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

116 East 63rd St. "D" line: Classic seven. #2D just closed 25% below the owners' 2004 basis.
--------Recorded Sales---------------|--------Previous Listings----------
06/09/2009 #2D $1,800,000 -9.8% |↓ $1,995,000 Sold 3 beds 3 baths
09/10/2008 #3D $3,045,000 -3.3% | . $3,150,000 Sold 2 beds 3 baths -
09/16/2004 #2D $2,395,000 ........ |

Both apartments are nicely renovated. #3D gave up a bedroom to create a lavish master suite. I don't know how much of the work in #2D was done by the current owners. Even assuming they did nothing, the loss they took is mind-bending. Here's the history of the listing, which chased the market down to the tune of 42%:
08/20/2008 Listed in StreetEasy by Stribling at $3,125,000.
11/20/2008 Price decreased by 9% to $2,850,000.
01/15/2009 Price decreased by 2% to $2,800,000.
01/28/2009 Price decreased by 7% to $2,600,000.
02/19/2009 Price decreased by 6% to $2,450,000.
02/24/2009 Price decreased by 4% to $2,350,000.
03/02/2009 Price decreased by 15% to $1,995,000.
04/04/2009 Listing entered contract.
06/09/2009 Sale recorded for $1,800,000

Considering that #3D was in contract for $3.045MM at the time #2D was listed, the initial ask on #2D wasn't all that crazy.

Carnegie, did a search for properties in Carnegie Hill, did minimum 2 beds and 2.5 baths (would be true comp) and one for min 3 bed 2 bath. Add only show sold properties, and set the search results for newest first. set price limit at $1.75. and then at $2.0.

falco, my daughter's in an all-girls school. being close to school is nice, but being not-so-close is nice too. most would disagree with me, however, and insist that being on top of the school is ideal. if the public school isn't an issue, you have more options. is it only one kid, and are you stopping there?

you really should wait, though, because if she winds up at Chapin or Brearley the Yorkville market is an entirely different beast, and you may be more inclined to think favorably upon the location when you realize how many of the girls live in the immediate neighborhood. if you are positive you couldn't tolerate the area that is one thing, but seriously consider whether you might feel differently. once it takes your child 20 minutes to get to school, they could be in many locations and not be, logistically, much further from school. It takes our daughter about 15 minutes each way by taxi. did you read that moody's or s&p may downgrade Spence's debt?

sorry, OT. if you want to continue, we can start a new thread.

west81st, that's amazing. truly amazing. i need to spend more time poking around the sold listings.

333 East 68th St. "A" line: Large, corner classic seven.
--------Recorded Sales--------------|--------Previous Listings----------
06/09/2009 #10A $1,750,000 -31.4% | . $$2,550,000 3 beds 2 baths
*CONTRACT* #8A ......................... |↓ $2,200,000 3 beds
02/07/2007 #4A $1,900,000 -14.0% |↓ $2,250,000 3 beds 2 baths
Higher floors clear the adjacent buildings for much better light and views. (Unfortunately, the share allocation and maintenance reflect the difference in appeal.) #10A and #4A were both estates. #4A merged the maids' room into the kitchen. #10A kept it. Market movement is evident here, since the per-share price for #10A is ~24% lower than #4A's pre-peak figure. The bigger news, though, is probably the discount off ask.

http://www.streeteasy.com/nyc/sale/346363-condo-342-west-85th-street-upper-west-side-new-york

Look at that one. Short sale. With transaction fees I figure they lost 430k.

136 East 64th St. "A" line: Another big classic seven. #10A is appears very nicely renovated, with one small quirk: unlike most "A" units, the bedroom wing in #10A is accessed through the dining room. Less space is devoted to hallways, but the flow is a little weird.
--------Recorded Sales--------------|--------Previous Listings----------
06/11/2009 #10A $2,425,000 -17.8% |↓ $2,950,000 3 beds 2 baths
12/12/2007 #11A $2,842,500 - 0.3% | . $2,850,000 3 beds 2.5 baths
05/19/2006 . #8A $2,500,000 - 0.0% | . $2,500,000 3 beds 2.5 baths
09/22/2004 . #7A $2,062,500 - 4.1% |↓ $2,150,000 3 beds 2.5 baths
The fun part of this sale is the successful "lowball" bid by a buyer who also happens to be a prominent broker. Right after a price cut, no less.

16 East 96th #3F: Edwardian five; same unit resale at a 9% loss. Looks as though the sellers put in a new kitchen, but only got to the planning stage on a conversion to 3BR/2BA.
04/17/2007 Sale recorded for $1,125,000
07/08/2008 Listed in StreetEasy by Warburg at $1,595,000.
10/21/2008 Price decreased by 12% to $1,400,000.
12/13/2008 Price decreased by 14% to $1,200,000.
03/06/2009 Listing entered contract.
06/10/2009 Sale recorded for $1,025,000
06/11/2009 Price decreased by 15% to $1,025,000.
Note the posthumous price decrease that will enable the broker to boast, "We got full ask!"

969 Fifth Avenue 7th floor. Quite a tangled history here, spanning three listings on Streeteasy. 35% drop from the prior same-unit sale, and now an attempt to generate buzz with a $950K price cut.
11/01/2005 Listed in StreetEasy by Prudential Elliman at $4,950,000.
08/11/2006 Listing is no longer available.
02/13/2007 Re-listed by Prudential Elliman.
04/14/2007 Listing entered contract.
07/12/2007 Sale recorded for $4,550,000.
05/03/2008 Listed in StreetEasy by Prudential Elliman at $6,200,000.
05/20/2008 Price decreased by 4% to $5,950,000.
07/10/2008 Price decreased by 22% to $4,650,000.
08/07/2008 Delisted temporarily.
09/09/2008 Re-listed by Prudential Elliman.
09/26/2008 Delisted temporarily by Prudential Elliman. Last priced at $4,650,000.
02/03/2009 Listed in StreetEasy by Prudential Elliman at $3,900,000.
03/19/2009 Price increased by 2% to $3,975,000.
06/01/2009 Price decreased by 2% to $3,900,000.
06/18/2009 Price decreased by 24% to $2,950,000.

Ouch!

141 East 72nd St. Full floor apartments in a nice pre-war building on Lexington Avenue. 10th Floor listed yesterday. From the pictures it appears to be a wreck. However, quite the chop compared to recent asking prices in the building. When 13's sales price comes in, we'll know by how much.

--------Recorded Sales--------------|--------Previous Listings----------
06/16/2009 #10FL --------- | $4,500,000 5 beds, 3 baths
05/01/2009 *CONTRACT* #13FL ---- | $6,000,000 4 beds, 3 baths
08/12/2008 #14FL $8,025,000 + 7.0% | $7,500,000 4 beds, 3 baths

W81st: 969 5th 7FL, just a terrible layout IMO. Tiny windowless kitchen, only 1 real bedroom, no formal dining room. Add in maintenance of 2.8psf and you have a recipe for high-end disaster. Terrific location though. The layout of the extremely overpriced 11/12 is much better, but it is two full floors.

xellam: I totally agree about the layout at 969 Fifth. That 2007 transaction is baffling.

141 East 72nd will be fun to watch. Somebody with vision, a good contractor and a tolerance for high maintenance will wind up with a special home.

Re: 969 Fifth, it seems to be the resale-be-damned renovation you often see in those small Fifth Ave. buildings. Designed for a couple who use the place as a pied-à-terre. The next owners will start from scratch. Maintenance isn't bad for a 12-unit full-service building on Fifth.

Hmm, re: 141E72. I might make one of my rare visits to the UES to see this apt. What is the board looking for in terms of liquid assets?

11/12 at 969 may be the Radziwill apt.

730 Park Avenue C line. Estate condition non-classic 7 (2 bedrooms, 2 maids rooms).

--------Recorded Sales--------------|--------Previous Listings----------
04/16/2009 13C *CONTRACT* ---- | $2,950,000 2 beds, 3 baths
05/05/2009 11C $2,080,000 - 36%| $3,250,000 2 beds, 3 baths

36% off ask! The maintenance, as mentioned some time back, is very high (around 3psf). But the location and building are hard to beat.

Xellam,
think about what folks in 14C must be thinking right about now.
14C is a full floor but any price justification has flown out the window.

interesting point...at a glance it certainly doesn't seem larger than twice the space....so $4.2 million + small terrace (500K?) + reno work ($1million?). round it up to $6 million?

188 East 76th Street, #17B. Same unit resale of 3br/3ba condo. While the 2009 trade is few months dated (apologies, just noticed it today), it is still interesting to see a fairly high end property go to contract at a basically peak price even after the buyer had three full months of post-Lehman visibility on the market. The seller was also the listing broker, so presumably she knew it was a good deal when she decided to hit the bid 14% below ask.

03/12/2009 #17B $2,900,000 -13.6% $3,355,000 Sold
07/09/2007 #17B $2,950,000 $2,950,000 Sold
http://www.streeteasy.com/nyc/sale/346174-condo-188-east-76th-street-upper-east-side-new-york

This is one example of the market not being down 30% across the board, despite frequent casual statements to that effect on SE. There are trades down single digits from peak as well, but not many of them get written up as comps.

I'm always intrigued by the movement in the units eligible for conforming loans. But 4B sold for $349k in unknown condition in '04.

http://www.streeteasy.com/nyc/sale/429632-coop-315-east-88th-street-yorkville-new-york

08/08/2005 Previous Sale recorded for $721,000.
06/18/2009 Listed in StreetEasy by Corcoran at $699,000.

sideline: i think the seller got remarkably lucky plus that deal was no doubt struck at the end of 2008---a very different time than now.

cc - It's still data until someone decides to ignore it as inconveniently inconsistent with preconceived views. What happened to buyers make the market and things are worth what someone will pay for them?

FWIW, I agree that the seller got very lucky. Rat deserting the sinking ship that is Manhattan real estate. I also agree that 12/08 and today are very different times, but that cuts both ways. The uncertainty in financial markets was much worse then, as the fixed income markets were totally broken and are (inexplicably to me) strong today. We were staring into a GDP black hole with no discussion of green shoots. On the other hand, RE prices lag fundamentals, so more of the price adjustment has made it into the market and prices are lower today (however, it's hard to be too conclusive about this since there were so few trades six months ago that "market" is a misnomer).

alot of movement on the lower end, actually. 14N sold for $626k in 5/05, and 11N closed for $515k in 2/05.

http://www.streeteasy.com/nyc/sale/350038-coop-201-east-66th-street-lenox-hill-new-york

09/18/2008 Listed in StreetEasy by Prudential Elliman at $650,000.
10/06/2008 Price decreased by 4% to $625,000.
10/14/2008 Price decreased by 2% to $610,000.
10/21/2008 Price decreased by 2% to $600,000.
11/17/2008 Price decreased by 1% to $595,000.
12/05/2008 Price decreased by 3% to $575,000.
12/11/2008 Price decreased by 4% to $550,000.
12/19/2008 Listing is no longer available.
01/27/2009 Re-listed by Prudential Elliman.
02/10/2009 Price increased by 5% to $575,000.
02/23/2009 Price decreased by 9% to $525,000.
03/17/2009 Listing entered contract.
06/15/2009 Listing sold.
06/15/2009 Sale recorded for $460,000.

7K sold for $635k in 9/06

http://www.streeteasy.com/nyc/sale/366558-coop-405-east-63rd-street-lenox-hill-new-york
11/20/2008 Listed in StreetEasy by Prudential Elliman at $599,000.
01/09/2009 Price decreased by 4% to $575,000.
03/23/2009 Listing entered contract.
06/16/2009 Listing sold.
06/16/2009 Sale recorded for $480,000.

ar - I'm finding it very interesting to track the resumption of post-Lehman transactions in a lot of buildings. There are still a surprising (to me) number where nothing has gone to contract since last August. The pattern at 201 E 66th is fairly typical. A bunch of listings get pulled by sellers who don't like the price, but others stay up and go through a few price cuts until finally someone gets a deal done and reopens the market in the building. #5N is a great example - the listing history reflects hand-to-hand combat between the seller and the market, leading to final victory of the market.

The folks trying to sell 8N can't be too psyched by this outcome. On the other hand, you have to wonder where they came up with their asking price given that 5N was already in contract when they listed. Both apartments are with Elliman (different brokers), so you'd think word would make it onto the grapevine about where 5N priced. I think you've pointed out before the powerful hold that denial has on many sellers...

it's like pulling teeth. but it only takes a few. nothing like a decent comp to get a buyer who's at least moderately informed frothing at the mouth. i'm starting to notice something else, but i don't have enough data yet. it seems as though, which you would expect, the earlier the unit went to contract the better it did, in same building comparisons. there seems to have been a real tipping point in late March or early April in some buildings, which would also make sense. i'll keep my eye on this, because i've only noticed it a couple of times thus far. interesting.

and no, 8N can't be too happy. maybe they don't really need to sell. because it's unlikely they're going to. plenty of like product around at lower prices.

ar - the first to sell doing better than those that follow and the spring tipping point idea ring true to me. I think I've seen a couple of cases that fit the pattern but can't recall exactly where. Will keep my eyes open.

405 East 63rd is another good case of a building starting to trade again. 6K is the second to sell post-Lehman (but the first in six months), and there is another in contract. 4N in this building will be a great test of your new theory since 8N was the post-Lehman guinea pig listing.

sideline: having watched very, very, very carefully since december, my conclusion is that while the capital markets were in semi-shock in december, oddly enough nyc real estate was still a little bit removed from the fray. i think it was more feb/march before green shoots that real estate came to a relative stand still.

245 East 87th #4E. Small studio. Looks like they lost at least two contracts, maybe three, before getting it sold. First contract date was the Friday before the Lehman bankruptcy, so the seller has been on a roller coaster on this one

http://www.streeteasy.com/nyc/sale/342090-coop-242-east-87th-street-apt-4-e-yorkville-new-york
08/13/2008 Listed in StreetEasy by Weichert Mazzeo at $295,000.
09/12/2008 Listing entered contract.
09/30/2008 Re-listed by Weichert Mazzeo.
10/09/2008 Price decreased by 2% to $290,000.
11/04/2008 Price decreased by 0% to $289,000.
11/28/2008 Listing entered contract.
12/12/2008 Re-listed by Weichert Mazzeo.
01/15/2009 Price decreased by 3% to $279,000.
02/24/2009 Price decreased by 4% to $267,000.
03/13/2009 Listing entered contract.
05/15/2009 Re-listed by Weichert Mazzeo.
06/09/2009 Listing sold.
06/09/2009 Sale recorded for $260,000.

4E was recently updated (according to listing description) but closed 13% below lower floor 2007 comp
09/27/2007 #2E $300,000 -7.7% $325,000

http://www.streeteasy.com/nyc/sale/429632-coop-315-east-88th-street-yorkville-new-york
08/08/2005 Previous Sale recorded for $721,000.
06/18/2009 Listed in StreetEasy by Corcoran at $699,000.

181 East 73rd St, #17F. Same unit resale down 11% from 2007. Another one not down the oft-stated 30% from peak.

07/07/2008 Listed in StreetEasy by Brown Harris Stevens at $975,000.
10/01/2008 Price decreased by 5% to $925,000.
11/05/2008 Price decreased by 4% to $886,000.
01/11/2009 Price decreased by 7% to $825,000.
02/18/2009 Price decreased by 9% to $750,000.
03/22/2009 Listing entered contract.
06/11/2009 Listing sold.
06/11/2009 Sale recorded for $700,000.

04/04/2007 #17F $787,500

sidelinesitter, hell you can find units that are trading for MORE than 2007. it's a range, and an average. of course it's more fun to point out the outliers. i found an estate sale this morning that traded at 8% below early 2004 comps, but the building has had such a tight range of prices with that sized unit that it wasn't really that interesting to me.

cc:
"sideline: i think the seller got remarkably lucky plus that deal was no doubt struck at the end of 2008---a very different time than now."

"sideline: having watched very, very, very carefully since december, my conclusion is that while the capital markets were in semi-shock in december, oddly enough nyc real estate was still a little bit removed from the fray. i think it was more feb/march before green shoots that real estate came to a relative stand still."

181 East 73rd. March contract date (when RE at a standstill - your words). Down 11% from 2007. 'Nuf said.

ar - "it's a range". so we're back to agreeing. yay, it's a new day.

I just got tired of a couple of things. First, all the facile generalizations that the market is down 30%, or even the slightly less facile ones that the high end is down 25-35% but the lower end is only down 15-20% or whatever. Second, the tendency on the comps threads only to point out the biggest downward movers. I've done that too and I heartily agree that it's (much) more fun, but it skews perceptions of what is really going on across the market, so I thought I'd swim against the current a bit and post a few just as I found them, without screening for the admittedly entertaining low outliers only. The flow of new data on the comps threads has also been slow of late, so just getting some out there keeps the thread going.

sidelinesitter, yes, info has been a bit thin, and we do get a bit restless around here when we don't have enough info.

I don't think i've ever given a blanket generalization as to price declines that have already occurred, but can't guarantee it. If so, I would have been wrong. I don't think we have a clue what the decline has been, only that in certain instances people are selling reasonably close to peak, and in others they aren't coming close. Each seller and buyer has a different set of circumstances, obviously, affecting each sale (and ignorance and luck can't be discounted, as well).

I will go out on a limb and say that it doesn't seem prudent to me to buy something at anything more than 2004 prices, accounting for condition (apples to apples), and as many have said, the only way to make sure that you are doing so is to do a hell of alot of research.

the reference to agreeing was vs. yesterday's tiff on miller samuel data; didn't mean to accuse you of market movement generalizations. More the community in general (bear side anyway). If I had the time, I'm sure I could find old posts of mine making such generalizations as well. Nitpicking one point in your last post - "in certain instances people are selling reasonably close to peak" - i find it more interesting/puzzling that some people are BUYING reasonably close to peak. Anyway, enough non-comps banter for a comps thread. Bye

I think the reason is that to demonstrate movement without having the closing data (which takes much longer to come out), you can only show asks that are low or bids that are high. Since we don't have info on bids, only asks, interesting apartments tend to only be those where the seller has dropped the ask below comps of completed sales. Sure, there is the rare case in this market where a seller drops it low enough where he/she is going to get above ask based on multiple bids, but that's very rare.

985 Park Avenue #6/7: Full-floor duplex in a new condo. Re-sold 15% below original purchase price.
12/12/2007 Previous Sale recorded for $5,300,000.
01/31/2009 Listed in StreetEasy by Brown Harris Stevens at $5,500,000.
04/07/2009 Price decreased by 10% to $4,950,000.
04/24/2009 Listing entered contract.
06/18/2009 Sale recorded for $4,500,000.
Hard to tell whether $5.3MM was a pre-construction price; it probably was, since #6/7 was one of the first units to close.
http://www.streeteasy.com/nyc/sale/378375-condo-985-park-avenue-upper-east-side-new-york

w81 - wow. The purchase had an 80% mortgage, so the sale is at best a wipeout of the equity, more likely the equity plus a bit after transaction costs coming and going. Tough outcome for original buyer.

151 East 83rd, #3GH. 3br/3ba combination listed for $1,795,000, or 20% less than #3EF, its twin (mirror image floor plan) down the hall, sold for in August 2008.
http://www.streeteasy.com/nyc/sale/430343-coop-151-east-83rd-street-upper-east-side-new-york

08/20/2008 #3EF $2,250,000 -4.3% $2,350,000

There are a few ways to comp this one, with very different implications for the value of 3GH. First is the 3EF sale. The 3GH ask is 20% lower and a 10%+ discount to last ask (very common in this market) would get into the high $1.5s, or a 30% discount in just a year. However, looking at the sales history of the component lines, that kind of number still looks very pricey.

04/29/2008 #3G $650,000
07/26/2007 #9H $1,020,000
05/02/2007 #6H $925,000
10/17/2006 #2G $570,000
01/13/2006 #9F $665,000
06/23/2005 #5F $675,000
05/17/2005 #10G $580,000
12/15/2004 #4E $730,000
08/30/2004 #8G $495,000
06/24/2004 #6H $575,000

The peak G and H line comps add up to $1,670,000, or $1,575,000 if you use 6H instead of 9H for more comparable elevation to the 3rd floor. This implies that the 3GH whole is priced about 10% above the peak sum-of-the-parts. Back in 2004, 6H and 8G sold for $1,070,000 in total. With many UES less than prime pre-wars now around 2004 levels and the premium for large square footage having come way down, it doesn't seem crazy to ask whether the low $1mm range is closer to fair value for 3GH than the $1.5-1.7mm range.

The peak E and F line comps add up to $1,405,000, although admittedly at pre-peak times (late 2004 and mid 2005). Still, this makes the sale of 3EF look like its own special craziness, rather than a sensible starting point to comp 3GH.

There also appears to be major price movement in the D line in this building. I'll come back with a post on that once 5D closes.

sideline,
Very thoughtful analysis.

103 East 84th #2A. Seven-into-six, now 32% below the 2008 price of the classic six next door. Same exposure, same elevation, basically the same footprint, but the "A" line is slightly bigger. Although the renovation in #2B looks more ambitious, the condition of #2A doesn't appear to be an issue.
--------Recorded Sales--------------|--------Previous Listings----------
* CURRENT * #2A ......................... |↓ $1,495,000 3 beds 1,800 ft²
* CURRENT * #4A ......................... |↓ $2,100,000 3 beds 1,800 ft²
* CURRENT * #7B ......................... | . $2,150,000 3 beds
06/17/2008 #2B $2,195,000 + 0.0% |↓ $2,195,000 2 beds 3 baths 1,700 ft²
09/28/2005 #7A $1,995,000 + 0.0% | . $1,995,000 3 beds 3 baths
04/13/2005 #2B $1,557,500 - 2.4% |↑ $1,595,000 2 beds 3 baths 1,700 ft²
http://www.streeteasy.com/nyc/building/103-east-84-street-manhattan

As an avid follower of the UES classic six market, I've been waiting for this one to close: 129 East 82nd Street, Apt. 2C (although the apartment has gone by various numbering schemes, including Acris designation as RES1):

http://www.streeteasy.com/nyc/closing/901955

http://www.streeteasy.com/nyc/sale/212062-coop-129-east-82nd-street-upper-east-side-new-york

Purchased in June 2006 for $1,340,000 and gut renovated in 2007ish. This unit finally closed for $1,525,000, after an initial list in spring 2008 at $2,150,000 and a final ask of $1,595,000. While many elements of the renovation are lovely, the negatives of this one are equally strong: low floor, bland views of Lexington Avenue (with plenty of street noise), brick wall views out all windows at the back of the apartment, a weird wall placement in the 2nd bedroom that cuts into a window, and very high maintenance. Not to mention the apartment had a ton of assessments for elevator renovation and roof repairs that had to be negotiated before the sale could be completed. All in all, the owners certainly lost money when factoring in renovation costs, but are lucky to have sold at the price they received.

this is almost tragic--they prob want to shoot their original broker--they put this thing on in 7/07 at an absurd price (2.495), missed their chance to sell at the peak, and were rendered chopper fodder--it's a nice layout 6 with a super renovation, but on the 2nd flor over truck route lexington---agreed that they did well in the current market--sad tho--if theyd put this on in mid 07 at like 2mm they would have sold it and saved half a stick

Hey kas!
just for fun and because you bore personal witness to this sale...care to venture a guess on the price at close??? Don't worry, we are friends...I won't hold your feet to the fire.

1160 Park Avenue "D" line. Two estate eleven-into-tens, one year and five floors apart. If anything, #12D was in better condition than #7D, and the extra five floors of elevation translate into far superior views. Nonetheless, #12D sold for 22.5% less straight-up, 24% less on a per-share basis.
--------Recorded Sales--------------|--------Previous Listings----------
06/26/2009 #12D $5,500,000 -14.1% | $6,400,000 Sold 4 beds 3 baths 3,500 ft²
05/20/2008 # 7D $7,100,000 + 1.5% | $6,995,000 Sold 4 beds 3 baths 3,500 ft²

330 East 79th Street "A" line: Yorkville doorman 3BR/2BA drops below the mansion tax threshold.
--------Recorded Sales--------------|--------Previous Listings----------
07/07/2009 #4A ... $970,000 -11.8% | ↓ $1,100,000 Sold 3 beds 2 baths 1,400 ft²
09/03/2008 #2A $1,400,000 - 6.3% |↓ $1,495,000 Sold 3 beds 2 baths 1,400 ft²
02/05/2007 #6A $1,262,500 + 1.0% | . $1,250,000 3 beds 2 baths
09/07/2004 #4A ... $965,000 .......... |
http://www.streeteasy.com/nyc/building/330-east-79-street-new_york
#7A just sold too, asking $1.395MM. No price in ACRIS yet.

Hi falcogold, 129 East 82nd officially closed at $1,525,000 - actually a little higher than I though it would get. The buyer must have fallen in love with the great kitchen, heated bathroom floors, and surround sound wiring. I guess they didn't mind the drone of Lexington Avenue traffic or the brick wall views out of the dining, kitchen, and 2nd bed windows. As they say, there's a buyer for every property.

1016 Fifth Avenue – 5A

StreetEasy History
11/07/2005 Listed in StreetEasy by Brown Harris Stevens at $7,300,000.
08/31/2006 Listing is no longer available.
01/09/2007 Re-listed by Brown Harris Stevens.
04/12/2007 Price decreased by 5% to $6,950,000.
06/07/2007 Price decreased by 6% to $6,500,000.
08/02/2007 Price decreased by 8% to $6,000,000.
01/05/2008 Listing is no longer available.
05/07/2009 Listed in StreetEasy by Brown Harris Stevens at $4,995,000.
06/13/2009 Listing entered contract.
07/09/2009 Listing sold.
07/09/2009 Sale recorded for $4,200,000.

http://www.streeteasy.com/nyc/sale/411940-coop-1016-fifth-avenue-upper-east-side-new-york

1070 Park. A few months ago, happyrenter and West81st noted the dwindling asking price of #8B, which remains stuck at its March level about 12% below the 2007 same unit previous sale.

As far as I can tell, #15C in the same building has escaped comment. It is asking 14% below peak same line comp and closing in on a 2005 price.
http://www.streeteasy.com/nyc/sale/385384-coop-1070-park-avenue-carnegie-hill-new-york
Current #15C $2,500,000
06/29/2007 #12C $2,900,000
08/10/2005 #10C $2,385,000

#11C was also listed for a few months but the listing came down in late June asking $2,995,000. It is not clear whether it is in contract or has been taken off the market. If the latter, it may be a declaration of surrender in a neighbor-on-neighbor price war with #15C.

Quirk with StreetEasy

On the 4th post on this string I noted that there would be price competition at 103E75th #7FE based on the similar pricing of the #9FW comparable; both priced in Jan-09 at $3.1M. Since then unit 9FW closed in Jul-09 for $2.6M (down 16% from initial list) and #7FE has been pulled off the market at last list of $2.995M. StreetEasy does not show the price history for #9FW, just the final sales price. And, I get an "oh noes" when I click on my original link. Alternatively, PropertyShark still shows the first list for #9FW at $3.1M.

Not to say PropertyShark's info is perfect (the first list info seems broker focused, so if a listing switches brokers you miss the prior history), but what gives StreetEasy?

I put this up on the low ball section but am wonderining if the price of this apt resets the prices in the rest of the building and the surrounding area. This apt had a nice neww renovation and low maintenance.

In This Building
11 East 86th Street more »
New York, NY 10028

Sales listings: 3 active and 5 previous
Local Schools
Schools zoned for this address:
JHS 167 Robert F Wagner (6-8)
PS 6 Lillie D. Blake (K-5)

StreetEasy History
09/05/2008 Listed in StreetEasy by Brown Harris Stevens at $1,999,000.
10/10/2008 Price decreased by 5% to $1,895,000.
11/14/2008 Price decreased by 5% to $1,795,000.
02/04/2009 Price decreased by 6% to $1,695,000.
03/03/2009 Price decreased by 12% to $1,500,000.
03/14/2009 Listing entered contract.
06/04/2009 Sale recorded for $1,200,000.
06/09/2009 Listing is no longer available.

ues_shopper, 11 East 86th required 70% down, so the buyer pool for that building is more limited. I agree that the close price on 10B shows real downward movement, but given the financing allowed in this building, I don't know that it will necessarily reset the bar for the neighborhood. By the way, this is a great example of a low-ball bid that worked. Thanks for posting.

141 East 72nd St.: since there are no evident condition problems with the 13th floor apartment, the bottom line here appears to be a 30% drop from a May 2008 contract to a May 2009 contract. As Xellam noted above, the numbers could get even grimmer when the tenth floor sells.
--------Recorded Sales--------------!---------Previous Listings----------
07/07/2009 #13FL $5,625,000 -6.2% ! $6,000,000 Sold 4 beds 3 baths
08/12/2008 #14TH $8,025,000 +7.0% ! $7,500,000 Sold 4 beds 3 baths

http://www.streeteasy.com/nyc/sale/439723-coop-360-east-72nd-street-lenox-hill-new-york

sale recorded 07/04, $1,500,000. new listing $1,425,000/mtc. &1745. large 3/2 with dining area.

aboutready,

great reminder that even in 2004 prices were far from low. i don't see this as a great buy at 1.425, even though it is lower than the same unit price from 5 years ago.

happyrenter - care to show a better buy for someone that wants a 3/2 with a dining area and outdoor space? I am not saying prices aren't going lower (I hope they do), but compared to listing prices for similar properties today, this looks pretty good to me.

14 East 90th St. "A" line. North-facing classic nine.
--------Recorded Sales--------------|--------Previous Listings----------
07/16/2009 #2A $3,650,000 -14.1% | $4,250,000 3 beds 4 baths
04/24/2007 #6A $5,200,000 - 5.5% | $5,500,000 3 beds 3.5 baths
No condition issues. The four floors of elevation matter, but not nearly as much as they would up the block, facing the Park.
http://www.streeteasy.com/nyc/sale/391104-coop-14-east-90th-street-carnegie-hill-new-york

Re: 14 East 90th, it looks as if the E line is getting geared up for some price movement as well.

In the much-watched "F" line derby at 22 East 88th (a.k.a. 21 East 87th), #12F has closed:
--------Recorded Sales--------------|--------Previous Listings----------
07/13/2009 #12F $3,250,000 - 7.0% |↓ $3,495,000 4 beds 3 baths
09/19/2007 #10F $3,375,000 +20.8% | . $2,795,000 3 beds 2.5 baths 2,000 ft²
12/13/2006 . #8F $2,575,000 -2.8% |↓ $2,650,000 3 beds 3 baths 2,000 ft²
$3.25MM looks like a decent result, except - as discussed elsewhere - #12F has a unique footprint, bigger than #10F.
http://www.streeteasy.com/nyc/building/22-east-88-street-manhattan

West81st - would #4F be a relevant comp in the F line derby as well? Admittedly it's a different elevation zip code from the others, and with no floor plan on SE there may be no way to confirm layout, but assuming the standard floor plan (like #10F and #8F), it takes the time series of the comps back a further year and puts the price for the #8F estate sale in interesting reflief.

10/31/2005 #4F $3,550,000

Sidelinesitter: Yes - #4F is especially useful because it's a 'tweener: a bit closer in size to #12F, a bit closer in share count to #10F. So it not only extends the time series, it also fills a gap in the value curve.

The point to emphasize about #4F is that it's an eight, not a seven or nine, so it isn't a direct comp for any of the other apartments.

"#4F is especially useful because it's a 'tweener: a bit closer in size to #12F, a bit closer in share count to #10F" - Dude, all I can say is that you are very, very good at this.

many like yorkville, but it was long one of the areas one could look for a decently priced two bedroom. may be returning to earlier form slightly faster than some other areas, which would make some sense. the following didn't even try to list at above the prior recorded sales price. higher floor C units sold for more in 2004 and 2005, but i don't know if the floor plans were the same (probable in this kind of building) or anything about the relative condition of the units.

http://www.streeteasy.com/nyc/sale/399478-coop-501-east-79th-street-yorkville-new-york

12/20/2005 Previously Listed in StreetEasy by Prudential Elliman at $1,200,000.
04/01/2006 Prudential Elliman Listing is no longer available.
02/02/2007 Previous Sale recorded for $1,050,000.
04/05/2009 Listed in StreetEasy by Prudential Elliman at $950,000.
04/24/2009 Listing entered contract.
07/21/2009 Listing sold.
07/21/2009 Sale recorded for $890,000.

1165 Park Avenue "C" line: big classic eight. The second shoe just dropped in this fratricidal battle. #15C made the "Successful lowballs" thread. #14C sold closer to ask, but its closing price confirms the dramatic downward movement on Carnegie Hill.
--------Recorded Sales--------------|--------Previous Listings----------
07/20/2009 #14C $2,600,000 -11.9% |↓ $2,950,000 3 beds 3 baths
06/30/2009 #15C $2,800,000 -19.9% |↓ $3,495,000 3 beds 2.5 baths
07/19/2004 # 2C $2,800,000 ........... |
#5C is in contract. The peak comp is #11D (similar space, much worse views), which sold last year in a bidding war for $3.5MM.
http://www.streeteasy.com/nyc/building/1165-park-avenue-manhattan

I actually think that 15C was the better deal. A discount of only $200K for an appt that needs a gut renovation is not enough imo. I feel bad for the buyers of 11D. We saw the appt and found the layout strange for the price that they were asking for. But then again, by the time we came along, they had already multiple bids and told us not to bid under ask so we simply walked away (I am glad I did).

below early 2006 sales price, slightly below same-line estate sale in 2004 ($1.3).

http://www.streeteasy.com/nyc/sale/367769-coop-120-east-75th-street-upper-east-side-new-york

05/08/2006 Previously Listed in StreetEasy by Prudential Elliman at $1,475,000.
08/16/2006 Previous Sale recorded for $1,475,000.
05/29/2008 Prudential Elliman Listing sold.
11/27/2008 Listed in StreetEasy by Corcoran at $1,700,000.
12/12/2008 Price decreased by 0% to $1,695,000.
02/21/2009 Price decreased by 12% to $1,495,000.
03/10/2009 Price decreased by 15% to $1,275,000.
03/21/2009 Listing is no longer available.
03/30/2009 Re-listed by Corcoran.

Adding to aboutready's 120 East 75th comp, the one post-lehman closing in the building was at a 16% discount to an early 2006 comp

http://www.streeteasy.com/nyc/building/120-east-75-street-manhattan
05/19/2009 #9B $1,260,000 -6.7% $1,350,000
03/23/2006 #7B $1,495,000

It will be interesting to see where (if?) #3A gets done, given that it's been stuck at the current asking price for 5 months (including the much reported active period during the spring and early summer) and hasn't sold.

166 East 63rd Street #10G
09/30/2004 Previous Sale recorded for $1,575,000.
06/05/2009 Listed in StreetEasy by Corcoran at $1,645,000.
06/18/2009 Listing entered contract.
07/22/2009 Sale recorded for $1,580,000.
http://www.streeteasy.com/nyc/sale/418362-condo-166-east-63rd-street-lenox-hill-new-york

There seems to be fairly broad support - reflected by quick sales - at the 2004 level. That should be good news for sellers, though many won't see it that way. It should be even better news for brokers, who mostly want to get past price discovery and do deals - IF they have the courage and skills to manage their clients' expectations.

west81st, i don't follow your market as much. for many of the less expensive buildings the difference between 2004 and 2005 pricing is so significant that i'm not surprised it's taking some time to get there. most of the units i'm noting are still at early 2005 prices, in many cases it will take another 10% at least to get to early 2004. but a couple of months ago those i was seeing were still at 2006 prices. i think, in my focus area, the wave of excitement at price correction, coupled with low mortgage rates and for the lowest price ranges the fact that finally the conforming limit adjusted upward, prevented further fall for that time period.

i think we'll start to see more mortgage distress soon. our mortgage origination cycle peaked much later than the other bubble areas.

50 East 72nd "C" line. 2BR pre-war condo. Layouts vary slightly from floor to floor.
--------Recorded Sales--------------|--------Previous Listings----------
07/16/2009 # 8C $1,351,000 - 9.6% |↓ $1,495,000 Sold 2 beds 2.5 baths 1,180 ft²
05/15/2008 # 6C $1,925,000 -15.4% | . $2,275,000 2 beds 2 baths 1,200 ft²
04/17/2008 # 5C $2,150,000 - 6.5% |↓ $2,299,000 Sold 2 beds 1.5 baths 1,200 ft²
04/13/2007 #11C $1,880,000 + 1.6% |↓ $1,850,000 2 beds 2 baths
05/05/2006 #14C $1,750,000 - 2.5% |↓ $1,795,000 2 beds 2.5 baths 1,000 ft²
http://www.streeteasy.com/nyc/building/50-east-72-street-manhattan
#5C and #6C were renovated. #8C and #11C appear to be comparable, although not identical.

1125 Park Avenue #14C. Same-unit resale, 26% below 2008 basis.
03/10/2008 Previous Sale recorded for $6,995,000.
06/17/2008 Previously Listed in StreetEasy by Gumley Haft Kleier at $7,500,000.
07/22/2008 Delisted temporarily by Gumley Haft Kleier.
04/25/2009 Listed in StreetEasy by Gumley Haft Kleier at $5,995,000.
06/06/2009 Listing entered contract.
08/03/2009 Sale recorded for $5,200,000.

The loss is probably a minor annoyance to these sellers; it just appears that their idea of combining apartments didn't work out. Still, 26% is 26%.

45 East 62nd Street #4B. Same-unit resale, 12% below March 2007 closing. Strictly speaking, this apartment is a classic seven, but with an odd layout best-suited to empty-nesters who entertain a lot. Considering the buyers, it's safe to say the place will be elegantly appointed.
03/19/2007 Previous Sale recorded for $2,550,000.
01/14/2008 Listed in StreetEasy by Stribling at $3,495,000.
02/05/2008 Price decreased by 7% to $3,250,000.
04/22/2008 Price decreased by 5% to $3,100,000.
06/10/2008 Price decreased by 3% to $2,995,000.
11/24/2008 Price decreased by 7% to $2,795,000.
07/30/2009 Sale recorded for $2,250,000.
http://www.streeteasy.com/nyc/sale/166488-coop-45-east-62nd-street-lenox-hill-new-york

Jr.4, many comps, all lower, including early 2004 sale of 1J for $535,000. Given the length of the living room (28') and the bedroom (19') and the five closets this would work for a young family with one child. I think this is the lowest price I have seen for a Jr.4 with a living room large enough for dining and living, and not needing total renovations or being in a walk-up.

http://www.streeteasy.com/nyc/sale/384096-coop-345-east-73rd-street-upper-east-side-new-york
10/23/2008 Also Listed in StreetEasy by Corcoran at $625,000.
02/12/2009 Listed in StreetEasy by Prudential Elliman at $539,000.
02/17/2009 Delisted by Corcoran. Last priced at $575,000.
03/18/2009 Price decreased by 6% to $509,000.
04/28/2009 Listing entered contract.
07/31/2009 Listing sold.
07/31/2009 Sale recorded for $455,000.

actually, 1J may have a different floorplan or have outdoor space. So, 11J sold for $630,000 spring '06.

Sold a bit below early 2006 price. And a lot below 11/07 initial listing price.

http://www.streeteasy.com/nyc/sale/155460-condo-923-fifth-avenue-upper-east-side-new-york
05/09/2006 Previous Sale recorded for $13,125,000.
11/26/2007 Listed in StreetEasy by Brown Harris Stevens at $22,500,000.
02/14/2008 Listing is no longer available.
03/21/2008 Re-listed by Brown Harris Stevens.
04/23/2008 Price decreased by 12% to $19,750,000.
08/10/2008 Delisted temporarily.
09/26/2008 Re-listed by Brown Harris Stevens.
09/26/2008 Price decreased by 4% to $18,950,000.
12/23/2008 Price decreased by 12% to $16,750,000.
06/19/2009 Listing entered contract.
08/03/2009 Listing sold.
08/03/2009 Sale recorded for $12,800,000.

Revisiting 1165 Park Avenue "C" line: #5C closed for $2.4MM.
--------Recorded Sales--------------|--------Previous Listings----------
07/28/2009 # 5C $2,400,000 -10.3% | . $2,675,000 3 beds 2 baths 2,800 ft²
07/20/2009 #14C $2,600,000 -11.9% |↓ $2,950,000 3 beds 3 baths
06/30/2009 #15C $2,800,000 -19.9% |↓ $3,495,000 3 beds 2.5 baths
07/19/2004 # 2C $2,800,000 ........... |
The headline number from the sale of #5C is a PSF price between $850 and $900. The apartment needs a lot of work, so the all-in cost could wind up substantially higher. There may also be hassles related to coordinating the simultaeous renovation of multiple apartments in a Park Avenue coop. Nonetheless, the prices here do jump out.

As noted above, the peak comp is #11D (similar space, much worse views), which sold last year in a bidding war for $3.5MM. The 2004 benchmark, #2C, was an estate sale like #5C and #14C, but condition is not readily available.

http://www.streeteasy.com/nyc/building/1165-park-avenue-manhattan

Again, the lower end market is not immune. Jr. 1 bedroom, large terrace, closed at less than early 2005 price.

http://www.streeteasy.com/nyc/sale/404504-coop-345-east-81st-street-yorkville-new-york
03/29/2005 Previous Sale recorded for $446,795.
04/15/2009 Listed in StreetEasy by Corcoran at $439,000.
05/15/2009 Listing entered contract.
08/07/2009 Listing sold.
08/07/2009 Sale recorded for $427,750.

145 East 76th St. "B" line. The building has never lived up to its luxurious pretensions, and the location is quite busy, but the closing price on #2B is still notable.
---------- Recorded Sales ---------- | ---------- Previous Listings ----------
08/07/2009 #2B+ $2,600,000 -18.8% |↓ $3,200,000 Sold 4 beds 2,376 ft²
06/23/2004 #3B+ $3,225,000 .......... |

west81st,

regarding 1165 Park: what was the condition of 15C?

Re: 145 East 76th "B line, the price on #2B is more notable still compared to #5B, a comp that appears in ACRIS but not SE. 38% same line decline in 15 months.

5/15/08 #5B $4,200,000 (included storage room, per ACRIS).

#2B and #3B also included storage rooms, so the trades are comparable from that standpoint.

AR, you're right about the large terrace, but that apt. is not a Jr4, more like an alcove studio with a huge terrace (weird!) Still, below 2005.

tromp, i thought a jr. 1 bedroom was an alcove studio. it is a bizarre unit.

333 e 79th, 3/2, sellers renovated, sold below early 2005 price.

04/07/2005 Previous Sale recorded for $1,100,000.
11/04/2008 Listed in StreetEasy by Prudential Elliman at $1,495,000.
01/05/2009 Price decreased by 8% to $1,375,000.
02/18/2009 Price decreased by 9% to $1,249,000.
03/10/2009 Price decreased by 12% to $1,099,000.
05/17/2009 Price decreased by 9% to $999,000.
06/02/2009 Listing entered contract.
08/12/2009 Listing sold.
08/12/2009 Sale recorded for $960,000.

170 East End Ave. Very high end 2008 vintage condo with resales starting to filter into the market. There seems to have been one successful flip above cost (#12B) but the other resales are not moving. #2B just cut and is the first resale asking below cost. There is a long way to go to reprice this building, but this may be the first step.

http://www.streeteasy.com/nyc/sale/433759-condo-170-east-end-avenue-yorkville-new-york
05/16/2008 Previous Sale recorded for $1,600,000.
07/02/2009 Listed in StreetEasy by Halstead Property at $1,600,000.
08/15/2009 Price decreased by 6% to $1,500,000.

1349 Lexington, #8A. Same unit resale 5% below mid-2004 cost and 10% below 2006 sale one floor up. From the parties to the purchase and sale, it looks as if this might have been parents buying and selling a starter apartment for their daughter.

http://www.streeteasy.com/nyc/sale/317801-coop-1349-lexington-avenue-carnegie-hill-new-york
07/17/2009 #8A $570,000 $579,000 ↓ 1 bed 1 bath
06/24/2004 #8A $601,000

05/16/2006 #9A $635,000

unless the apartment is a total dump this looks like major movement in a 2 bedroom, non-view line on ultra-prime 5th avenue block:

880 5th Avenue, Apartment 3K listed today at 1.375

Active Listings
$1,750,000
880 Fifth Avenue #8-K 2 beds 1,400 ft²

Recorded Sales
09/12/2007 #7K $1,937,500 -11.9%
06/06/2006 #10K $2,495,000
9/28/2005 #8K $1,600,000
09/02/2004 #11K $1,550,000

10K looks like an outlier--it might have a different layout--but 7K and 8K definitely have the same layout as 3K. None has park views, although the higher floor apartments may clear townhouses and have more light.

HR: Re. 880 Fifth, your instincts are correct. Floorplans are consistent from the second floor through the ninth. Layout changes start at ten. #10K has a big terrace. #11K is the same apartment as #10K, but without the terrace.

910 5th Avenue 6A

STREETEASY HISTORY
10/11/2007
Previously Listed in StreetEasy by Brown Harris Stevens at $3,800,000.
05/29/2009
Brown Harris Stevens Listing entered contract. Last priced at $2,750,000.
08/21/2009
Listed in StreetEasy by Fox Residential Group at $2,495,000.

Recorded Sales
08/17/2007 #9A $3,650,000

9A was renovated; 6A looks like it needs some work. But both apartments clear the park, so great views, and the low 70s location on 5th avenue can't really be beaten.

nice .. thank you for posting... $2.5MM for 910 5th ave... maybe riff raff like myself should aim HIGH!

from 5th avenue to yorkville.

http://www.streeteasy.com/nyc/sale/379020-coop-400-east-85th-street-yorkville-new-york
07/25/2006 Previous Sale recorded for $840,000.
02/04/2009 Listed in StreetEasy by Corcoran at $975,000.
02/24/2009 Price decreased by 8% to $899,000.
03/21/2009 Price decreased by 6% to $849,000.
05/14/2009 Listing entered contract.
08/12/2009 Listing sold.
08/12/2009 Sale recorded for $775,000.

1349 Lexington Avenue #PH-1. Same-unit resale, 23% below 2004 basis.
09/01/2004 Previous Sale recorded for $1,725,000.
05/29/2008 Listed in StreetEasy by Corcoran at $1,795,000.
07/07/2008 Listing is no longer available.
07/23/2008 Re-listed by Corcoran.
08/14/2008 Delisted temporarily.
09/14/2008 Re-listed by Corcoran.
09/19/2008 Price decreased by 6% to $1,695,000.
12/02/2008 Listing is no longer available.
01/29/2009 Re-listed by Corcoran.
05/01/2009 Price decreased by 18% to $1,395,000.
06/09/2009 Listing entered contract.
08/10/2009 Sale closed for $1,325,000
The back-story here is best left alone, other than to say that not all estate sales are wrecks.

21 East 87th / 22 East 88th #7D: Same-unit resale, 8% below 2004 basis.
--------- Recorded Sales --------- | --------- Previous Listings ---------
08/18/2009 #7D $3,225,000 - 5.0% | $3,395,000 3 beds 2 baths
06/21/2004 #7D $3,518,000 + 6.8% | $3,295,000 3 beds 2 baths

22 e 88 is the building that had the "F" line battle earlier in the year..6F, 8F and 12F. 12F was a larger unit with an extra room acquired from the other line that shares the elevator. It sold for 3.2mm, then 6F goes to contract with a last list of 2.5mm. This must have spooked 8F which was the sweetest of the 3. All of a sudden, it disappeared a few months ago.

this is a bit old, but i don't recall seeing it. unit 7b at the cielo, 450 east 83rd Street.

05/02/2006 Previous Sale recorded for $1,610,000.
05/24/2008 Previously Listed in StreetEasy by Prudential Elliman at $1,895,000.
11/25/2008 Prudential Elliman Listing is no longer available. Last priced at $1,695,000.
12/04/2008 Listed in StreetEasy by Corcoran at $1,695,000.
03/28/2009 Price decreased by 6% to $1,595,000.
04/17/2009 Listing entered contract.
05/04/2009 Listing is no longer available.
05/21/2009 Listing sold.
05/21/2009 Sale recorded for $1,350,000.

181 East 90th St. (Metropolitan). Today's reduction on #6A casts the 2008 purchase of #7A in an unfavorable light.
--------- Recorded Sales --------- | --------- Previous Listings ---------
**ACTIVE** #6A ........................ |↓ $1,050,000 1 bed 1.5 baths 1,253 ft²
08/12/2008 #7A $1,220,000 -6.1% | $1,299,000 1 bed 1.5 baths 1,253 ft²
06/23/2004 #7A $1,013,159 .......... |
05/10/2004 #6A . $ 941,881 +1.8% |↑ $ 925,000 1 bed 1.5 baths 1,253 ft²

#6A and #7A are identical, although the 2008 SE listing for #7A mentions only one bathroom. There is also a powder room.

1170 Fifth Avenue "B" line: Park-facing nine in upper Carnegie Hill.
--------- Recorded Sales --------- | --------- Previous Listings ---------
***ACTIVE*** #14B ........................... |↓ $3,995,000
02/05/2009 #15B $5,100,000 -1.9% | $5,200,000 Sold 3 beds 4 baths
10/06/2005 #10B $4,700,000 -1.1% | $4,750,000 Sold 3 beds 3 baths
http://www.streeteasy.com/nyc/building/1170-5-avenue-manhattan
Great job by Stribling on #15B: Re-listed just as Lehman collapsed, after an unsuccessful attempt at $5.5MM in 2006-2007. Three weeks to an accepted offer; one month to contract. BHS brought #14B to market while #15B was in contract, at the same $5.2MM price #15B had asked. By that time, though, the world had changed. There's nothing wrong with #14B, other than timing.

157 East 84th Street (Legacy) #4: Same-unit resale, 19% below the LendingTree founder's 2007 basis.
10/19/2007 Previous sale closed for $8,200,000
11/04/2008 Listed in StreetEasy by Brown Harris Stevens at $9,300,000.
02/11/2009 Price decreased by 7% to $8,650,000.
04/14/2009 Price decreased by 8% to $7,950,000.
06/16/2009 Price decreased by 6% to $7,500,000.
08/10/2009 Listing entered contract.
08/20/2009 Listing sold.
08/20/2009 Sale recorded for $6,650,000.

1361 Madison Avenue #4E: same unit resale. Well-proportioned, southwest-facing, Carnegie Hill pre-WWI seven. Closed 3% below 2005 basis. Hard to tell how much work was done by the sellers.
08/18/2005 Previous Sale recorded for $2,250,000.
03/21/2009 Listed in StreetEasy by Halstead Property at $2,395,000.
05/19/2009 Listing entered contract.
08/24/2009 Sale recorded for $2,175,000.