.zirinskyarch.com/apt10.htm

Great catch!

215 W 90th
Taking the A line as an example, we haven't seen much of a drop off even with all the issues in the building:

09/13/2011 #8A $2,250,000
08/07/2008 #14A $2,325,000
01/15/2008 #4A $2,595,000
05/11/2004 #12A $1,800,000
04/30/2004 #10A $1,750,000
01/06/2004 #5A $1,522,283

610 West 110th Street #10E: 2BR/2BA pre-war condo, resold 6.7% below 2008 sponsor sale. Reno pre-dates the 2008 transaction.
04/08/2008 Listed by Corcoran at $1,390,000.
08/12/2008 Sale recorded for $1,415,367.
02/01/2012 Listed by Brown Harris Stevens at $1,375,000.
04/06/2012 Listing entered contract.
06/13/2012 Sale recorded for $1,320,000.
http://streeteasy.com/nyc/sale/215066-condo-610-west-110th-street-upper-west-side-new-york

Don't forget the original was a sponsor sale and 110 has improved a lot in the last 10 years (including the last 5).

203 West 81st Street #8A: Small pre-war classic six condo at the Barrington. Resold 19.1% above Q1 2011 sale. Kitchen was redone previously. The significant upgrade between the two sales was the addition of a second full (though small and windowless) bathroom.
12/03/2001 Previous Sale recorded for $890,000.
06/02/2010 Listed by Stribling at $1,750,000.
09/07/2010 Price decreased by 3% to $1,695,000.
09/29/2010 Price decreased by 3% to $1,645,000.
01/13/2011 Listing entered contract.
02/23/2011 Previous Sale recorded for $1,620,000.
01/09/2012 Listed by Douglas Elliman at $1,925,000.
02/01/2012 Listing entered contract.
05/22/2012 Sale recorded for $1,929,000.
http://streeteasy.com/nyc/sale/652962-condo-203-west-81st-street-upper-west-side-new-york
http://streeteasy.com/nyc/sale/529525-condo-203-west-81st-street-upper-west-side-new-york

90 Riverside Drive 14D in estate, gut renovation condition sold for $2.85 early June.

Comp is 15D, similar condition, $2.4 sale in spring 2010.

> 90 Riverside Drive 14D in estate, gut renovation condition sold for $2.85 early June.

wow, looks like a horrible deal for a estate condition. let's do 1 minute of silence on behalf of the buyers.

wait, this guy was the buyer: "G. Carlton Adkins, was Philip Morris Assistant General Counsel circa 1981".

G. Carlton seems to be living in 14E, so probably the estate knew he was salivating to expand his adobe and made him paid dearly for that. Not a bad leverage to have! Cheers to the estate!!!

From the perspective of a wealthy buyer who loves Riverside Drive, 90 RSD lacks just one thing: truly big apartments. The high-floor D/E combination whacks that problem on the head, with eighty feet of open southern exposure. Although $2.85MM might be a lot of money for a wreck that doesn't face west, I think the buyers would have little difficulty flipping the twelve-into-ten room combo, or whatever they make of the space.

Rather than mourning the new owners of #14D, maybe we should raise a glass of fine pinot to the brave buyers of #15D, who seem to have done very well for themselves.

> Rather than mourning the new owners of #14D, maybe we should raise a glass of fine pinot to the brave buyers of #15D, who seem to have done very well for themselves.

Let's face it, you are comparing 2 transactions that shouldn't be compared. As i stated, the 2nd guy paid 20% more than 15D for a place in worse condition due to HIS OWN location, which represented a huge leverage to 14D estate.

Let's then interpret this correctly and drink the pinot nonetheless but on behalf of the estate. I really like these types of transactions. Cause while they don't reflect overall mkt conditions at all, they do tell a lot about the individual G. Carlton. He was indeed in dire need of more elbow room.

Notadmin: Was #14D an actual estate? I thought it was just in "estate condition", and that the seller would get to enjoy her profits among the living.

The pinot was a little inside joke, but maybe we can toast all the parties. They all seem to have gotten what they wanted (though I agree that Mr. 14E may have paid a premium for space that was worth more to him than it would have been to anyone else).

315 West 106th Street #16B: Classic 7 coop, resold 28% above late 2009 purchase. Between the two transactions, the kitchen was renovated (though not expanded) and worn-out floors were replaced, plus some other cosmetic improvements.
09/12/2009 Listed by Brown Harris Stevens at $1,950,000.
10/15/2009 Listing entered contract.
01/15/2010 Previous Sale recorded for $1,925,000.
02/14/2012 Listed by Brown Harris Stevens at $2,595,000.
03/18/2012 Listing entered contract.
06/13/2012 Sale recorded for $2,465,000.
http://streeteasy.com/nyc/sale/663159-coop-315-west-106th-street-upper-west-side-new-york

> The pinot was a little inside joke, but maybe we can toast all the parties.
of course! and it's fun that even as an arm-chair appraiser i was able to tell it was in the wrong direction :=)

> 06/13/2012 Sale recorded for $2,465,000.
it's not a bad floorplan, but paying $2,4M for that location!? really?

Plenty more of these kinds of deals r pending or closed, and we r waiting for city to register the transaction. Either way, I would expect more of these types of bids to reveal themselves, especially in downtown markets

Thanks, Noah. I think you called this trend several months ago. Any idea whether it's sustainable?

110 Riverside Drive #15B: Seven-into-six with direct river views, resold 28% above 2005 acquisition price after just two weeks on the market.
03/11/2005 Listed by Corcoran at $3,900,000.
03/27/2005 Price reduced to $3,750,000.
04/20/2005 Price reduced to $3,500,000.
05/24/2005 Price reduced to $3,295,000.
06/23/2005 Price reduced to $2,999,999.
07/05/2005 Listing entered contract.
09/28/2005 Previous Sale recorded for $3,200,000.
04/22/2012 Listed by Corcoran at $3,995,000.
05/05/2012 Listing entered contract.
07/03/2012 Sale recorded for $4,100,000.
http://streeteasy.com/nyc/sale/678623-coop-110-riverside-drive-upper-west-side-new-york

Judging by the two Corcoran listings (and having seen the apartment myself this spring), little or nothing was done to the apartment between 2005 and 2012.
http://www.corcoran.com/property/listing.aspx?ListingID=775922&Region=NYC
http://www.corcoran.com/property/listing.aspx?Region=NYC&listingid=2322566

@w81. Again with financial logic like w81, who can EVER go wrong with nyc re?

It's like the sprint holder jumping for joy at the 39% increase in the last 4 months whilst he forgets he could have sold in 2007 at $20 share. FYI Sprint is trading at $3.30 today. Flmaozz.

Slice and dice data to see only up in nyc re!

490 West End Avenue "B" line: Front-facing, undersized seven. 2B, 3B, 6B and 9B all needed extensive renovation. Condition not available for 8B. The 33% bump from 9B to 6B suggests a return to 2006-2007 pricing in this sector.
--------- Recorded Sales ---------|--------- Previous Listings ---------
06/18/2012 # 6B $2,000,000 - 8.9% | . $2,195,000 3 beds 2.5 baths
10/07/2010 # 2B $1,675,000 - 9.5% | . $1,850,000 3 beds 3 baths 1,800 ft²
05/07/2009 # 9B $1,500,000 -24.1% |↓ $1,975,000 3 beds 3 baths
12/17/2008 # 3B $1,850,000 -21.3% | . $2,350,000 3 beds 3 baths
08/06/2004 # 8B $1,800,000 - 2.8% | . $1,850,000 3 beds 2.5 baths
http://streeteasy.com/nyc/building/490-west-end-avenue-manhattan

w67: I don't think anyone is touting RE as an investment. The market is up from 2009, and certain sectors have rebounded to near-peak levels. What that means for the future is anyone's guess.

205 West 76th (Harrison): 2BR/2BA new construction condo, resold 19% above 2010 sponsor sale.
07/16/2009 Previously Listed in StreetEasy, already in contract, by Related Sales at $1,935,000.
08/17/2009 Off market temporarily. Last priced at $2,250,000.
04/19/2010 Previously Listed by Related Sales at $2,250,000.
08/30/2010 Previous Sale recorded for $1,699,947.
11/24/2011 Previously Listed by Corcoran at $2,499,000.
01/21/2012 Corcoran Listing is no longer available.
02/01/2012 Listed by Blu Realty Group at $2,499,000.
04/10/2012 Price decreased by 4% to $2,390,000.
06/04/2012 Price decreased by 6% to $2,250,000.
06/21/2012 Listing entered contract.
07/09/2012 Sale recorded for $2,100,000.

Sorry - make that 23.5% above sponsor sale.

Sprint is up 17% in one day.... That's 170% up on a 10 to 1 leverage and 340%on 20x but I'm only up $180k today.

Get ready to serve w67 and clan, you euro trashers. Berries and cream

595 West End Avenue #6C (a.k.a. #6CD): 1,400SF 3BR/2BA condo, resold 5.2% above 2007 sponsor sale.
09/07/2007 Previous sale recorded for $1,496,827
03/22/2012 Listed by Halstead Property at $1,645,000.
04/10/2012 Price decreased by 3% to $1,595,000.
05/14/2012 Listing entered contract.
07/19/2012 Price decreased by 1% to $1,575,000.
07/16/2012 Sale recorded for $1,575,000
http://streeteasy.com/nyc/closing/131686
http://streeteasy.com/nyc/sale/671891-condo-595-west-end-avenue-upper-west-side-new-york
http://streeteasy.com/nyc/closing/2055521

Sprint is really cheap at $4.30 / share. It's like 5000% undervalued.

The 5% above 2007 re re sale, ignores the 30% cash flow gift from 6% mortgage to 1.5% libor, and the govt/bank/private 'agreement' to withhold trillions of 're / mortgage assets' from hitting the market. Never mind the 0% funding and 3% treasury investment arbitrage gift to keep the banks afloat which created the massive manhattan RE bubble.

Pump all you want w81. Ya coulda just told your clients to buy sprint at $2.4 four months ago. It's a $12 stock with 2 more quarters of solid earnings.

Btw I made 5.7% return TODAY. With $20 transaction cost.

161 West 75th Street, #12BC - sold 17.6% above asking price.

04/14/2012 Listed by Corcoran at $1,900,000.
04/28/2012 Listing entered contract.
07/18/2012 Sale recorded for $2,235,000.

317 W 93rd St, #7A, sold 9% below 2007 sale. Renovations were done by 2005 buyers.
http://streeteasy.com/nyc/sale/655002-coop-317-west-93rd-street-upper-west-side-new-york
11/07/2005 Previous Sale recorded for $975,000
04/17/2007 Previously Listed by Corcoran at $1,475,000.
12/03/2007 Corcoran Listing sold. Last priced at $1,395,000.
12/03/2007 Previous Sale recorded for $1,370,000
01/17/2012 Listed by Corcoran at $1,350,000.
02/07/2012 Price decreased by 4% to $1,300,000.
03/19/2012 Price decreased by 2% to $1,275,000.
05/09/2012 Listing entered contract.
07/09/2012 Listing sold.
07/09/2012 Sale recorded for $1,280,000

Blah blah blah. Bubble plus 5%. Bubble plus 12%. But with $500k reno. Bubble plus 1%, but not really if you think about 6% trans cost plus 30% less mortgage monthly cash flow.

Blah blah blah.

Holy Shit! Apple is gonna buy Sprint to by pass cable and go direct to your living room!!!! Now thatz nyc related! Cause instead of sitting on an 'asset' being eaten away by inflation and barely able to stay still with trillions of low mortgages and mortgage forgiveness, ya could just buy sprint.

i told you...i missed sprint...shoulda listened up

what's the next azzet you like? im all ears this time.

gross said the era of returns has ended...apparently he missed the sprint call too

455 Central Park West #21A: 3BR condo with serious views, in the high-rise modern section of 455 CPW. Resold 7.8% below 2005 sponsor sale.
09/15/2005 Previous Sale recorded for $2,886,738.
10/13/2011 Listed by Corcoran at $2,995,000.
03/10/2012 Price decreased by 5% to $2,850,000.
04/12/2012 Price decreased by 2% to $2,800,000.
06/25/2012 Listing entered contract.
08/21/2012 Sale recorded for $2,662,500.
http://streeteasy.com/nyc/sale/640642-condo-455-central-park-west-manhattan-valley-new-york

755 WEA #14A, discussed at the top of this page, sold in August for the final asking price of $2.495MM, a drop of close to 10% from the top-of-market acquisition price.
http://streeteasy.com/nyc/sale/663679-coop-755-west-end-avenue-upper-west-side-new-york

Every day your mama don't sell. The less bubble profit for you and the clan. That's gotta hurt I wonder if she'll choose you to sell her apt?

35 West 82nd Street #5B: Small six with well-preserved details, resold 6.1% above 2006/2007 acquisition price. Kitchen updates seems to have been the main improvements between sales. Key factor in the quick resale was probably a severe shortage of what passes for "affordable" family apartments in popular school catchments.
02/02/2006 Listed by Douglas Elliman at $1,325,000.
04/03/2006 Listing entered contract.
04/06/2006 Price decreased by 4% to $1,275,000.
08/01/2006 Re-listed by Douglas Elliman.
10/18/2006 Price decreased by 2% to $1,250,000.
11/16/2006 Listing entered contract.
01/05/2007 Sale recorded for $1,315,000.
04/27/2012 Listed by Halstead Property at $1,395,000.
06/15/2012 Listing entered contract.
08/28/2012 Sale recorded for $1,395,000.
http://streeteasy.com/nyc/sale/679954-coop-35-west-82nd-street-upper-west-side-new-york

W81: That 455 CPW apt was very nice with a lot of upgrades. So between below purchase sale, transaction costs and the cost of very elegant upgrades, that is quite a hit.

This line has held up pretty well. 4A got multiple bids in both 2007 and 2012: http://streeteasy.com/nyc/sale/687020-coop-246-west-end-avenue-lincoln-square-new-york

02/12/2007 Listed by Douglas Elliman at $1,390,000.
03/05/2007 Listing entered contract.
05/29/2007 Sale recorded for $1,510,000.
05/31/2012 Listed by Corcoran at $1,649,000.
06/15/2012 Listing entered contract.
08/01/2012 Sale recorded for $1,656,500.

The baths were redone by the 2007 buyer, so deduct from the $146K. Any gain was in the few thousand per month rent difference.

Wtf? Now imagine. iO rates at 8%.

Ok. Go! Figure it out. Nwt/w81. When a bond sells at .98% of par even as interest rates goes from 7% to 3%, W67 would not be happy.

But financial ninnies therez be.... 'this line has held up pretty well!'. Hahhahhahahha.

$400k is the Bernie magic stick. By rights, any sales should be selling for 30% higher with the lower rates. The fact it's still sliding backwards should give anyone with a finacial brain a dog eared perked/quizzical look.

"The baths were redone by the 2007 buyer, so deduct from the $146K. Any gain was in the few thousand per month rent difference."

NWT, how in the world do you figure that?

Let's say purchase was 80% financed at 6%, $50K on reno.

You have $146K "profit". Minus $132K transaction costs. Minus $50K reno. Minus $227K interest (50 months at $4550 after-tax). Minus $90K maintenance ($1800 a month after-tax). Leaves you at -$353K, or $7K a month.

That is high for a low-floor 1250 sq ft apt, price would have been more in the $5500 range on average during the past 5 years. A "few" thousand a month savings would imply a rent of $10-11K, which is simply nuts.

Then there is the matter of usage of the downpayment of $302K. Put it in SPY on their purchase date (about as bad an entry point as you can find in an asset that has done relatively poorly during the interval), it'd book a $22K profit. So add $500 month to that $7K cost. Put it in bonds ala TLT, a $222K profit, so add $4.4K to that $7K figure.

Am I missing something, or are you just incapable of doing the math?

Woah NWT, are you going to take that? inododo is calling you out. What's your response NWT?

I'll have to go with "incapable of doing the math." Still looks good for a 2007 buy and 2012 sell.

Word of advice, at least throw in one of the following:
a) reference to the S&P
b) FLMAOZ
c) a big word like 'amortization'
d) reference to the "shitlist"

Still looks good? W67 would have to disagree with your assessment of your non assessment.

I guess when are eating cat food in 20 yrs you'll wonder how it happened.

Here's the math NWT. You pissed away $400k btwn 2007 and 2012 and did not grow that at 5% for 20yrs but had no clue you are missing $400k.

Shitllisterflmaaozz.

Heh, NWT. Yeah, it was less of a bloodbath than it could have been. Only an $80-300K loss compared to renting on a $300K downpayment, depending on cash vs SPY vs TLT.

NWT, are you going to take that?

Yes. My mistake was saying "held up pretty well" without adding something like "considering all that's happened since 2007." I assumed the dates told their own story, and forgot that nothing goes without saying on SE.

Also missing was the footnote "recorded numbers are nominal and do not include transaction costs, what else the parties could've done with their money, etc."

I wasn't taking you to task for "held up pretty well". I was taking you to task for "Any gain was in the few thousand per month rent difference" when the reality was a few thousand a month in the other direction.

Now I know the difference between a $150-200K gain vs. a $100-300K loss is peanuts to you & me. But you gotta realize that $375K difference is real money to a guy like w67th, who would have no doubt turned it into $800K on Sprint.

I've run out of ways to pretend I didn't forget about transaction costs amortized(!) over only 60-odd months.

Actually $950k. Sprint is up huge today. Will be upper hugher when earnings comes out. Still trading below $10. Flmaozzz

Wtf don't ppl get. Sprint at this price is hugely cheaper than any POS nyc re bought in 2003-2012. In 8 qtrs when my $2mm in sprit turns into $4mm and myC7 trades at $1mm. W67 will take that $5mm swing and go conservative for 20 yrs. 5% return per annus, NOW you talking big fuck you money.

You don't know what fk you money is? Well Fuck you.

inonada-
As another way to look at it, how would you consider an all-cash purchase in this case? Using your numbers (including everything but the interest), the outflow would be $126k. That's $146k - $132k - $50k - $90k. That's $2,000/month.

So using your view of rent of $5,500, there's $42k/yr of rent benefit. Divided by the full purchase price that is a return of +2.8%/year if my math is right. Is it a sufficient return for the risk, maybe not, but other risky assets like S&P did not do well either over this period as you noted. Anyway, I think you're relying quite a bit on the financing assumption in evaluating this one.

Also as far as I can tell (from another listing) this building allows max 75% financing. So your assumption of 80% financing could not have right.

160 Riverside Drive low-floor "C" line: The 42.5% premium commanded by #4C is partly attributable to condition and elevation. The difference in velocity is at least as notable: #2C went begging in 2009, then sold in fairly orderly fashion in 2011 after returning to market at a sharply reduced price. #4C sparked a bidding war last October, and went to contract in less than three weeks.
--------- Recorded Sales ---------|--------- Previous Listings ---------
03/07/2013 # 4C $1,795,000 + 5.9% | . $1,695,000 2 beds 2 baths 1,700 ft²
11/08/2011 # 2C $1,260,000 + 0.0% |↓ $1,260,000 2 beds 2 baths
http://streeteasy.com/nyc/building/160-riverside-drive-new_york

W81, good to see you posting on the Comp thread again.
Question re: the dining room in the C line: would you call this an Edwardian DR?
I often see this layout in prewar apts. I don't care for it & it seems awkward when converted into a BR.

Dwell: I wouldn't call it Edwardian. King Edward had been dead for more than a decade when 160 RSD was built. It might be more a case of the architect (Ajello?) making the best of odd-shaped space in secondary lines, after the "A" and "B" lines got the good stuff.

I understand your point about that format, though. You see it a lot in mid-block pre-wars that have to work with a frontage constraint. Often, the only way to give the dining room a window is to angle it where the apartment bends around a light court. Depending on the dimensions and position of the dining room, it can convert or divide reasonably well to provide an extra bedroom, as at 145 West 86th: http://img.streeteasy.com/nyc/image/79/10208479.gif

Great answer, thanks W81

203 West 81st Street #8E: Unique, sleek and profoundly undersized, this oft-traded 2BR couldn't quite breach the mansion tax threshold. Resold for $999.5K, up 16.2% from 2010 acquisition price.
08/12/1997 Previous Sale recorded for $260,000.
06/09/2005 Previous Sale recorded for $840,000.
04/30/2010 Previous Sale recorded for $860,000.
11/12/2012 Listed by New York Residence at $1,200,000.
01/22/2013 Price decreased by 4% to $1,150,000.
02/15/2013 Listing entered contract.
03/13/2013 Sale recorded for $999,500.
http://streeteasy.com/nyc/sale/789524-condo-203-west-81st-street-upper-west-side-new-york

250 West 94th Street #3F: This modest 2BR at the Stanton resold 7% below the owners' 2006 acquisition price:
05/18/2006 Previous Sale recorded for $1,195,000.
04/21/2012 Listed by Douglas Elliman at $1,195,000.
06/13/2012 Price decreased by 2% to $1,175,000.
10/10/2012 Price decreased by 2% to $1,150,000.
11/19/2012 Listing entered contract.
02/19/2013 Sale recorded for $1,110,000.
http://streeteasy.com/nyc/sale/678474-coop-250-west-94th-street-upper-west-side-new-york

470 West End Avenue "B" line: One of the original IYCDMMWC stars, a big corner six with a very flexible layout, makes a comeback:
---------- Recorded Sales ----------|---------- Previous Listings ----------
03/13/2013 #15B $2,625,000 . -2.6% | . $2,695,000 2 beds 2.5 baths
06/04/2009 #14B $1,600,000 -15.8% |↓ $1,900,000 2 beds 2.5 baths
06/01/2009 . #4B $2,175,000 . -5.4% |↓ $2,300,000 Sold 3 beds 2.5 baths
10/17/2008 #10B $2,300,000 . -6.1% |↓ $2,450,000 Sold 2 beds 2.5 baths
06/21/2006 . #6B $2,710,290 +18.1% | . $2,295,000 3 beds 2 baths
08/24/2004 . #5B $1,952,000 ............ |

#15B wasn't an estate wreck like #14B, but it needs updating. The kitchen appears to date from the seller's "Laverne and Shirley" days.

320 West 89th Street #9B: Typical mid-block pre-war 2BR/1BA coop. Washer-dryer in unit. No doorman. Resold quickly, 12.8% above late-2007 (i.e. peak) acquisition price and 6.5% above ask.
07/14/2007 Listed by Halstead Property at $875,000.
08/21/2007 Listing entered contract.
11/01/2007 Previous Sale recorded for $940,000.
01/02/2013 Listed by Halstead Property at $995,000.
01/29/2013 Listing entered contract.
03/21/2013 Sale recorded for $1,060,000.
The sellers appear to have done some kitchen updates. Also, the $995K ask might have been calculated to attract buyers reluctant to pay Mansion Tax.
http://streeteasy.com/nyc/sale/786238-coop-320-west-89th-street-upper-west-side-new-york

588 West End Avenue #6A: 2BR/1BA coop with W/D and part-time doorman. Resold 7.8% below 2007 bidding war price.
03/23/2007 Listed by Douglas Elliman at $899,000.
04/14/2007 Listing entered contract.
07/13/2007 Sale recorded for $1,106,100.
10/26/2012 Listed by Brown Harris Stevens at $1,100,000.
01/03/2013 Price decreased by 4% to $1,060,000.
01/30/2013 Listing entered contract.
03/25/2013 Sale recorded for $1,020,000.
http://streeteasy.com/nyc/sale/757519-coop-588-west-end-avenue-upper-west-side-new-york

I think 6A's wrap around kitchen is weird. I prefer 14A's layout & it also has a 2nd toilet, but it's off the kitchen, which is also weird. Wonder if the A line's 2nd BR was originally the DR & if there was a maid's room originally connected to the kitchen, because why put a toilet off the kitchen (see also 7A).

240 West 98th Street (Sabrina) "H" line: small, Broadway-facing six. Bathrooms in #3H were updated. #8H has much better views.
---------- Recorded Sales ----------|---------- Previous Listings ----------
03/29/2013 #3H $1,450,000 -3.1% | . $1,495,000 3 beds 1,408 ft²
10/19/2010 #2H $1,100,000 +0.0% |↓ $1,100,000 Sold 2 beds 1.5 baths 1,408 ft²
04/28/2010 #8H $1,100,000 -4.3% |↓ $1,149,000 2 beds 1.5 baths 1,408 ft²
http://streeteasy.com/nyc/building/the-sabrina

dwell: I don't think any apartments at 588 WEA ever had maid's rooms. That toilet off the kitchen might reflect the impact of tighter immigration quotas after WWI: With fewer recent arrivals seeking domestic work, live-in domestic help became less affordable for the middle class. Although the maid's room was no longer needed in mid-range 2BR apartments, it was still considered inappropriate for a servant to use the family bathroom. Hence the compromise of a WC off the kitchen. In tonier 1920s buildings, you might see it in secondary lines. (e.g. http://img.streeteasy.com//nyc/attachment/show/1019628-470-west-end-avenue-new_york.jpg) At 588, it's a feature of the primary lines.

Thanks W81.

118 West 79th Street #4A: Generous classic six, with dining room split to add an extra bedroom. Resold 21.5% above 2006 sponsor sale, but the owners seem to have expected a better return on their renovation.
01/30/2006 Previous Sale recorded for $2,014,692.
04/28/2012 Listed by Corcoran at $2,995,000.
06/23/2012 Price decreased by 5% to $2,850,000.
08/22/2012 Listing is no longer available.
09/05/2012 Re-listed by Corcoran.
09/05/2012 Price decreased by 6% to $2,675,000.
10/22/2012 Price decreased by 3% to $2,595,000.
01/09/2013 Listing entered contract.
03/25/2013 Sale recorded for $2,565,000.
http://streeteasy.com/nyc/sale/680095-coop-118-west-79th-street-upper-west-side-new-york

$200k Reno. 6% commish. 7yrz. Add in 400bps decrease in 30 yr mortgages.

w67 (wo sprint) is gonna call it a 'loss'. W67 (with $2mm in sprint gain in 1yr) is gonna call it a blood bath.

Oh I'm gonna bet my 2k shares of apple at $390/share has a 100% chance of beating the above Borker '20%' gain over the next 7 yrs and 2months. GO!

Correction on 118 West 79th #4A: Up 27.3% from 2006, not 21.5%. I flipped the numerator and denominator. Still not much of a return on their renovation. It could have been worse: they could have bought Sprint in 2006, at $27 a share.

Moving on to the Ardsley...

320 Central Park West #4K: North-facing five with three bedrooms and good space overall, but an awkwardly narrow kitchen. Resold 11.9% above 2011 acquisition price.
09/20/2010 Listed by Brown Harris Stevens at $1,695,000.
12/02/2010 Listing entered contract.
04/21/2011 Previous Sale recorded for $1,550,000.
11/16/2011 Listed by Halstead Property at $1,725,000.
03/07/2012 Listing entered contract.
05/24/2012 Re-listed by Halstead Property.
05/24/2012 Price increased by 4% to $1,795,000.
09/21/2012 Price decreased by 3% to $1,749,000.
09/22/2012 Price decreased by 0% to $1,745,000.
11/27/2012 Listing entered contract.
03/28/2013 Sale recorded for $1,735,000.
http://streeteasy.com/nyc/sale/646598-coop-320-central-park-west-upper-west-side-new-york

205 west 76th (Harrison) #4D: East-facing 1BR/1BA. Resold 35.2% above the sponsor sale that closed in 2009 but went to contract, pre-construction, at the market peak in early 2008.
10/10/2007 Listed by Related Sales at $925,000.
12/27/2007 Price increased by 5% to $975,000.
01/11/2008 Listing entered contract.
07/21/2009 Previous Sale recorded for $998,572.
01/16/2013 Listed by New York Residence at $1,350,000.
02/27/2013 Listing entered contract.
04/01/2013 Listing sold.
04/01/2013 Sale recorded for $1,350,000.
http://streeteasy.com/nyc/sale/796819-condo-205-west-76th-street-upper-west-side-new-york

OMFG.. westie81.. you better go buy some more NYC Condos....

I'm a buyer of apple at $400.... all day all nite... even twice in one session sometimes...

"I'm just a pedophile... you could have married a pedophile terrorist!" nice nice....

BTW, that 4D cost me nothing.... got $2MM for free from sprint....

535 West End Avenue #7B: Half-floor, 5BR new construction condo. Resold 13.5% above 2010 sponsor sale.

04/09/2008 Listed by Corcoran at $9,500,000.
05/07/2008 Listing entered contract.
05/30/2008 Listing is no longer available.
06/06/2008 Listing entered contract.
10/10/2008 Listing is no longer available.
11/25/2008 Listing entered contract.
02/16/2010 Previous Sale recorded for $7,243,424.
05/05/2011 Listed by Warburg at $8,950,000.
05/06/2011 Delisted.
05/06/2011 Later Listed by Warburg
06/06/2012 Delisted by Warburg. Last priced at $8,500,000.
02/05/2013 Later Listed by Brown Harris Stevens
03/25/2013 Brown Harris Stevens Listing sold
03/25/2013 Sale recorded for $8,224,368.
http://streeteasy.com/nyc/sale/605713-condo-535-west-end-avenue-upper-west-side-new-york

If the timeline tells the full story, 13.5% doesn't seem like much of a reward for an owner who had the courage to sign a pre-construction contract in November 2008. With the original listing going in and out of contract so many times, there's no way to know whether that purchase was based on an earlier commitment to buy the apartment if Sunshine couldn't find another buyer above a certain price.

no, not much reward at all. especially considering how other asset classes have performed over the past 4 years.

255 West 84th Street #11C: Edwardian five, marketed unsuccessfully as a potential duplex with #12C, which the sellers also own. Resold 1.1% below 2005 acquisition price.
06/22/2005 Previous Sale recorded for $1,600,000.
07/25/2012 Listed by Corcoran at $1,695,000.
10/18/2012 Price decreased by 3% to $1,650,000.
02/06/2013 Listing entered contract.
04/11/2013 Sale recorded for $1,582,000.
http://streeteasy.com/nyc/sale/697651-coop-255-west-84th-street-upper-west-side-new-york

Some of the issues here are specific to the building, as the sellers bought #11C just before the Alameda was beset with multiple infrastructure problems that pushed monthly costs sharply higher.

20 West 77th Street #7B: South-facing 2BR/1.5BA pre-war coop with views of the San Remo. This apartment was a notable chopper during the financial crisis, with the same broker. Resold quickly, 47.8% above 2009 acquisition price after some nice updates, largely cosmetic.
09/09/2008 Listed by Corcoran at $1,595,000.
10/21/2008 Price decreased by 6% to $1,495,000.
01/12/2009 Price decreased by 14% to $1,280,000.
01/29/2009 Price decreased by 10% to $1,150,000.
02/19/2009 Listing entered contract.
04/19/2009 Re-listed by Corcoran.
04/28/2009 Listing entered contract.
06/26/2009 Previous Sale recorded for $995,000.
01/22/2013 Listed by Corcoran at $1,475,000.
02/11/2013 Listing entered contract.
04/25/2013 Sale recorded for $1,471,000.
http://streeteasy.com/nyc/sale/800334-coop-20-west-77th-street-upper-west-side-new-york

Sprint is up 200% in 1yr. Cost of Reno $0. Cost of Borker $7.99 per side.

If $$$$ is what you wanna see, let's see this $1.5mm Frederic 5 do better than apple at $390 in the next 4 years. Flmaozz.

W67 is up $250k in 10 days and picking my chops on the $7.6k div chk on Friday. Pay day beytches.

500 West End Avenue #B: Ground-floor six-room condo. Resold 9.1% below 2011 acquisition price.
10/29/2010 Listed by Douglas Elliman at $2,895,000.
11/12/2010 Price decreased by 5% to $2,750,000.
12/06/2010 Listing is no longer available.
01/03/2011 Re-listed by Douglas Elliman.
01/03/2011 Price increased by 2% to $2,795,000.
01/26/2011 Listing entered contract.
03/16/2011 Previous sale recorded for $2,750,000.
04/19/2012 Listed by Douglas Elliman at $2,975,000.
05/14/2012 Price decreased by 3% to $2,875,000.
08/08/2012 Price decreased by 4% to $2,749,000.
01/08/2013 Price decreased by 5% to $2,599,000.
04/16/2013 Sale recorded for $2,500,000.
http://streeteasy.com/nyc/sale/677733-condo-500-west-end-avenue-upper-west-side-new-york

when was the museum quality renovation done?

Not a comp yet, but this one's asking has just dropped to what it went for in 2007: http://streeteasy.com/nyc/sale/846159-coop-246-west-end-avenue-lincoln-square-new-york

06/17/2004 Sale recorded for $1,432,133. (As uncombined #10B and #10C)
02/27/2007 Sale recorded for $3,850,000. (As #10BC)
04/01/2013 Listed by Corcoran at $4,250,000.
04/27/2013 Price decreased by 4% to $4,100,000.
05/17/2013 Price decreased by 6% to $3,850,000.

The 2004-2007 combo-renovation is getting a bit beat-up (e.g. floors in the DR) and this is the kind of place that should have central or through-wall air.

That's quite aggressive on the price chops -- 10% in 6 weeks. What do you think is going on? Most people anchor above their purchase price to pay for transaction cost much longer.

What's going on is Hail Mary pass. Let's see. If my prepaid rents were exactly back to 2007 prices with long bonds going from 7% to 3% and 6% transaction cost not even accounted for and with not a single Russian gangster mistress interested in my apt in 4 months... W67 would be pissed.

But then again, w67 has effectively cut the price of this to $2mm with my sprint trade. Banked the differential in rent/buy the last 6 yrs and this POS ain't done cutting by a Long shot.

This sale is financial suicide. They want to commit hari kari with a dull butter knife... M'okay w67 will watch. Need more popcorn.

203 West 81st Street (Barrington) #3C: Oft-traded 2BR/2BA pre-war condo, gut renovated - two owners ago - in 2007. Resold 22% above Q1 2010 acquisition price.
07/17/2003 Previous sale recorded for $300,000.
05/05/2006 Previously Listed by Corcoran
09/13/2006 Previous sale recorded for $1,175,000.
05/07/2009 Previously Listed by Douglas Elliman
11/20/2009 Douglas Elliman Listing is no longer available Last priced at $1,499,000.
01/19/2010 Listed by Corcoran at $1,399,000.
02/11/2010 Listing entered contract.
03/26/2010 Listing sold.
03/26/2010 Previous sale recorded for $1,475,018.
02/06/2013 Listed by Corcoran at $1,695,000.
02/25/2013 Listing entered contract.
04/25/2013 Sale recorded for $1,800,000.
http://streeteasy.com/nyc/sale/813268-condo-203-west-81st-street-upper-west-side-new-york

The four sales offer a diverse history: in 2003, the apartment appears to have been occupied by a rent-regulated tenant. By 2006, #3C was vacant and was resold as a wreck. The 2006 buyer did the renovation and probably made little - if any - profit on the 2010 sale, despite the $300K markup. The final $325K between 2010 and 2013 is pure market movement.

305 West 72nd Street #6B: Pre-war 2BR/1BA coop with updated kitchen; re-sold 12.2% below 2007 acquisition price.
02/05/2007 Listed by Douglas Elliman at $1,395,000.
03/05/2007 Listing entered contract.
05/23/2007 Previous Sale recorded for $1,395,000.
09/13/2010 Listed by Douglas Elliman at $1,395,000.
01/17/2011 Price decreased by 2% to $1,370,000.
04/18/2011 Price decreased by 5% to $1,295,000.
06/29/2011 Price decreased by 4% to $1,245,000.
08/03/2011 Listing is no longer available.
12/05/2012 Listed by Douglas Elliman at $1,295,000.
03/07/2013 Listing entered contract.
05/22/2013 Sale recorded for $1,225,000.
http://streeteasy.com/nyc/sale/770575-coop-305-west-72nd-street-upper-west-side-new-york

kitchen and cabinetry shown sum to > 100k renovation cost

how's at least a 25% loss after transaction costs sound?

Is this a big one bdrm that got chopped up?

I don't know what the numbers are; but from my looking there is a huge disconnect b/w the direction of condo prices and co-op prices. People want freedom; new construction; and a lesser level of scrutiny

yikes: I thought the kitchen work pre-dated the 2007 sale; otherwise, the drop is really stunning. As for the floorplan, it's a legitimate five-room apartment, though it might have originated as an Edwardian Five.

my bad re the one bdrm--somehow i missed the obvious window in the north bdrm

the one bath may have affected me.

i dont think it's abt condo vs coop, it's about submarket characteristics--location/neighborhood and apt size.

yeah, coop/condo doesnt seem to be the big divide in the village, for instance. in the village it's size: true 3bed/3bath and above gets the big premium.

275 West 96th Street (Columbia) #32A: 3BR/2BA post-war condo with views. Resold 15.4% above 2012 acquisition price. Renovations pre-dated the 2012 transaction.
05/16/2002 Previous sale recorded for $900,000.
04/26/2012 Listed by Corcoran at $1,450,000.
05/15/2012 Listing entered contract.
08/13/2012 Previous sale recorded for $1,525,000.
02/28/2013 Listed by Corcoran at $1,675,000.
03/19/2013 Listing entered contract.
05/21/2013 Sale recorded for $1,760,000.

25 Central Park West #6K: 1BR/1BA duplex condo with park views. Resold 26.3% above 2009 acquisition price. Renovations pre-dated the 2009 transaction.
04/03/2003 Previous Sale recorded for $930,000.
06/02/2004 Previous Sale recorded for $1,295,000.
01/23/2009 Listed by Brown Harris Stevens at $2,000,000.
03/07/2009 Price decreased by 5% to $1,900,000.
05/11/2009 Listing entered contract.
06/15/2009 Sale recorded for $1,750,000.
12/19/2012 Listed by Brown Harris Stevens at $2,400,000.
02/13/2013 Listing entered contract.
05/14/2013 Sale recorded for $2,400,000.
http://streeteasy.com/nyc/sale/778312-condo-25-central-park-west-lincoln-square-new-york

140 Riverside Drive (Normandy) #3H: Park-facing classic six coop, re-sold 50% above 2009 acquisition price. Intervening renovation accounts for a significant portion of the increase in value.
04/08/2009 Listed by Corcoran at $2,150,000.
05/21/2009 Listing entered contract.
09/04/2009 Sale recorded for $2,000,000.
01/30/2013 Listed by Douglas Elliman at $2,995,000.
02/15/2013 Listing entered contract.
05/23/2013 Sale recorded for $2,995,000.
http://streeteasy.com/nyc/sale/809084-coop-140-riverside-drive-upper-west-side-new-york

W81, if the recent seller had purchased 3H with a mortgage, what would be the return on the investment and how would that compare to
a) Inoitall's purchase of the S&P
b) Pleasegosomewhereelse's purchase of the double leverage S&P500 SSO
c) w67's purchase of Sprint
d) apt23's purchase of a Miami condo

Greensdale: Even with 75% financing (the max for the building), I don't think the annualized ROI is spectacular. It largely depends on the cost and duration of the reno, for which they probably had to lay out cash. Maybe they could have done a cash-out refi after the renovation, based on a higher appraisal. From what I can see in ACRIS, they didn't. So assume $500K down and maybe another $500K for renovation and pre-move-in carrying costs. Then throw in their transaction expenses on the 2013 sale. It's a good flip, but since you asked, plenty of other investments fared better over those four years.

255 West 90th Street (Cornwall) #8B: Classic seven WWI-era coop converted to six. Resold quickly, 36.8% above 2006 acquisition price, and 6.9% above ask. Age of updates unclear, but they do not look recent.
09/18/2005 Listed by Coldwell Banker at $2,375,000.
10/04/2005 Price reduced to $2,250,000.
10/11/2005 Price reduced to $2,175,000.
12/16/2005 Price reduced to $1,995,000.
03/30/2006 Previous Sale recorded for $1,950,000.
02/12/2013 Listed by Halstead Property at $2,495,000.
03/06/2013 Listing entered contract.
05/30/2013 Sale recorded for $2,667,000.
http://streeteasy.com/nyc/sale/816295-coop-255-west-90th-street-upper-west-side-new-york

588 West End Avenue #14A: 2BR/1.5BA coop; resold quickly, 22.6% above Q1 2010 acquisition price. Although the stainless steel appliances that were "new" in 2010 became "brand new" by 2013, little work appears to have been done between the first 2009 listing and the 2013 sale, other than basic painting.
06/14/2004 Previous Sale recorded for $805,100.
04/08/2009 Previously Listed by Halstead Property
08/08/2009 Off market temporarily
10/07/2009 Listed by Brown Harris Stevens at $995,000.
01/22/2010 Listing entered contract.
03/29/2010 Sale recorded for $950,000.
01/30/2013 Listed by Douglas Elliman at $1,150,000.
02/19/2013 Listing entered contract.
05/24/2013 Sale recorded for $1,165,000.
http://streeteasy.com/nyc/sale/809270-coop-588-west-end-avenue-upper-west-side-new-york

91 Central Park West #8E: Modest 2BR coop with a premium address; resold just 5.2% above early 2010 acquisition price. Although #8E was listed with Corcoran, the 2013 sale was actually part of a swap for #9C, so it's hard to know whether the sellers could have done better in the open market.
http://streeteasy.com/nyc/sale/827814-coop-91-central-park-west-lincoln-square-new-york

600 West End Avenue #10A: Five room coop with small second BR and bath; resold 39.8% above February 2009 acquisition price (pre-Lehman contract). Improvements since the 2009 transaction include kitchen reno and addition of a shower to what had been a powder room.
09/04/2008 Listed by Douglas Elliman at $929,000.
10/03/2008 Listing entered contract.
02/04/2009 Sale recorded for $929,000.
01/23/2013 Listed by Maxwell Jacobs at $1,299,000.
05/21/2013 Listing entered contract.
06/07/2013 Sale recorded for $1,299,000.
http://streeteasy.com/nyc/sale/801114-coop-600-west-end-avenue-upper-west-side-new-york

800 West End Avenue #2B: Low-floor six, resold quickly, 8.3% above early 2007 acquisition price. Renovations mostly pre-date the earlier transaction, although the dining room appears to have been divided subsequently.
06/30/2006 Listed in StreetEasy, but no longer available, by Brown Harris Stevens at $1,595,000.
01/17/2007 Previous Sale recorded for $1,680,000.
03/08/2013 Listed by Brown Harris Stevens at $1,860,000.
03/27/2013 Listing entered contract.
07/08/2013 Sale recorded for $1,820,000.
http://streeteasy.com/nyc/sale/831068-coop-800-west-end-avenue-upper-west-side-new-york
http://streeteasy.com/nyc/sale/30277-coop-800-west-end-avenue-upper-west-side-new-york

905 West End Avenue #124: Six room pre-war condo; resold in two weeks, 23% above 2010 sponsor sale. Renovation was bundled with the original transaction.
10/23/2009 Listed by Halstead Property at $1,795,000.
02/05/2010 Listing entered contract.
05/21/2010 Sale recorded for $1,705,568.
03/21/2013 Listed by Stribling at $1,995,000.
04/06/2013 Listing entered contract.
07/01/2013 Sale recorded for $2,100,000.