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

UWS_Watcher: Thanks for posting a dramatic data point.

It's actually #9B: http://a836-acris.nyc.gov/Scripts/DocSearch.dll/Detail?Doc_ID=2009051100297001

I saw #3B, which was a wreck and sold for $1.85MM. I think #9B was also in pretty rough shape, and had a bit less original detail than #3B. Still, six floors is pretty key when you're facing WEA. $1.5MM would have been inconceivable six months ago.

Did you see 9B, W81? I think that's a very good data point. Classic 7 on good stretch of WEA for 1.5m. Haven't seen that since '02/'03.

ok, we are back in 2003 prices? i remember a coffee with a friend back in 2003. he told me he's home had trebled in value (bought in 1998)... mmm is it something to celebrate being back to 2003 at all?

Definitely. I don't even remember a doorman 7 on WEA for that price back then, though I wasn't so interested in WEA at that point.

he's home... yes, he is home. but i meant HIS home

Didn't see it myself. The sevens at 490 are undersized, with no true master, and the building has seen better days (though I like the lobby and canopy). So I don't expect a stampede of prime WEA sevens at this price. Still, it's a milestone sale.

admin, baby steps. soon this will become the destructive toddler.

I agree with w81: rooms are fairly small for a 7 (look at side by side 16x13 lr & dr: combined they make a good LR (26x16). So it sort of makes it between a 6 and a 7, even though the room count is clearly 7. If you want to go further on the same arc, look at 605-611 w 111 with very small rooms and 6's below 900K. Not all 7's are created equal.

NB: none of the above is intended to say this isn't strong evidence of the market going down; just that people shouldn't start on a big "Classic 7's on WEA are now going for $1.5 million" campaign.

While the $1.5mn price point is notable, also interesting to me is the -39% from initial offering price this apartment sold for after being on the market for about 9 months.

More 'prints on the way down'. Another estate sale leading the market down.

150 West 87th "B" line: 2BR 2BA ~1200 sq.ft. Shares of New York seems to be in "make-an-offer" mode. As noted elsewhere, maintenance has jumped.
--------Recorded Sales----------|--------Previous Listings----------
05/08/2009 #8B .... $955,000 -19.5% | . $1,187,000 Sold 2 beds 2 baths
09/03/2008 #5B $1,250,000 .. +0.0% | . $1,250,000 Sold 2 beds 2 baths
http://www.streeteasy.com/nyc/building/150-west-87-street-new_york

Those apts are smallish - that's still close to 1k/foot, no?

My calculator sez about $800...seems like the going figure for avg location right now

334 West 86th Street #5C closed 10.7% below 2005 acquisition price.
StreetEasy History
10/11/2005 Previous Sale recorded for $1,400,000.
01/17/2009 Listed in StreetEasy by Prudential Elliman at $1,250,000.
02/07/2009 Listing entered contract.
05/05/2009 Sale recorded for $1,250,000.

The broker said the price was firm, and it was.

11 West 81st Street #3B: Prime-plus UWS 1BR, just reduced to 10% below 2006 basis despite recent renovation. Now seeking support below the mansion tax threshold:
06/29/2006 Previous Sale recorded for $1,100,000.
03/18/2009 Previously Listed in StreetEasy by Bellmarc at $1,326,000.
03/26/2009 Bellmarc Listing is no longer available.
03/28/2009 Listed in StreetEasy by Halstead Property at $1,190,000.
05/16/2009 Price decreased by 16% to $999,000.
http://www.streeteasy.com/nyc/sale/395666-coop-11-west-81st-street-upper-west-side-new-york

Odd thing about that Hayden house resale: The '05/'06 Corcoran listing says it was already throughly renovated at that time. Looks like the '08 renovation mentioned in the Halstead listing might not have amounted to much.

West81, I'd be interested in your view on the relative closing pricing of the contemporaneous "5C's" at 334 W86th and 755 West End (the latter closing at $100K lower despite being somewhat larger and brighter). Are we seeing the restoration of the once-common price gap between "prime" WEA-RSD and above-96th WEA-RSD?

11W81 - one of my all-time favorite buildings on the UWS. If you are an UWSer, the location, architecture - can't think of any negatives, really. I've always dreamed of being able to assemble a 4-apt package in this building and combining them to their original, glorious full-floor splendor. If 2 of the south-facing apts ever came on the market at the same time (4th floor or higher), I'd definitely make an unsolicited bid on the rear 2.

Nice pad. I assume a building like that would reject a pied-a-terre buyer. Encouraging to see movement toward reality even in prime-plus property.

Isn't mansion tax threshold below $999? They add the transfer tax to price then take mansion I thought.

I have been following this building for a long time. I seem to remember that pied-a-terres were okay in an old ad. Has anyone been inside this building recently? The old floorplans show an elevator inside the central staircase, and then the service elevator outside.

My ideal pad in this building would be a full floor on the last full floor, with a staircase to the rooftop (incorporating one of the 2PH units).

Ripped from an old ad for 10C - "Live right across the street from the Museum of Natural History and Rose Planetarium in a terrific pre-war one bedroom apartment. This large, 10th floor apartment features 11 foot ceilings, parquet floors, a renovated kitchen, 6 closets and open northern views. Pied a tieres allowed."

I think pied a tieres = pied a terre (s)

Tnx 10023. I think it was the NYTimes article a week or two that turned me on to this section of SE as a resource and it is truly terrific and a great source of general illumination (amoungst the snarking)

actually pied a tieres = pieds-a-terre. Like attorneys general or brothers-in-law

Yeah, was trying to make that point by separating the s.

Oldwest - I'm pretty sure transfer tax is only paid by the buyer on a sponsor unit, otherwise its paid by the seller. And you're right, it would get tagged on to the sales price if paid for by the buyer.

"actually pied a tieres = pieds-a-terre. Like attorneys general or brothers-in-law"

Not sure that's correct. Does William Safire post here?

It is correct.

Spinnaker1: I'm pretty sure that transfer tax is tacked on to purchase price when calculating if/how much mansion tax is paid regardless of who pays it.

e.g. $995,000 purchase where seller pays transfer tax would still be subject to mansion tax.

I *believe* that the NY law specifies that the buyer pays the tax but *custom* has become that is only true on sponsor units. So even if the seller pays the transfer tax, the price of the apartment for purposes of mansion tax calculation will include it.

It is also considered part of the capital basis for the seller if the seller pays it.

I should know better than to come off as some sort of authority. I think you have it nailed Oldwest. I'm wrong.

spinnaker1: Don't sweat it. I've heard both opinions from people who should know. The bottom line is that if you're buying in that $950-999K grey area, the price calculation for mansion tax purposes is a question to discuss with your attorney.

ddanyc: with regard to 334 W86 vs. 755 WEA, I can think of at least four factors that might be in play:
1) What you said re. re-marginalization of the UUWS;
2) Fresh vs. stale listing;
3) The effect of possible school rezoning on the 85th-86th corridor;
4) Random chance (i.e., we're overthinking the comparison).

nyc10023: You are a true connoisseuse of RE porn.

Big, high-floor six at the Beresford debuts with a 2004-2005 price. Might be a play for the quick kill against the competition seven floors down, which happens to be listed with the crosstown office of the same firm.
211 Central Park West #15J
http://www.streeteasy.com/nyc/sale/413292-coop-211-central-park-west-upper-west-side-new-york
--------Recorded Sales----------|--------Previous Listings----------
CURRENT ...... #8J ..........................| ↓ $3,500,000 2 beds
NEW LISTING #15J ..........................| . $2,995,000 2 beds
01/29/2008 . #9J $3,900,000 ........ |
06/04/2007 . #9J $3,325,000 +11.0% | . $2,995,000 Sold 2 beds 2 baths 2,300 ft²
12/14/2004 #16J $2,925,000 ........ |

#15J has the higher floor and a modest terrace. Condition appears similar; #15J might have an edge there too. Note that SE shows the original floorplan for #15J. BHS reflects some minor modifications, like the creation of a small library/office from a piece of the big DR.

If #8J is serious about selling, this duel will be worth watching for buyers who care more about the address than the famous park views.

Yep, I saw this a few days ago, got excited, started getting a 3/4 mutz, figured I'd let the smart folks analyze it.

I would sell any of you (except maybe w81) to live at 11 w. 81.

200 West End Avenue "A" line, floors 4-17: 2BR, 2.5BA.
#12A closed below pre-construction pricing (which was deeply discounted from the "official" prices), and 27% below the year-ago comp three floors up.
http://www.streeteasy.com/nyc/building/200-west-end-avenue-new_york
--------Recorded Sales----------|--------Previous Listings----------
CURRENT ...... #16A ..........................| ↓ $1,850,000 2 beds 1,415 ft²
CURRENT ...... #14A ..........................|↓ $1,995,000 2 beds 1,415 ft²
CURRENT ...... #11A ..........................|↓ $1,765,000 2 beds 1,415 ft²
05/04/2009 #12A $1,625,000 -8.5% |↓ $1,775,000 2 beds 1,415 ft²
04/14/2008 #15A $2,225,000 ........ |
03/26/2008 #14A $1,875,000 ........ |
03/12/2008 #11A $1,660,000 ........ |
02/20/2008 #10A $1,640,000 ........ |
02/11/2008 . #9A $1,630,000 ........ |
01/28/2008 . #7A $1,650,000 ........ |

That's still a crazy high price for what is a 2-bedroom apt in an okay location. I don't get it.

Does anyone know the story behind all the units that Columbia is selling at 200 WEA (11A, 14A, all three C line listings)?

The sponsor isn't making Columbia's life any easier by selling 12A below pre-construction pricing and bringing 16A to market right behind it.

Columbia bought them as a package pre-construction to sell to faculty. My guess is no takers at the prices offered. They likely got a discount, so it will be interesting to see who si driving whom down here.

This tiny brownstone 1-BR really surprised me:

http://www.streeteasy.com/nyc/sale/345718-coop-23-west-88th-street-upper-west-side-new-york
03/09/2007 Previously Listed in StreetEasy by Prudential Elliman at $465,000.
11/29/2007 Previous Sale recorded for $467,768.
07/29/2008 Prudential Elliman Listing is no longer available.
09/03/2008 Listed in StreetEasy by Corcoran at $650,000.
11/07/2008 Listing entered contract.
11/20/2008 Listing is no longer available.
01/15/2009 Listing entered contract.
05/01/2009 Listing sold.
05/01/2009 Sale recorded for $650,000.
05/12/2009 Listing sold.

For $50k less, the buyers could have had a much larger apartment in a better location (IMO):

http://www.streeteasy.com/nyc/sale/370278-coop-245-west-74th-street-upper-west-side-new-york
12/10/2008 Listed in StreetEasy by Prudential Elliman at $685,000.
01/27/2009 Price decreased by 5% to $650,000.
02/23/2009 Listing entered contract.
05/07/2009 Listing sold.
05/07/2009 Sale recorded for $600,000.

….or for $175k less, a nicer brownstone apartment 1 block south:

http://www.streeteasy.com/nyc/sale/376762-coop-28-west-87th-street-upper-west-side-new-york
09/15/2006 Previously Listed in StreetEasy by Brown Harris Stevens at $499,000.
04/09/2007 Previous Sale recorded for $443,000.
04/17/2007 Brown Harris Stevens Listing entered contract. Last priced at $419,000.
01/23/2009 Listed in StreetEasy by Halstead Property at $489,000.
02/27/2009 Listing entered contract.
05/06/2009 Listing sold.
05/06/2009 Sale recorded for $475,000.

thanks joedavis. Sponsor sold 12A below Columbia's cost in 11A ($1,660,000) and 14A ($1,875,000).

123 West 93rd Street #10I: Back to 2004, with no obvious support in sight.
07/27/2004 Previous Sale recorded for $825,000.
03/20/2009 Listed in StreetEasy by Gumley Haft Kleier at $875,000.
05/20/2009 Price decreased by 6% to $825,000.
http://www.streeteasy.com/nyc/sale/393685-coop-123-west-93rd-street-upper-west-side-new-york

looks like race to the bottom continues at 290 WEA

se1024: what's the rationale for that almost $1mm spread between 3C and 12C - I haven't seen either, but that's pretty massive for two apartments in the same line.

i think it's the floor/view differential and renovations, there are some comments on this thread above and elsewhere i believe.

se10024: If 290 WEA is a race, it looks like the old story about the tortoise and the tortoise.

255 West 85th Street #9ABCD: A big combo condo with ugly monthlies finally dips well below peak pricing, after eight months of cuts that have trimmed 34% from the initial ask:
http://www.streeteasy.com/nyc/sale/349046-condo-255-west-85th-street-upper-west-side-new-york
--------Recorded Sales----------|--------Previous Listings----------
CURRENT ... #9ABCD ......................| ↓ $2,495,000 4 beds 2,722 ft²
CURRENT ...... #6CD ........................| . $1,499,000 2 beds 1,404 ft²
CURRENT ...... #4CD ........................| . $1,300,000 2 beds 1,400 ft²
05/29/2008 #6AB $1,350,000 -3.7% |↓ $1,400,000 2 beds 2 baths 1,300 ft²
07/03/2007 #6CD $1,250,000 +0.0% |↓ $1,250,000 2 beds 2.5 baths 1,404 ft²

Meanwhile, #6CD is asking 20% above their 2007 basis. Hey, it doesn't hurt to ask. Besides, it was renovated "recently" (i.e., before the prior sale - the kitchens in the two listings are the same).

lol west81, time is on our side

455 CPW, #22A. Just entered contract; asking was just under the 2004 price after a year and a half on the market and a 40% haircut:
09/27/2004 Previous Sale recorded for $2,085,000.
12/22/2007 Previously Listed in StreetEasy by Halstead Property at $3,200,000.
08/21/2008 Halstead Property Listing is no longer available. Last priced at $2,800,000.
10/10/2008 Currently Listed in StreetEasy by Buchbinder & Warren at $2,749,500.
03/17/2009 Listed in StreetEasy by Brown Harris Stevens at $2,250,000.
04/18/2009 Price decreased by 11% to $1,999,000.
05/13/2009 Listing entered contract.

OntheMOve... NICE NICE... ericho75... allz clearz.... no deflation here.... this data set doesn't fit in....

277 WEA, 6C just entered into contract. Last ask 2.085m.

Shift Happens...

http://www.streeteasy.com/nyc/sale/345576-coop-215-west-91st-street-upper-west-side-new-york?email=true

when you don't price an apartment correctly....

re: 277 WEA - my money says no more than $1.8mn - maybe small below

liquid...that'd be just under $800 sq ft. I didn't get a chance to look at it...what condition was it in? I suspect it was an estate sale. Even so, that is a significant print.

It looks like a beautiful apt daytonflyer, and a nice price reduction, but considering that there's only one bath and the other would have to be converted from a w/d, it's still not a great deal. Now if it had a full 2ba then it would be beautiful for a family. Just MO

Interesting that 530 West End Avenue #2B is showing as being in contract - ask was $3.5mm and that seemed like at least $500k to $1mm high.

Also, what's with all the price hikes at Ariel?

DEF an estate. Winds up being pretty big, but dark. With good views of the Schwab House. Which would make me hang curtains. Building gloomy also. I think for non view/non-light people it was a pretty good idea, that just isn't us. I am guessing on price b/c when we saw it Dan Douglas was begging us to make a low offer so chopping 10% off the ask seems reasonable to me.

re: 530 WEA . . . if that apartment went for anywhere close to $3.5mn then all the buyers out there who have been waiting (like me) will be well advised to gut check their assumptions about things and make sure they still believe what they think they believe. It's one thing when rich people apartments on CPW go for the"wrong" price - that's what's so nice about being rich. If u see something you want, you just buy it. But $3mn - or $3.5mn isn't a rich people apartment, and if someone who works for their money is spending it like that then who knows how much lower we're going (yes I know it's only only one buyer . . . but if that apartment sold for $3mn it would make me revisit all my current price points for things I like but am waiting on.

liquidP - I agree. Why would anyone pay North of $3mm for it? Needs work. Difficult as a 3 bedroom bc you need to convert the study - off of the living room - into a bedroom - low floor. And if you are a seller, why take $2.5mm (for instance) if you have it listed at $3.5mm? You would want to lower the price first to see if you could attract some serious interest before you would take a deep low ball offer. Interesting comp.

258 Riverside Drive #5D. Park/river-view seven-into-six debuted over two years ago at $2.7MM; finally closed last week for $1.8MM, 26% below the 2006 comp on the second floor.

--------Recorded Sales----------|--------Previous Listings----------
05/18/2009 #5D $1,800,000 -9.8% |↓ $1,995,000 2 beds 2 baths
12/14/2006 #2D $2,445,000 -1.8% | . $2,490,000 Sold 3 beds 2 baths

As has been discussed elsewhere, #5D was decorated rather idiosyncratically. #2D was done in classic style. Although only two windows face west, the three floors make up at least some of the condition difference.

dayton/LP1 - 215 W 91st is rough. It needs floors and the whole apt feels tired. You might do a little better one block north with maintenance $500 less per month and a freshly renovated opened up 5. Other good news is it has a second bath, the bad news is its in the kitchen. Also the original floors are gone, replaced by ahem, pre-finished cherry... Actually a really misguided reno IMO.

http://www.streeteasy.com/nyc/sale/387118-coop-215-west-92nd-street-upper-side-new-york

StreetEasy hasn't picked up the sale at 258 RSD #5D yet. Here's the ACRIS link (should work as long as ACRIS is already open in another window):
http://a836-acris.nyc.gov/Scripts/DocSearch.dll/Detail?Doc_ID=2009051801303001

can you clarify---was this once offered or combined with the adjacent unit, 5 C?

liquid...RE 530 WEA....wholeheartedly agree. The only thing that may be in play is perhaps the perverse assumption that the completion/consummation of 535 WEA will "drag up" values in the neighborhood.

11B traded for just over $3mm in 2006. For someone to pay >$3mm for the sceond floor on the corner of 86th and WEA just doesn't compute unless there is another factor at play. Again, the best I can guess is that someone is making a big bet on the proximity to 535. However, if $3mm does represent the current reality, I'm S.O.L.

columbiacounty: The two aaprtments were offered together, unsuccessfully, but not combined. #5D sold by itself. $1.8MM for the combination would represent quite a move.

Interesting bid in the $3 to $3.5mm three bedroom space. On the back of 530 WEA moving, 500 West End Avenue #10A is now shown as in contract. Last offered at $3.25mm. Interesting (and a little inexplicable) activity at the beginning of the summer.

LP/Ezal/Walterh7: Seems like we're speculating without much information. An alternative scenario might be that deals like the ones at 300 WEA (Tina Fey plus the Disney sale of Belafonte "B" to the couple from Christie's) spooked certain $3MM+ sellers into accepting lowball offers before the summer hiatus. Unless somebody has an "in", we'll just have to wait and see.

west81 - double or nothing here on our 270 WEA bet if you feeling lucky. I have $3mn and over for the 530 WEA closing discussed above.

Spring fever. I just advised some parents at my child's school to wait out the spring rush to get a better deal.

Jeez, LP. I'm just a poor, struggling IT guy. Make it $3.2MM and I'm in.

offered @ 3.1mn - one time only.

Done.

There were a few 'head scratchers' that went to contract lately. Asking prices that seemed to make no sense to me. The discount to those prices (if any) will be VERY interesting to see. If I were a seller of an apartment I would strongly consider pricing it 'high' and looking for that person who just wants "20% less". In other words, price it at 1,200/sq ft and sell for 1,000 for example.

Whether 530 and 270 fit that model is yet to be seen.

FWIW, I'd bet LP wins the 530 wager. My best guess is $3.15....10% discount to last ask.

also see thread on classic 8 on Park that went for a big bnumber in a short time. I didn't follow as Park not for me, but perhaps we need to start collecting all the green shoots in a new, single thread - we would be EXTREMELY remiss if we turned into the thing that SE critics call us - "real estate hating renters" or whatever the proper term is. If in fact the market is sensing a turn here, as a community we would do each other a great service to be open to the possibility, and try to be vigilant in all areas to spot a trend at the earliest possible moment. And no, I am (still) not a broker.

LP...good point. However I think from here on out, real estate prices will look a lot like Charlie Brown's shirt. I doubt there will be just one turn in trend.

But hey..."UWS green shoots" thread would be fun. If for no other reason than the to have the debate about which are tullips and which are weeds.

I say 530 WEA went for below 3. What is the prize, exactly? I don't like shackburgers.

I agree with nyc10023 re 530 WEA #2B..if you look at the ACRIS records it looks like the apt. has been used as an ATM, which reeks of financial despair. My guess is that the buyer is taking advantage of that.

nyc10023 - you can't have the whole space below 3! I am going in at 2.75. And if you win you can have a Levain cookie to split with the kids.

re: 530 wea - there can be more than one bet. i have one with west81 where he wins @ $3,000,099 and I win at $3.1mn and above.

nyc10023 - if u would like to also bet I am open for business. You think it went for less than $3mn, or $2,999,999 or below - I'll take $3,000,000 and above. what would you like to bet?

on the move - for you, since you only want $2,750,000 and below, I'll bet with you also, and if I get to have $2,750,001 and above, I'll make it my two levain cookies to your one.

karnak says $2.95mm.

LP: I think it went for 2,999,999.99 or below. I will get you a $20 GC to ShakeShack. You can get me $20 Whole Foods GC (easy enough, right?)

At the very, very giddy hts of market, I saw 530 WEA (B-line, high floor) - can't believe 2B would go for more than 3m now.

nyc10023 - the last thing I need in life is more shake shack - you're on for $20 GC to whole foods - and u have those .99 as well.

LP: Deal. Unless you're trading on insider information.

on the move - no inside information here and we're done on cookies @ 2 to 1.

On the Move...you raise a great point. I hadn't checked that. HELOC, refis, cash out refis. Its all there folks. I retract my 3.15 guess.

312 West 92nd Street #3RDFLOOR
This price was recently reduced- condo conversion brownstone. Should I compare this with other 2 bedrooms even though the 2nd bedroom is 7'9" wide?

320 West End Avenue #3B: Estate six in a small Candela co-op. Prime location.

--------Recorded Sales----------|--------Previous Listings----------
05/14/2009 #3B $1,325,000 -11.4% |↓ $1,495,000 2 beds 3 baths 1,700
12/12/2006 #2B $1,975,000 . -6.0% |↓ $2,100,000 Sold 2 beds 2 baths

#2B was tastefully renovated (not lavish at all, but nice). #3B needs a lot of work.

Streeteasy now shows the recorded sale at 320 WEA:
http://www.streeteasy.com/nyc/sale/357039-coop-320-west-end-avenue-upper-west-side-new-york

I saw that apartment, about six months ago. It was dreary, but the bones seemed good. My main concern would have been the extensive frontage on a busy stretch of West End. If anything, that should have been a bigger issue for #2B.

i saw the apartment too. i'm not surprised it fell to that level. needs a ton of work, but the bigger issue is what you mention: even when the work is done, the apartment is on the 3rd floor with both bedrooms facing the front.

OTOH $1.25 for a very spacious, beautifully laid out classic six in one of the most prime UWS locations (a block from tina fey no less) is nothing to sneeze at.

HR: Welcome back. I was starting to think REBNY had whacked you, or that you were at the Queen of Diamonds Re-Education Facility with P09.

120 Riverside Boulevard low-floor "D" line
--------Recorded Sales----------|--------Previous Listings----------
05/20/2009 #3D ... $999,000 -9.1% |↓ $1,099,000 Off-Market 2 beds 2 baths 1,071 ft²
02/22/2008 #5D $1,310,000 -5.0% |↓ $1,375,000 2 beds 2 baths 1,070 ft²

The seller of #3D is an Elliman broker who has done a lot of business on RSB, so he should know which way the market is moving. BTW, his wife shares her name with the recent buyer at 522 WEA, but that looks like a coincidence.

What do you guys think about the 150 west 87th building? There are a few apts there that the realtor is trying to sell...

I grew up in 160 w 87th - the twin of 150. Unremarkable in just about every way. decent sized bedrooms, long hallway to get them. dark lobby, some kind of SRO on the block as well - not sure what it is now but def worth knowing about - is on same side of te street next to 160 towards Amsterdam - was called the Capitol Hall when I lived there. Also on North corner of Amsterdam is big post war tower that I remember as having some low income housing component to it.

272 West 107th St. #6B: Resold below original purchase from developer.
--------Recorded Sales----------|--------Previous Listings----------
05/28/2009 #6B $1,150,000 -3.8% |↓ $1,195,000 Sold 2 beds 2 baths 1,239 ft²
02/16/2005 #6B $1,200,000 +0.0 | ↓ $1,200,000

104 West 87th St. #1FR:
--------Recorded Sales----------|--------Previous Listings----------
05/27/2009 #1FR $905,000 -9.4% |↓ $999,000 2 beds 2 baths
03/02/2005 #1FR $925,000 +3.4% | . $895,000
http://www.streeteasy.com/nyc/building/104-west-87-street-manhattan

10 West End Avenue "D" line, floors 15-29 (2BR/2BA + balcony): Now substantially below pre-construction prices.
--------Recorded Sales----------|--------Previous Listings----------
05/27/2009 #27D $1,350,000 -15.6% | ↓ $1,600,000 Sold 2 beds 2 baths 1,251 ft²
03/10/2008 #18D $1,590,000 . +0.0% | . $1,590,000 2 beds 2 baths 1,251 ft²
12/06/2007 #16D $1,570,000 . +0.0% | ↑ $1,570,000 2 beds 2 baths 1,251 ft²
10/11/2007 #28D $1,607,418 ......... |
10/11/2007 #22D $1,537,420 ......... |
10/11/2007 #29D $1,617,822 ......... |
09/27/2007 #25D $1,545,300 ......... |
09/20/2007 #24D $1,603,700 ......... |
09/17/2007 #21D $1,527,067 ......... |
09/07/2007 #23D $1,517,425 ......... |
08/31/2007 #26D $1,555,500 ......... |
08/30/2007 #20D $1,486,975 ......... |
08/10/2007 #17D $1,435,000 ......... |
08/08/2007 #19D $1,476,825 ......... |
08/02/2007 #15D $1,436,225 ......... |

Not sure whether 10 WEA is UWS or Midtown, so I flipped a coin.

By the way, #26D at 10 WEA is in contract for resale. Final ask was $1.495MM. That's about 4% below the owners' pre-construction purchase price, but it's 11% above where #27D just traded. In an efficient market, #26D should trade a little below #27D. We'll see whether the buyers used the competition between sellers to their advantage. The division of closing costs on a sponsor sale might distort the comparison slightly. (Probably not, since at this stage I doubt many buyers are paying transfer taxes anyway.)

333 Central Park West "6" line: Classic nine, though not a very grand one. LR faces south; most rooms face west, which is good on higher floors, not so good lower down. Very reasonable maintenance, ~$1/sq.ft.

--------Recorded Sales----------|--------Previous Listings----------
CURRENT .... #56 ....................|↓ $2,495,000 4 beds
02/13/2008 #36 $4,650,000 -5.1% |↓ $4,900,000 4 beds 3 baths
08/02/2007 #76 $3,800,000 -1.9% | . $3,875,000 4 beds 2.5 baths

We've discussed this comp sequence before. It first appeared on the original IYCDMMWC thread; much earlier, #36 caught the attention of our friends at Curbed (see http://curbed.com/archives/2007/08/21/pricespotter_big_reveal_central_park_west_prewar.php ). The figures became more striking today, when #56 chopped another $480K off an asking price that started at $5.2MM.

On one hand, #36 is something of a black swan - a trade so wacky one might be tempted to ignore or rationalize it. But the timing suggests that #36 is simply the peak comp to beat all peak comps. Together, #36 and #56 raise the possibility that this corner of the luxury market might be down 45%.

I just came across this in my ramblings. an anomoly?

http://www.streeteasy.com/nyc/sale/96273-condo-275-west-96th-street-upper-west-side-new-york

02/20/1986 Previous Sale recorded for $260,000.
08/01/2007 Listed in StreetEasy by Corcoran at $1,299,000.
08/08/2007 Price decreased by 15% to $1,099,000.
08/31/2007 Listing entered contract.
10/09/2007 Listing sold.
10/09/2007 Sale recorded for $1,035,000.
08/01/2008 Listing sold. Mortgage Calculator

Yes, 56 is a very interesting comp. I saw 106 in the beg. of '06 (ask 3.3, sold with 105 sep. or together) and it went into K very quickly. On the 10th flr, you clear the bstones on the south side - I can't remember what was along the eastern flank of 93rd. Also the 2 bedrooms at the back were made into 1 giant room. 1 dead cockroach in the tub. 105 was in very bad condition. It took the buyers 1.5 years to close. 56 looks to be in much better condition than 106, but lower flr of course. So, 1m below spring '06 prices.

56 will go quickly now. It will be in contract by August 1st, and likely sooner than that. West81, oughtI to be looking at this apartment do u think?

Hi, LP. I thought of you when the latest price chop hit. For some reason, I thought you had already seen this one. It's a lot of apartment for the money - a renovated nine on the fringes of prime CPW for about $900PSF with low maintenance. Close to good private schools, a nice playground, the reservoir, tennis courts, etc., etc. Unfortunately, there is nothing at all about this property that will make anyone go "Wow" (except the price movement).