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

resentful pricing. oxford condo. three sales showing pricing firmly at 2004 level. E line is a 1340 sf 2/2. notice, however, that 10E sold for $824,500 in 11/03. amazing how quickly easy credit affected pricing and by how much.

http://www.streeteasy.com/nyc/building/422-east-72-street-new_york
10/02/2009 #18E $1,120,000 -10.4%
07/31/2009 #14E $1,200,000 -7.3%
07/30/2009 #17E $1,135,000 -8.8%

07/15/2004 #23E $1,212,500

1112 Park Avenue, very large (2000 square feet claimed) very nice classic six line:

6C
0/13/2009
Listed in StreetEasy by Stribling at $1,875,000.

Recorded Sales:
01/07/2008 #5C $3,064,000 +11.4%
06/29/2006 #12C $2,950,000
05/30/2006 #11C $2,750,000
06/10/2004 #5C $1,750,000

Good one hr. It seems that opening at a 2004-ish price (as opposed to starting at a 2007 price, sitting on the market for 6 months, chopping a few times, ending with a large discount to last ask and thereby arriving at a 2004 price) is becoming a bit more common, or at least less rare.

Let us also pause to congratulate the 2004 buyers / 2008 sellers of #5C on an exquisitely timed exit.

"Let us also pause to congratulate the 2004 buyers / 2008 sellers of #5C on an exquisitely timed exit."

i congratulate the 2008 seller for "exquisite timing", no question about it. as far as the 2004 buyer, he gets the price of "timing not as bad as others". there's more room for prices to go seriously down imho.

Coop and condo prices are at 2004 levels.

Here's a tip: Watch new properties as they come on the market. If you really like them, track them and wait until the 3rd price reduction + 2 weeks. If you've got an excellent FICO score, the cash for down payment, financing pre-approval, closing costs, post closing reserve funds and you can be flexible with closing terms..you'll be able to negotiate a great deal! http://bit.ly/1VbKwR

Bobbie.. who givez a flying shit there are at 2004.. I've been saying that for 6 months... chk it out... I betz it'll be 2001-2002 prices bf summer 10' ... advice you can USE!!!! ya thinkz ya thinkz ppl are negotiating 10% off from 2004?????? F'k my little 3 legged chihuahua does that every day... .WTF do you think prices will BE in 1 yr??? thatz the key....

Geezer... what if I can rent the same apt for 1/4 the buy carry... still a good BUY.... give me a shovel... some ppl just need to get buried

140 East 81st, #6D. 2br / 1.5ba, claimed 1,200 sf sold for 775 psf. Resale slightly above 2005 basis (well down after transaction costs coming and going), and it appears to have been renovated, which would make it a below 2005 price.

http://www.streeteasy.com/nyc/sale/375682-coop-140-east-81st-street-upper-east-side-new-york
10/08/2009 #6D $930,000 -6.9% $999,000
05/26/2005 #6D $909,000

w67,
aintcha read'in da news? Good times are here to stay! Last year just a tiny pimple on the nose of prosperity. BNOBPOFE!!!!

155 East 72nd Street low floor "A" line: grand, natural 10/4/4 duplex. Down 34.8% from lower-floor peak comp. Condition appears similar; both apartments needed work.
--------- Recorded Sales --------- | --------- Previous Listings ---------
10/09/2009 #5/6A $3,811,500 -19.8% |↓ $4,750,000 4 beds 4 baths
08/02/2007 #3/4A $5,845,000 +6.4% | . $5,495,000 4 beds 4 baths
http://www.streeteasy.com/nyc/building/155-east-72-street-manhattan

65 East 96th Street #15D: classic six that works well as a 3BR/3BA. Same-unit resale, down 11.4% from January 2005 close.
01/11/2005 Previous Sale recorded for $1,749,000.
10/29/2008 Listed in StreetEasy by Brown Harris Stevens at $2,300,000.
11/17/2008 Price decreased by 9% to $2,100,000.
01/23/2009 Listing entered contract.
03/03/2009 Re-listed by Brown Harris Stevens.
03/06/2009 Price decreased by 5% to $1,995,000.
03/17/2009 Price decreased by 5% to $1,895,000.
04/25/2009 Price decreased by 5% to $1,795,000.
05/27/2009 Price decreased by 6% to $1,695,000.
07/31/2009 Listing entered contract.
10/05/2009 Sale recorded for $1,550,000.
http://www.streeteasy.com/nyc/sale/360667-condo-65-east-96th-street-carnegie-hill-new-york
The apartment had clearly been redone, but not necessarily by the sellers. The failed January contract must have been painful.

21 East 90th Street "B" line: large corner six on Madison. #6B neded everything, and sold accordingly. #9B was almost certainly in better condition than #8B, and still sold for 18% less.
--------- Recorded Sales --------- | --------- Previous Listings ---------
10/14/2009 #6B $1,655,000 - 6.5% | $1,770,000 Sold 2 beds 2 baths 1,800 ft²
09/25/2009 #9B $2,250,000 - 9.8% | $2,495,000 Sold 2 beds 2.5 baths
06/25/2008 #8B $2,750,000 + 0.0% | $2,750,000 Sold 2 beds 3 baths
10/01/2007 #3B $2,850,000 .......... |
http://www.streeteasy.com/nyc/building/21-east-90-street-manhattan

135 East 83rd "A" line: Big, post-war split 3BR facing 83rd Street. Low floor and estate ondition were concerns for #2A, but the price is still notable.
--------- Recorded Sales --------- | --------- Previous Listings ---------
10/08/2009 #2A $1,400,000 -12.5% |↓ $1,600,000 Sold 3 beds 3 baths
09/06/2005 #5A $2,301,578 .......... |
08/30/2005 #9A $2,300,000 .......... |
http://www.streeteasy.com/nyc/building/135-east-83-street-new_york

West81st - how can you explain 6/7C in 135 East 83rd? Listed in early Oct. at $1,950,000, price increased to $2,350,000, and went into contract almost immediately?

hey--i hadn't heard the news---when did he go to work for you?

2a was interesting to me--great layout, p$psf, not quite estate...floors walls redone seemingly well..agrree it likely needs kitchen and baths..call that 100k .biggest issue is potential noise on 2 fl from lex ave, a major truck route in odd hours

ph41: Sorry, but I don't see that history. Is it possible that you're combining two sales cycles for that apartment?

West81st - Sorry, I think I transposed building numbers.

1100 Park Avenue, B line. Classic 8. Asking price for 15B falls below much lower floor early 2005 comp.

http://www.streeteasy.com/nyc/sale/471882-coop-1100-park-avenue-carnegie-hill-new-york
03/10/2009 Previously Listed in StreetEasy by Corcoran at $5,500,000.
09/07/2009 Corcoran Listing is no longer available. Last priced at $4,900,000.
10/17/2009 Listed in StreetEasy by Brown Harris Stevens at $4,500,000.

06/27/2006 #12B $5,016,510
01/07/2005 #6B $4,830,000

1010 Fifth, F line. 2br / 2ba. Lower floor estate sale 34% below spring 2008 higher floor estate sale.

10/14/2009 #9F $2,400,000 -17.2% $2,900,000
05/30/2008 #14-F $3,650,000 -5.2% $3,850,000

200 East 90th Street #22AB. Same-unit resale X 2: $1.025MM in 2004; $1.3MM in 2007; $1.135MM in 2009. Not clear which owner paid for which improvements.
09/22/2004 Previous Sale recorded for $1,025,000.
11/11/2006 Previously Listed in StreetEasy by Prudential Elliman at $1,500,000.
05/15/2007 Prudential Elliman Listing sold. Last priced at $1,350,000.
05/15/2007 Previous Sale recorded for $1,300,000.
02/05/2009 Listed in StreetEasy by Brown Harris Stevens at $1,450,000.
03/04/2009 Price decreased by 5% to $1,375,000.
04/08/2009 Delisted temporarily.
10/16/2009 Listing sold.
10/16/2009 Sale recorded for $1,135,000.

This likely needs a gut renovation. 2/2, very low maint., smallish 2nd bedroom but with closet not quite at the convertible level. 2004 pricing. 12F and 33F sold for $705k and $699k, respectively, both in 08/04.

http://www.streeteasy.com/nyc/sale/416660-coop-444-e-86-yorkville-new-york
06/01/2009 Listed in StreetEasy by RB Homes at $725,000.
06/03/2009 Delisted.
07/30/2009 Listing entered contract.
10/16/2009 Listing sold.
10/16/2009 Sale recorded for $680,000.

10 East 70th Street "D" line: large, north-facing five. Low floors overlook Frick gardens. High floors have museum/reservoir views.
--------- Recorded Sales --------- | --------- Previous Listings ---------
10/22/2009 # 4D $1,400,000 -12.5% |↓ $1,600,000 Sold 2 beds 2.5 baths 1,800 ft²
08/15/2008 #10D #2,400,000 - 3.8% |↓ $2,495,000 Sold 2 beds 2 baths
03/30/2004 # 3D $1,650,000 - 5.7% | . $1,750,000 Sold 2 beds 2.5 baths
http://www.streeteasy.com/nyc/building/10-east-70-street-manhattan (For some reason, SE hasn't picked up the sale of #10D from ACRIS.)

Among those "D" apartments at 10 East 70th, it is difficult to judge the condition of the prior sales. #4D clearly needed work; but even assuming #3D was mint, the drop from a Q1 2004 comp is notable.

wow, doesn't get more prime than the beresford and the frick. these prices are eye-opening.

West81st,
Tiny side bar to 10 East 70th Street "D".
4D was purchased by the grandson of Richard Nixion.

http://www.streeteasy.com/nyc/sale/366870-coop-225-east-79th-street-yorkville-new-york

09/15/2004 Previous Sale recorded for $499,999.
01/12/2008 Previously Listed in StreetEasy by Corcoran at $599,000.
01/18/2008 Corcoran Listing is no longer available.
11/20/2008 Listed in StreetEasy by Corcoran at $659,000.
12/01/2008 Price decreased by 6% to $619,000.
01/06/2009 Price decreased by 5% to $585,000.
01/21/2009 Price decreased by 6% to $549,000.
02/23/2009 Price decreased by 3% to $535,000.
03/19/2009 Price decreased by 3% to $519,000.
04/15/2009 Price decreased by 4% to $499,000.
07/01/2009 Price decreased by 4% to $479,000.
08/22/2009 Listing entered contract.
10/26/2009 Listing sold.
10/26/2009 Sale recorded for $455,000.

one of the earliest closings at the Cielo. 04/06. i don't have any idea when the unit might have gone into contract, or when sales began. in 2007 the owners were seriously hindered by the sale of 4E, which sold at a loss at $890K at the end of 01/07. check out the ratio of apartments sold/put on the market over the last year or so.
http://www.streeteasy.com/nyc/building/450-east-83-street-new_york

http://www.streeteasy.com/nyc/sale/475811-condo-450-east-83rd-street-yorkville-new-york
04/27/2006 Previous Sale recorded for $1,105,000.
03/05/2007 Also Listed in StreetEasy by Halstead Property at $1,300,000.
11/03/2009 Listed in StreetEasy by Corcoran at $950,000.

135 East 83rd Street #9D: Same-unit resale of a converted junior 4, down 25.2% from an incomprehensible 2005 basis. Can't tell who did the renovations. From the history - specifically, an attempt to flip the apartment at a profit in early 2006, it seems plausible that the 2009 seller put at least some of the money in. Either way, the drop from 2005 is startling.

05/05/2005 Listed by Halstead at $1,300,000.
05/16/2005 Price decreased by 8% to $1,195,000.
10/18/2005 Previous Sale recorded for $1,150,000.
04/03/2006 Listed by IN New York Realty at $1,295,000.
07/05/2006 Off the market.
04/29/2009 Listed in StreetEasy by In New York Realty at $999,000.
05/15/2009 Price decreased by 9% to $910,000.
07/22/2009 Listing entered contract.
10/27/2009 Sale recorded for $860,000.
http://www.streeteasy.com/nyc/sale/407496-coop-135-east-83rd-street-upper-east-side-new-york

Second appearance of 135 E83 on this page might be a sign of building-specific problems.

I think the maintenance in this building (135 East 83rd) is on the high side for what the building offers. I wonder if there is something in the past few years that is triggering this and affecting the sales price. Although 35% down is also on the high side as well for this building...it's not a Park/Madision/Fifth Avenue co-op.

http://www.streeteasy.com/nyc/sale/444254-coop-301-east-87th-street-yorkville-new-york

06/22/2004 Previous Sale recorded for $567,500.
09/26/2008 Previously Listed in StreetEasy by Brown Harris Stevens at $705,000.
06/24/2009 Brown Harris Stevens Listing is no longer available. Last priced at $575,000.
08/11/2009 Listed in StreetEasy by Sotheby's International Realty at $549,000.
09/11/2009 Listing is no longer available.
11/06/2009 Listing sold.
11/06/2009 Sale recorded for $530,000.

900 5th, Unit 16C. 11C, an estate sale, bigger, closed recently for $2.24mm.

06/02/2004Previous Sale recorded for $2,700,000.
06/17/2009Listed in StreetEasy by Fox Residential Group at $3,500,000.
07/17/2009Price decreased by 16% to $2,950,000.
09/20/2009Listing entered contract.
11/11/2009Re-listed by Fox Residential Group.
11/14/2009Price decreased by 9% to $2,695,000.

so aboutready is taking her downtown comps show (horror show (for sellers anyway), actually, given some of the recent ones she has posted) on the road to the UES. Two sub-2004 same unit resales. Nice.

Returning to 250 East 87th Street, G line, previously discussed on the 5th page of this thread. 6G listed at a 2004-ish price, went in and out of contract and just closed for $1.1mm, a 2005 price and about 24% down from a similar floor peak comp (9G). 14G remains listed at $1.35mm after coming on the market in April at $1.399mm. I guess now we get to see whether 14G is interesting in selling, as 8 floors of elevation aren't worth $250K. Neither apartment shows particularly well in the listing photos and I doubt that there is a condition argument to bail out 14G.

http://www.streeteasy.com/nyc/sale/413601-coop-250-east-87th-street-yorkville-new-york
11/06/09 #6G $1,100,000
05/15/08 #9G $1,450,000
07/30/07 #30G $1,475,000
06/06/07 #22G $1,410,000
11/02/06 #19G $1,225,000
07/27/05 #5G $999,999
06/02/05 #22G $1,100,000
05/11/05 #8G $1,100,000
09/04/03 #17G $875,000

1010 Fifth, #8E. 4rms, 2br, 2ba. Same unit resale on top of spring 2006 previous sale. This second post Lehman sale in the building lacks a peak period same line comp, unlike the recent F line sale (discussed further up this thread) at a big discount to mid 2008.

http://www.streeteasy.com/nyc/sale/372258-coop-1010-fifth-avenue-upper-east-side-new-york
04/19/2006 Previous Sale recorded for $1,295,000.
01/01/2009 Listed in StreetEasy by Brown Harris Stevens at $1,495,000.
03/13/2009 Price decreased by 10% to $1,350,000.
07/31/2009 Listing entered contract.
10/29/2009 Listing sold.
10/29/2009 Sale recorded for $1,300,000.

8 East 96th, #12AB. A bit dated but if this has been posted already I can't find it. 23% loss = big $ in this case.

http://www.streeteasy.com/nyc/sale/406500-coop-8-east-96th-street-carnegie-hill-new-york
01/13/2006 Previous Sale recorded for $7,750,000.
04/24/2009 Listed in StreetEasy by Sotheby's International Realty at $6,200,000.
05/30/2009 Listing entered contract.
07/30/2009 Listing sold.
07/30/2009 Sale recorded for $6,000,000.
08/20/2009 Listing sold.

this isn't an exact comp because the second apartment (16E, 3/2.5) is not exactly the same, it has a large terrace. the layouts, although different, appear to be roughly the same size and the maintenance for the two units is virtually identical. this first one (15E, 3/3) is also a lowball, closing at more than 16% below last list. 15E had a renovated kitchen. no indication regarding 16E.

http://www.streeteasy.com/nyc/sale/398580-coop-165-east-72nd-street-upper-east-side-new-york
04/01/2009Listed in StreetEasy by Halstead Property at $2,175,000.
04/16/2009Price decreased by 8% to $1,997,000.
06/01/2009Listing entered contract.
11/03/2009Sale recorded for $1,665,000.

http://www.streeteasy.com/nyc/sale/165296-coop-165-east-72nd-street-upper-east-side-new-york
01/10/2008Listed in StreetEasy by Warburg at $2,895,000.
01/24/2008Listing entered contract.
02/28/2008Listing is no longer available.
05/07/2008Listing entered contract.
05/16/2008Listing sold.
05/16/2008Sale recorded for $2,750,000.

AR, 16E seems to be an incredibly high price even in 2008 for that apt. The building is well kept(although the lobby needs work) but they don't allow washers and dryers in the apt. I looked at a great large conv 3 recently but the washer dryer restriction was an immediate turnoff.

Barbizon/63 #5G. Purchased on 12/17/07 for $1.2M, it is re-listed ten days later for $1.525M. Sale price of $890K is a 41.6% drop from initial list, 25.8% loss from purchase price.

http://www.streeteasy.com/nyc/sale/415176-condo-140-east-63rd-street-lenox-hill-new-york

StreetEasy History
12/27/2007 Previously Listed in StreetEasy by RP Miller at $1,525,000.
06/15/2008 RP Miller Listing is no longer available. Last priced at $1,495,000.
05/23/2009 Listed in StreetEasy by RP Miller at $965,000.
08/13/2009 Listing is no longer available.
11/03/2009 Listing sold.
11/03/2009 Sale recorded for $890,000.

And there's 7G still asking $1,475,000.

http://www.streeteasy.com/nyc/sale/406737-coop-172-east-90th-street-carnegie-hill-new-york
08/22/2005 Previous Sale recorded for $825,000.
04/24/2009 Listed in StreetEasy by Corcoran at $885,000.
05/30/2009 Price decreased by 6% to $835,000.
07/10/2009 Price decreased by 4% to $799,000.
08/18/2009 Listing entered contract.
11/13/2009 Listing sold.
11/13/2009 Sale recorded for $785,000.

http://www.streeteasy.com/nyc/building/130-east-67-street-manhattan

Not sure if anyone noticed the sale of the large duplex at 130 E 67th.

06/27/2008 Listed in StreetEasy by Stribling at $7,995,000.
08/29/2008 Price decreased by 13% to $6,995,000.
11/07/2008 Price decreased by 16% to $5,900,000.
02/02/2009 Price decreased by 17% to $4,900,000.
04/29/2009 Listing is no longer available.
05/19/2009 Listing entered contract.
07/23/2009 Sale recorded for $(insiders only)
07/24/2009 Listing is no longer available.
09/30/2009 Listing sold.

According to SE, it closed for 3.5M. That's a drop of 54% from the original ask, and 28% from the final ask. I wrote about this one sometime back on a thread. The location isn't perfect, and it needs a lot of work, but someone definitely got a good deal on a large pre-war apartment.

15 East 91st. 8 room purchased in estate condition for $3mm 6/26/07

http://www.streeteasy.com/nyc/sale/49887-coop-15-east-91st-street-carnegie-hill-new-york

Completely renovated and sold for $2.716mm 11/20/09

http://www.streeteasy.com/nyc/sale/399694-coop-15-east-91st-street-carnegie-hill-new-york

If we assume put in $500k in renovations. Then down 22.5% not including carrying and transactions costs

abot 130 E 67th. How do you get into the dressing room?

969 Fifth Avenue 7th floor: Same-unit resale of a big, park-view five, 35.2% below 2007 basis. As we discussed two pages up, the renovation may have removed as much resale value as the falling market.
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.
08/01/2009 Listing entered contract.
11/04/2009 Sale recorded for $2,950,000
The final $950K price cut, which I took for a publicity stunt, was evidently real.

http://www.streeteasy.com/nyc/sale/392857-coop-425-east-79th-street-yorkville-new-york

08/17/2005 Previous Sale recorded for $410,000.
03/18/2009 Listed by Corcoran at $449,000.
04/03/2009 Price decreased by 5% to $425,000.
04/20/2009 Price decreased by 6% to $399,000.
06/12/2009 Price decreased by 6% to $375,000.
09/16/2009 Listing entered contract.
11/18/2009 Listing sold.
11/18/2009 Sale recorded for $350,000.

Oops, another example of all that strength we keep hearing about in the low end of the market.

$8K tax credit and conforming mortgages rule!

another one. but there's still a huge amount of room to go. the price increases for studios and small one bedrooms from 2004 to 2005 is incredible. clearly all of those financial types pulling down the big bonuses decided to buy studio coops on the UES.

http://www.streeteasy.com/nyc/sale/407723-condo-1420-york-avenue-upper-east-side-new-york
06/22/2005 Previous Sale recorded for $370,000.
04/30/2009 Listed by Corcoran at $399,000.
05/28/2009 Price decreased by 6% to $375,000.
08/15/2009 Listing entered contract.
10/06/2009 Listing sold.
10/06/2009 Sale recorded for $339,000.

Resale of a grand one-bedroom/two-bath cutup at 907 Fifth: http://streeteasy.com/nyc/sale/231085-coop-907-fifth-avenue-lenox-hill-new-york and http://streeteasy.com/nyc/sale/407063-coop-907-fifth-avenue-lenox-hill-new-york

09/15/2006 Previous Sale recorded for $3,950,000.
05/07/2008 Listed by Key-Ventures at $4,400,000.
04/28/2009 Listed by Stribling at $3,300,000.
08/25/2009 Listing entered contract.
11/19/2009 Sale recorded for $2,900,000.

They'd also tried to unload it as part of a duplex combo.

235 East 87th Street (Plymouth House) #6J: Same-unit resale of "mint" junior four, 10.7% below January 2006 basis. Condition at time of prior sale not known.
--------- Recorded Sales --------- | --------- Previous Listings ---------
12/02/2009 #6J $607,500 -10.7% |↓ $680,000 Sold 2 beds 1 bath 1,000 ft²
01/31/2006 #6J $680,000 .......... |
http://streeteasy.com/nyc/sale/394502-coop-235-east-87th-street-yorkville-new-york

910 Fifth, A line. 34% below 2007 comp. The two apartments have very different layouts but the same footprint.

http://streeteasy.com/nyc/sale/446371-coop-910-fifth-avenue-upper-east-side-new-york
12/02/2009 #6A $2,400,000
08/17/2007 #9A $3,650,000

Resale after three years at same price: http://streeteasy.com/nyc/sale/379579-coop-781-fifth-avenue-lenox-hill-new-york

12/19/2006 Previous Sale recorded for $6,750,000.
10/14/2008 Previously Listed by Key-Ventures at $15,000,000.
01/27/2009 Key-Ventures Listing is no longer available. Last priced at $9,995,000.
02/05/2009 Listed by Corcoran at $7,999,000.
06/09/2009 Listing sold.
12/01/2009 Sale recorded for $6,750,000.

NWT. Interesting. They really mucked up this family sized apartment so that no family would live there. Except maybe one with a single teenager.

NWT - don't think too many families are looking to live in the Sherry-Netherland Hotel in the first place. (Unless they really insist on daily maid service, and room service from Cipriani)

Ph41 - I think you were talking about me. Point taken. Perhaps I should stick to commenting on beloved UWS. ;)

850 Park 3/4D: Resale of planned combination, 28.9% below 2008 basis. The sellers opted for a renovated penthouse a few blocks away.
---------- Recorded Sales ---------- | ---------- Previous Listings ----------
12/08/2009 #3/4D $6,225,000 -21.2% |↓ $7,900,000 5 beds 5 baths 5,600 ft²
02/12/2008 #3/4D $8,750,000 - 1.1% |↓ $8,850,000 Sold 6 beds 6 baths
http://streeteasy.com/nyc/building/850-park-avenue-manhattan

But, of course, they didn't have to sell. (I have no idea about this particular seller, but I was just struck by this sale.)

Which, I guess, brings a new perspective on the financial noncognitivism movement on this board. People for whom money is no object on the way up would have no reservation about losing money either (I realize there's loss aversion asymmetry here, but it can't be total). I guess their indifference to money/losses can drive the market down just as easily as their reckless purchases drove the market on the way up.

the sellers sold their company -- not clear how much of it they owned--- for $400 million in October 2009. probably could use the $2 million capital loss as an offset. yep, this is a different universe.

875 Park Avenue #6A: Same-unit resale of an odd five-room apartment that was carved from a gracious classic nine, 13.6% below 2007 basis. Needed TLC in 2007; appears to have been freshened, but not renovated.
--------- Recorded Sales --------- | --------- Previous Listings ---------
12/07/2009 #6A $1,684,000 -11.1% | . $1,895,000 Sold 2 beds 2 baths 1,600 ft²
04/20/2007 #6A $1,950,000 - 2.3% |↓ $1,995,000 Sold 2 beds 2 baths

Skinny: I agree. Explains 300 WEA sale of 5A/B by Disney heiress and the purchase of 118W79 (2 Classic 7s for combination at v. high price) - lower price point than Park, but the same indifference to loss.

1120 Park Avenue #20/21A: Same-unit resale of a duplex penthouse with nine rooms and five terraces, 26% below 2006 basis.
09/07/2006 Previous sale recorded for $10,000,000.
02/08/2008 Listed by Prudential Elliman at $11,500,000.
05/07/2008 Listing entered contract.
10/15/2008 Re-listed by Prudential Elliman.
10/15/2008 Price decreased by 7% to $10,750,000.
02/05/2009 Price decreased by 9% to $9,750,000.
05/19/2009 Price decreased by 8% to $8,975,000.
08/25/2009 Listing entered contract.
10/28/2009 Sale recorded for $7,400,000.
http://streeteasy.com/nyc/sale/180830-coop-1120-park-avenue-carnegie-hill-new-york

NWT will appreciate the linkage between this transaction and the August sale of 1125 Park Avenue #14C, another prodigious price-chopper that we discussed on the previous page of this thread. Sure enough, the sellers at 1125 HAD set their sights higher - literally - right across the street.

Wow, you nailed that one! This apt makes 1125 look like just another Park Avenue 7 yawn.

If they need four bedrooms, maybe they'll carve some master-bedroom access out of the library and make it a fourth. Their old place doesn't seem to be on the market yet, so must be doing something with this one.

NWT: Your tax dollars at work. I hope the plans for 1120 include a placque thanking Mr. Paulson for making it all possible.

Glad to help, as are we all. That plaque had better be cast brass, not something that looks like a bowling trophy.

Meanwhile, in a thread right next to this one, people are bitching about the money lavished on teachers.

Don't have my computer for acris; which company?

FWIW, I believe the seller at 1120 Park pocketed a $1m+ deposit when a prior buyer walked away from a contract in the fall of 2008.

inonada: Wear Me / Kids Headquarters.

"Li & Fung said it will pay as much as $401.8 million, or $101.8 million in cash and up to $300 million over five years based on performance for New York-based Wear Me Apparel LLC’s operations related to children’s clothing and accessories, and men’s apparel. Wear Me designs and manufactures clothing sold at chains including Macy’s Inc. and Walmart."

http://www.bloomberg.com/apps/news?pid=20601080&sid=ak9PolVX_Jeg

Doesn't belong on this thread, but this is kinda the end game to the end game as far as outsourcing is concerned. Now, even the profits from outsourcing won't accrue domestically ...

300 East 85th St., 02 line. 700-750sf (claims vary by listing) 1/1. Two closings down ~32% from a peak comp that went to contract one week pre-Lehman. The low floor on #202 and estate sale at #602 probably amplify the negative comparison to a degree, but there is no doubt that the buyer of #702 top-ticked the market.

http://streeteasy.com/nyc/sale/433229-300-east-85th-street-yorkville-new-york
12/11/2009 #202 $475,000
10/21/2009 #602 $465,000
11/26/2008 #702 $690,000

Same-unit resale of 1/1 townhouse co-op west of Park: http://streeteasy.com/nyc/sale/450650-coop-59-east-75th-street-upper-east-side-new-york

Up a bit from 2006, but that's not accounting for the extensive renovation.

05/11/2006 Previously Listed by Corcoran at $850,000.
09/07/2006 Corcoran Listing sold. Last priced at $795,000.
09/07/2006 Previous Sale recorded for $756,868.
02/27/2009 Previously Listed by Corcoran at $989,000.
08/20/2009 Delisted by Corcoran. Last priced at $899,000.
09/02/2009 Listed by Prudential Elliman at $845,000.
10/29/2009 Price decreased by 5% to $799,000.
11/18/2009 Listing entered contract.
12/23/2009 Sale recorded for $789,000.

Another same-unit resale flat from 2006: full-floor 11 at http://streeteasy.com/nyc/sale/368598-coop-1133-fifth-avenue-carnegie-hill-new-york

05/18/2006 Sale recorded for $10,400,000.
12/03/2008 Listed by Sotheby's International Realty, Inc. at $13,500,000.
02/24/2009 Price decreased by 7% to $12,500,000.
05/13/2009 Price decreased by 5% to $11,900,000.
06/02/2009 Listing is no longer available.
06/11/2009 Re-listed by Sotheby's International Realty, Inc..
09/10/2009 Listing entered contract.
12/16/2009 Sale recorded for $10,400,000.

Another one. Sellers may be even-ish after new kitchen and bath: http://streeteasy.com/nyc/sale/467993-coop-196-east-75th-street-upper-east-side-new-york

12/02/2005 Listed by Corcoran at $745,000.
02/23/2006 Listing is no longer available.
04/19/2006 Re-listed by Corcoran.
05/12/2006 Sale recorded for $735,000.
10/02/2009 Listed by Prudential Elliman at $799,000.
10/29/2009 Listing entered contract.
12/24/2009 Sale recorded for $799,000.

one has to wonder what happened here. it appears to be listed twice, once without the ugly history.

http://streeteasy.com/nyc/sale/480021-condo-455-east-86th-street-yorkville-new-york
http://streeteasy.com/nyc/sale/362021-condo-455-east-86th-street-yorkville-new-york
11/18/2005Previous Sale recorded for $960,000.
05/04/2006Previously Listed in StreetEasy, already in contract, by Prudential Elliman at $1,325,000.
07/25/2006Previous Sale recorded for $1,365,000.
09/19/2008Prudential Elliman Listing sold. Last priced at $1,375,000.
11/04/2008Listed by Corcoran at $1,495,000.
01/27/2009Listing is no longer available.
01/29/2009Price decreased by 5% to $1,425,000.
02/27/2009Price decreased by 2% to $1,399,000.
03/24/2009Price decreased by 4% to $1,350,000.
04/03/2009Price decreased by 4% to $1,299,000.
04/16/2009Price decreased by 8% to $1,199,000.
05/07/2009Price decreased by 4% to $1,149,000.
05/26/2009Price decreased by 4% to $1,099,000.
06/11/2009Price decreased by 4% to $1,050,000.
07/02/2009Price decreased by 5% to $999,000.
08/06/2009Price decreased by 5% to $950,000.
08/20/2009Price decreased by 2% to $935,000.
09/10/2009Price decreased by 4% to $899,000.
11/17/2009Listing entered contract.

this appears to be an early 2005 price. there is some discrepancy among floors. nice lowball too.

http://streeteasy.com/nyc/sale/264188-coop-907-fifth-avenue-lenox-hill-new-york
05/29/2008Listed by Brown Harris Stevens at $2,000,000.
06/03/2008Price decreased by 3% to $1,950,000.
01/29/2009Price decreased by 10% to $1,750,000.
07/03/2009Listing entered contract.
12/18/2009Listing sold.
12/18/2009Sale recorded for $1,100,000.

Definitely seems to be 2005, possibly 2004, pricing when compared against 3A that sold for $1.075M in Apr-05. 4A sold for $1.66M in Oct-07. Even the inside deals at 9A and 10A now look way overpriced at $1.24M and $1.26M respectively.

angler, yes, it does seem so. i've yet to notice any upward trend to prices.

http://streeteasy.com/nyc/sale/430045-condo-404-east-76th-street-upper-east-side-new-york
11/14/2005Previously Listed by Citi-Habitats at $749,000.
03/31/2006Citi-Habitats Listing sold.
03/31/2006Previous Sale recorded for $716,200.
06/19/2009Listed by Sirius Realty at $675,000.
09/11/2009Listing sold.
09/11/2009Later Listed by Sirius Realty at $665,000.
10/25/2009Sirius Realty Listing entered contract.
12/17/2009Sale recorded for $625,000.

I likewise have not seen an upward trend, though have noticed a leveling off.

i have seen more activity at the really high end. still very very little in the $1.2-2mm range. more movement downtown, and i'm seeing a decline in prices in the jr.4 market. but largely leveling off with some bizarre exceptions.

this is actually showing a bit of firming up, although could be coincidence, time period is narrow and building has so many units to offload hard to say what they're willing to let these things go for. one of the worst shitshows on the UES, miraval has nonetheless closed slightly more than 100 units, roughly a quarter of the apartments in the building. 25J, one of the earlier closings, can't be happy. these J-line apartments were originally listed by the developer at $1,000,000ish.

12/09 26J $730k
10/09 27J 710
10/09 29J 667

01/09 25J 965

Oof!

Ouch..but even at the lower prices it still seems like a lot for high monthlies and so far east..

181 East 90th Street (Metropolitan) #6A: back to 2003/2004 pre-construction pricing for a 1,253 ft² 1BR/1.5BA condo with den:
05/10/2004 Prior sale recorded for 941,882. (From ACRIS)
07/07/2009 Listed by Prudential Elliman at $1,195,000.
09/01/2009 Price decreased by 12% to $1,050,000.
12/08/2009 Listing entered contract.
12/16/2009 Listing sold.
12/16/2009 Sale recorded for $950,000.
http://streeteasy.com/nyc/sale/434642-condo-181-east-90th-street-carnegie-hill-new-york

west81st, saw that one, but didn't delve into acris. condos. where the real distress will likely first truly bubble. and that will be interesting of course because in our market they have such an accessibility advantage.

jim, horrifically overpriced, just not as much so. but i believe there is a spa. so that's nice.

estate sale, needs work. a lot of space for the price, maint. is a tad bit high. 19H, condition unknown, sold for $835k 06/04. 2005-08 H line units were selling for $1.1-1.3mm.

http://streeteasy.com/nyc/sale/433679-coop-118-east-60th-street-lenox-hill-new-york
07/02/2009Listed by Stribling at $865,000.
09/14/2009Listing entered contract.
12/22/2009Listing sold.
12/22/2009Sale recorded for $840,000.

29 East 64th Street "C" line: South-facing six. Renovations of #4C and #6C appear comparable. #8C was fully renovated too. Share counts suggest identical footprint for all three units, despite the divergent room counts and claimed square footage.
---------- Recorded Sales ---------- | ---------- Previous Listings ----------
12/01/2009 #4C $1,800,000 - 7.7% |↓ $1,950,000 Sold 2 beds 2 baths 2,000 ft²
09/08/2006 #6C $2,450,000 -11.7% |↓ $2,775,000 Sold 2 beds 2 baths
01/23/2003 #8C $1,700,000 - 5.3% | . $1,795,000 Sold 2 beds 3.5 baths 1,700 ft²

Elevation matters in a busy section of prime UES, but #4C still looks notable.

59 East 75 St. Sold in '06 for $795,000 / Originally listed at $989,000 - Sold in '09 for $785,000

05/11/2006 Previously Listed by Corcoran at $850,000.
09/07/2006 Corcoran Listing sold. Last priced at $795,000.
09/07/2006 Previous Sale recorded for $756,868.
02/27/2009 Previously Listed by Corcoran at $989,000.
08/20/2009 Delisted by Corcoran. Last priced at $899,000.
09/02/2009 Listed by Prudential Elliman at $845,000.
10/29/2009 Price decreased by 5% to $799,000.
11/18/2009 Listing entered contract.
12/23/2009 Listing sold.
12/23/2009 Sale recorded for $789,000.

Oops - Sold in '09 for $789,000

fhsack: The 2006 sale price was $756,868, not $795K. It's hard to compare the two transactions because the 2006 buyer renovated the apartment before selling in 2009.

West 81- How do you reconcile the sale of 5d at 29 east 64

http://streeteasy.com/nyc/sale/142551-coop-29-east-64th-street-lenox-hill-new-york

10/24/2007Listed by Stribling at $3,200,000.
11/28/2007Listing is no longer available.
01/08/2008Re-listed by Stribling.
01/08/2008Price decreased by 6% to $2,995,000.
09/11/2008Price decreased by 7% to $2,800,000.
10/27/2008Price decreased by 13% to $2,450,000.
02/24/2009Price decreased by 18% to $1,999,000.
03/20/2009Listing is no longer available.
04/15/2009Re-listed by Stribling.
04/15/2009Price decreased by 10% to $1,790,000.
06/25/2009Listing entered contract.
09/21/2009Sale recorded for $1,642,500.
09/24/2009Listing sold

with the recent sale of 4c. floorplans look similar. What is the difference between the two?. Was the condition of 4c that much better? does it face a better direction? Why would 4c trade over 150k higher than 5d. Thanks for the help

Trotter: Hard to say. Maybe just a combination of a little market recovery between the two contract dates (June and September), exhaustion on the part of the #5D sellers, and a bit of random scatter.

Thanks West 81. I obviously couldnt find anything specific either. Guess thats just the nature of an opaque/illiquid market

This showed up when looking at another listing in this building.

515 East 85th Street - PHA

12/15/2004 Previous Sale recorded for $409,000.
07/03/2009 Listed by Corcoran at $595,000.
09/10/2009 Listing entered contract.
12/07/2009 Listing sold.
12/07/2009 Sale recorded for $611,000

450 East 83rd Street (Cielo) "B" line. If the 2006-2008 buyers didn't already know how much equity they've lost, I think the sponsor's sale of #17B makes it official.
---------- Recorded Sales ---------- | ---------- Previous Listings ----------
12/18/2009 #17B $2,150,000 ........... | Sold 1,866 ft²
04/17/2008 #16B $2,850,000 + 0.0% | . $2,850,000 Sold 3 beds 3.5 baths 1,866 ft²
10/19/2006 #15B $2,881,647 + 1.8% |↑ $2,830,000 Sold 3 beds 3.5 baths 1,866 ft²
09/25/2006 #26B $3,136,210 + 1.8% |↑ $3,080,000 Sold 3 beds 3.5 baths 1,866 ft²
08/25/2006 #18B $2,942,742 + 1.8% |↑ $2,890,000 Sold 3 beds 3.5 baths 1,866 ft²
07/18/2006 #19B $2,963,107 + 1.8% |↑ $2,910,000 Sold 3 beds 3.5 baths 1,866 ft²
06/28/2006 #23B $2,890,000 + 0.0% | . $2,890,000 Sold 3 beds 3.5 baths 1,866 ft²
Some units in the line have been combined with adjacent apartments. #17B was listed as a combination with #17C, but was sold separately. I couldn't figure out what happened with #22B, so I left it out; it may have lost a room, but sold near full price anyway. The sales shown above all appear to have been the original 1,866 sq.ft. configuration. The only good news is that most buyers seem to have put a lot of cash down, so they aren't underwater.
http://streeteasy.com/nyc/building/cielo-condominium

Same-unit resale of a 2/2 combo, a bit below 2006: http://streeteasy.com/nyc/sale/461964-coop-245-east-54th-street-sutton-place-new-york

05/05/2006 Sale recorded for $935,000.
09/12/2009 Listed by Bellmarc at $1,100,000.
09/16/2009 Price decreased by 10% to $995,000.
10/05/2009 Price decreased by 6% to $935,000.
11/10/2009 Listing entered contract.
01/05/2010 Sale recorded for $890,000.

Original-condition 8: http://streeteasy.com/nyc/sale/440653-coop-1192-park-avenue-carnegie-hill-new-york

07/28/2009 Listed by Warburg at $3,495,000.
09/17/2009 Price decreased by 8% to $3,200,000.
10/23/2009 Listing entered contract.
01/05/2010 Sale recorded for $3,100,000.

#5B, three floors up with renovated kitchen, went for $3,300,000 in 2006.
#6B, condition unknown, went for $4,425,000 in 2005.

5B and 6B have the same share-count, so 6B might've been renovated to the hilt.

NWT - It would seem t hat 1192 Park is retaining value pretty well, no?

Was going to say yes, but then there're 2A for $3.6M in 2006 and 10A for $3.0M in 2009. They both say "renovated", but in these kinds of places that could mean $50K or $500K.

How accurate are these SE price changes. Do they allow the seller (or broker) to change that data?

The brokerage houses feed price/status changes to SE.

Upon sale, SE picks up the data from the city and meshes it with the listing data.

So, when you see "Listing sold", that means the broker says it is. When you see "Sale recorded for $x" it's coming from the city.

But can the broker manipulate the original asking price?