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

Also, are you sure it is coming from the city? Even with coops? Sometimes, coop prices are listing in ACRIS.

No, the broker can't go back and undo the original asking price. All they can do is set a different asking price, so you see the full history. They can, however, change the apartment number or something to make it appear as a new listing.

Yes, the closed-sale amount comes from ACRIS, i.e. the city.

But what about with coops where there is no sale price in ACRIS?

Co-op sales before 2004 aren't in ACRIS, so SE doesn't have them either. Since then, they're on both ACRIS and SE.

For co-op sales in 2003 and later, you can also pick up a Dept of Finance spreadsheet at http://home2.nyc.gov/html/dof/html/property/property_val_annual_sales.shtml

ah, ok. thanks.

ah, ok. thanks.

A tale of two lines. On the previous page, West81st noted the return to 2003/04 pre-construction pricing at #6A at 181 East 90th.

The other recent closing in that building is #7B, which closed at a 12% premium to the 2/05 purchase from the developer. The 2/09 sale was from one of the original owners to the other (perhaps a 1/2 interest?) and isn't a comp.

http://streeteasy.com/nyc/sale/433035-condo-181-east-90th-street-carnegie-hill-new-york
02/07/2005 Previous Sale recorded for $1,600,000.
02/02/2009 Previous Sale recorded for $800,000.
06/29/2009 Listed by Corcoran at $1,825,000.
09/16/2009 Listing entered contract.
11/04/2009 Listing sold.
11/04/2009 Sale recorded for $1,795,000.

Next up, the penthouse, in contract at a last ask $895k below the 2004 purchase from the developer.

1088 Park Avenue, #6B. Estate sale of a classic 6 went to contract in 3 weeks at a 2% discount to the ask and right on top of mid-2005 lower floor comp. Listing to closing barely two months. All in all, this seems like a pretty solid outcome vs. some of the UES pre-wars north of 86th Street that have sold in the last year.

http://streeteasy.com/nyc/sale/471717-coop-1088-park-avenue-carnegie-hill-new-york
12/22/2009 #6B $2,500,000 -2.0% $2,550,000
07/11/2005 #3B $2,495,000

"newly renovated ... kitchen."

http://streeteasy.com/nyc/sale/463549-coop-161-east-91st-street-carnegie-hill-new-york

03/31/2005Previous Sale recorded for $599,000.
08/19/2008Previously Listed by Prudential Elliman at $725,000.
02/19/2009Prudential Elliman Listing is no longer available. Last priced at $699,999.
09/16/2009Listed by Prudential Elliman at $599,000.
11/10/2009Listing entered contract.
01/07/2010Listing sold.
01/07/2010Sale recorded for $585,000.

some would call this a jr.4, given the size of the living room and the second bedroom i'd call this a 2/2.

http://streeteasy.com/nyc/sale/348555-coop-444-east-86th-street-yorkville-new-york
09/12/2008Listed by Halstead Property at $898,000.
10/15/2008Price decreased by 5% to $855,000.
11/22/2008Price decreased by 4% to $825,000.
02/19/2009Listing is no longer available.
03/09/2009Re-listed by Halstead Property.
03/09/2009Price decreased by 9% to $750,000.
06/18/2009Price decreased by 7% to $700,000.
09/11/2009Listing entered contract.
01/05/2010Sale recorded for $681,000.
01/06/2010Listing sold.

06/04 9F sold for slightly less at $655k. 08/04 12F sold for slightly more at $705k. listing states kitchen was renovated a few years ago.

This one sold quickly. Estate sale, looks like less than $1000 psf. Unit 3K. 8K sold for $1,937,500 in 09/07.

http://streeteasy.com/nyc/sale/445789-coop-880-fifth-avenue-lenox-hill-new-york
08/19/2009Listed by Brown Harris Stevens at $1,375,000.
09/16/2009Listing entered contract.
01/04/2010Listing sold.
01/12/2010Sale recorded for $1,375,000.

360 East 88th Street (Leighton House), A line on the middle floors. #15A is a same unit resale 5.6% below 2006 cost and 29% below what looks like a very unwise peak comp (#20A). Very mixed bag of pricing in 2004-05. Re: #20A, SE lists it at a larger sq footage than 15A; however, the text of the listing says that it is just below 1,000sf (same as #15A) and SE has a floor plan for #24A which shows that the #15A layout extends at least that high (high floor A lines are different), so it appears that #20A is in fact a comp. Next up, #24A, which is in contract from a last ask of $995k.

http://streeteasy.com/nyc/sale/415786-condo-360-east-88th-street-yorkville-new-york
10/30/2009 #15A $850,000
06/04/2007 #20A $1,202,000
09/27/2006 #15A $900,000
09/26/2005 #24A $750,000
07/12/2005 #16A $800,000
06/01/2005 #22A $968,000
09/24/2004 #20A $815,000

Apologies if this was already posted above. I didn't see it.

1070 Park, C line. Classic six. Looks like a nice layout; claims 2,150sf. #15C was an estate sale but claims to have been renovated 10 years ago. Closed 24% below peak comp and 8% below a 2005 comp. Two others in the line have tried to sell post-Lehman but have pulled the listings at last asks well above the 15C closing.

http://streeteasy.com/nyc/sale/385384-coop-1070-park-avenue-carnegie-hill-new-york
11/09/2009 #15C $2,200,000
06/29/2007 #12C $2,900,000
08/10/2005 #10C $2,385,000

122 East 82nd Street "C" line. Small pre-war six with 1.5 baths.
---------- Recorded Sales ---------- | ---------- Previous Listings ----------
12/28/2009 #7C $1,200,000 - 7.3% |↓ $1,295,000 2 beds 1.5 baths
06/27/2005 #8C $1,442,000 + 3.4% |↓ $1,395,000 2 beds 1.5 baths
#7C debuted briefly with Halstead in November 2007 at $2.199MM, then moved to Elliman at $1.95MM and chased the market down from there. No condition issues. Perhaps the renovation left too heavy a stylistic imprint. (From the Halstead listing: "This home has been lovingly renovated by the noted interior designer/owner for his own use" - which may have been the problem at resale time.)

Anyway, the only material edge for #8C, aside from the extra floor of elevation, seems to have been through-wall AC. Otherwise, his looks like a fairly clean 17% drop from a 2005 comp.
http://streeteasy.com/nyc/building/122-east-82-street-manhattan

1441 Third Avenue (Trianon) #15C: 2BR/2BA condo with balcony, views and dining L, closed 16.4% below 2006 basis.
02/07/2006 Previously Listed by Corcoran at $1,545,000.
06/13/2006 Corcoran Listing sold. Last priced at $1,395,000.
06/13/2006 Previous Sale recorded for $1,375,000.
05/05/2009 Listed by Halstead Property at $1,395,000.
07/29/2009 Price decreased by 7% to $1,295,000.
10/10/2009 Price decreased by 7% to $1,200,000.
01/15/2010 Sale recorded for $1,150,000.
http://streeteasy.com/nyc/sale/411390-condo-1441-third-avenue-yorkville-new-york

170 East 79th Street "B" line: Modest, south-facing seven with open/townhouse views, listed as 1,800SF, might be more like 1,750. #7B closed down 32.8% from the peak comp directly above. Both apartments needed significant work. #8B was probably less dire. Even if #7B was a complete wreck, under $750/SF is pretty notable for a pre-war 3BR with light, west of Third Avenue.
---------- Recorded Sales ---------- | ---------- Previous Listings ----------
01/13/2010 #7B $1,310,000 -12.7% | $1,500,000 Sold 3 beds 2.5 baths
08/09/2007 #8B $1,950,000 - 2.3% | $1,995,000 Sold 3 beds 2.5 baths
http://streeteasy.com/nyc/sale/440151-coop-170-east-79th-street-upper-east-side-new-york

5B, estate sale, needs work. 3B, no idea of condition, sold for $710k in 08/04. 8B sold for $829k 06/06. they got the job done quickly.

http://streeteasy.com/nyc/sale/461944-coop-175-east-62nd-street-lenox-hill-new-york
09/11/2009Listed by Halstead Property at $675,000.
10/30/2009Listing entered contract.
01/20/2010Listing sold.
01/20/2010Sale recorded for $600,000.

I just went back through some older saved sales from my lists, and here are the 4 listings that have a sale price as well as a previous sale price. I didn't exclude any of them.
http://streeteasy.com/nyc/sale/394502-coop-235-east-87th-street-yorkville-new-york
01/31/2006 Previous Sale recorded for $680,000.
03/24/2009 Listed by Corcoran at $695,000.
10/30/2009 Listing entered contract.
12/02/2009 Sale recorded for $607,500.

http://streeteasy.com/nyc/sale/370029-coop-301-east-64th-street-lenox-hill-new-york
12/28/2005 Previous Sale recorded for $675,000.
11/12/2008 Previously Listed by Corcoran at $849,000.
07/16/2009 Listing entered contract.
09/23/2009 Sale recorded for $646,500.

http://streeteasy.com/nyc/sale/387637-condo-224-east-52nd-street-sutton-place-new-york
7/18/2005 Previous Sale recorded for $675,000.
02/27/2009 Listed by Corcoran at $775,000.
06/18/2009 Listing entered contract.
10/13/2009 Sale recorded for $680,000.
The kitchen looks recently renovated here, but since the last sale was 2005, I can't tell if it was done by the current owner.

http://streeteasy.com/nyc/sale/377868-coop-196-east-75th-street-upper-east-side-new-york
10/21/2004 Previous Sale recorded for $515,000.
01/29/2009 Listed by Corcoran at $625,000.
06/09/2009 Listing entered contract.
08/11/2009 Sale recorded for $550,000.

Also, as I was going through them, I noticed that quite a few had pretty massive drops between last ask and sale price. Like around 80K on places on places that went for 550-650. Is there a thread for posting those? Looks like some lowballs actually worked.

wishhouse: http://streeteasy.com/nyc/talk/discussion/12642-successful-lowballs?page=2

wishhouse, i'm noticing larger discounts from final listing recently also. did you buy?

No, I actually stopped looking for most of the winter because I wasn't seeing anything interesting and the math still doesn't work out. I've also been reconsidering my search criteria. While a few years ago when I started casually looking (actually I think it was 2006), a 2 bedroom was the right size, every year that goes by that I don't buy that size makes less sense. On the bright side, living in my cheap rental these past years has allowed me to save quite a bit more towards a down payment, so changing the criteria is a possibility. Still, for the next 5-7 years, I definitely don't need more than 2 bedrooms... It's a dilemma, and one that makes me even less likely to buy. But, I still enjoy following the market.

455 East 86th Street (Channel Club) #7B: Same unit resale, 35.3% below 2006 basis.
07/25/2006 Previous Sale recorded for $1,365,000.
11/04/2008 Listed by Corcoran at $1,495,000.
01/29/2009 Price decreased by 5% to $1,425,000.
02/27/2009 Price decreased by 2% to $1,399,000.
03/24/2009 Price decreased by 4% to $1,350,000.
04/03/2009 Price decreased by 4% to $1,299,000.
04/16/2009 Price decreased by 8% to $1,199,000.
05/07/2009 Price decreased by 4% to $1,149,000.
05/26/2009 Price decreased by 4% to $1,099,000.
06/11/2009 Price decreased by 4% to $1,050,000.
07/02/2009 Price decreased by 5% to $999,000.
08/06/2009 Price decreased by 5% to $950,000.
08/20/2009 Price decreased by 2% to $935,000.
09/10/2009 Price decreased by 4% to $899,000.
11/17/2009 Listing entered contract.
01/12/2010 Sale recorded for $857,500.
http://streeteasy.com/nyc/sale/362021-condo-455-east-86th-street-yorkville-new-york

Sorry, 37.2% below 2006 basis.

That's a lot of chopping.

For rent vs buy fans, the unit is now up for rent:

http://streeteasy.com/nyc/rental/608372-condo-455-east-86th-street-yorkville-new-york

Anyone familiar with the area wanna give am idea on what it'll rent at?

that is just ugly. and still much cheaper to rent

West81st, what do you make of the previous previous sale (11/18/2005 Previous Sale recorded for $960,000). 42% appreciation in 8 months. Massive reno? Also, the identity of the 2005 buyer and 2006 seller are different, so there was some further change in between.

sidelinesitter: She transferred ownership to Puricel in April 2006, possibly to achieve more favorable tax treatment on the subsequent sale. Buyer and seller on the April deed are same signature.
http://a836-acris.nyc.gov/Scripts/DocSearch.dll/ViewImage?Doc_ID=2006042101536001

No idea about the renovation. It's a reasonable assumption.

4 East 95th Street #3B: Back on market, asking 21.4% below 2007 basis.
10/05/2007 Previous Sale recorded for $2,545,000.
05/04/2009 Listed by Halstead Property at $2,250,000.
10/05/2009 Delisted temporarily.
01/26/2010 Re-listed by Halstead Property.
01/26/2010 Price decreased by 11% to $2,000,000.
http://streeteasy.com/nyc/sale/410725-coop-4-east-95th-street-carnegie-hill-new-york
The owners have moved on, and probably just want to be done with it.
http://www.observer.com/2010/real-estate/spoiled-again-caitlin-macy-banker-hubby-land-back-gramercy-35-m
Here's their new home:
http://streeteasy.com/nyc/sale/137625-coop-1-lexington-avenue-gramercy-park-new-york

Another return visit to the "E" line at 1133 Park Avenue - the corner classic 7 with the unusual maid's room off one bedroom. #4E has resumed the relocation effort, returning to the market with a new agency. The price has been cut another $151K, to $1.799MM - 36% below the peak comp one floor down, and within $74K of the owner's 2004 basis.
--------- Recorded Sales --------- | --------- Previous Listings ---------
* CURRENT * .. #4E ............................ | . $1,799,000 3 beds 2 baths 1,700 ft²
06/16/2009 . #4E ............................ |↓ $1,950,000 3 beds 2 baths
08/01/2007 . #3E $2,805,000 + 8.1% | . $2,595,000 3 beds 3 baths
02/13/2007 #15E $2,500,000 - 6.5% | . $2,675,000 3 beds 2 baths
07/13/2004 . #4E $1,725,000 + 8.2% | . $1,595,000 3 beds 2 baths
http://streeteasy.com/nyc/building/1133-park-avenue-manhattan
As noted previously, #3E may have been in better condition, but #4E does not appear to need "major renovation" appears credible. No indication of what shape #4E was in five years ago, when the seller bought it.

Copy/paste error above: scratch "appears credible".

201 East 80th (Richmond), full floor tower 9 room. 11% below an early 2006 comp. I can't confirm that 19A is the same layout, but from the price range and the fact that there has been no other 19th floor sale in the last 6 years, I suspect it is - in which case the new sale is 4% below an early 2005 comp. There are no peak period (e.g., 2007 to mid-2008) sales in the line.

http://streeteasy.com/nyc/sale/412883-condo-201-east-80th-street-yorkville-new-york
01/15/2010 #23A $4,400,000
02/28/2006 #24A $4,950,000
03/04/2005 #19A $4,575,000

455 East 86th Street (Channel Club) #7B: Same unit resale, 35.3% below 2006 basis.
---------

wow! i don't see why the seller is better off losing half a million dollars than renting it. is it a short sale? (waiting for approval from the bank?)

8-room condo, at about the 2005 basis: http://streeteasy.com/nyc/sale/470086-condo-50-east-72nd-street-lenox-hill-new-york

10/xx/1985 Previous Sale recorded for $286,500. (ACRIS)
05/xx/1988 Previous Sale recorded for $484,000. (ACRIS)
12/xx/1995 Previous Sale recorded for $338,500. (ACRIS)
02/xx/1998 Previous Sale recorded for $1,610,000. (ACRIS)
01/18/2005 Previous Sale recorded for $4,250,000.
10/09/2009 Listed by Corcoran at $4,600,000.
11/21/2009 Listing entered contract.
01/19/2010 Sale recorded for $4,350,000.

The sellers plan on buying the duplex upstairs (http://streeteasy.com/nyc/sale/363144-condo-50-east-72nd-street-lenox-hill-new-york) per a PoA filed for this sale.

new listing. for marco and julia.

http://streeteasy.com/nyc/sale/493200-coop-444-east-75th-street-upper-east-side-new-york
09/28/2004Previous Sale recorded for $260,000.
01/23/2007Previously Listed by Corcoran at $385,000.
06/12/2007Corcoran Listing sold.
06/12/2007Previous Sale recorded for $385,000.
01/31/2010Listed by Corcoran at $299,000.

Looks like an equivalent footprint (14C) was listed for rent for 1850 a few months ago. Given 1050 maintenance, it seems like one could rent the place for at most an additional $800/month (or 9600/year). On a 300k ask, that's a 3.2% cap rate. Hardly seems like a bargain. High maintenance is a value killer on a small apartment.

thx AR!

johndoe, this is a comps thread, but i get what you're saying. if you've been following this subsection of the market, you'll know how resistant to movement it has been. it is heavily supported by gov't policies. i find the notion of a $300k studio or small one bedroom surreal (showing my age), but this is a same unit resale, thus a comp.

AR - apologies for the slightly off-topic post. To make this more on topic - I would be curious to see a comparison of maintenance from 2004 and today. I wonder how the all-in cost of ownership compares (it seems like a comp of sales prices only tells part of the story).

actually i also posted it as a comp to the 2007 sale. there maintenance is just under $900. i agree with you, it's the total cost. but if the increases are consistent with the market in general, it doesn't skew the comp.

969 Fifth Avenue.
West81st-
about 7 months ago- 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.
----------------------------------------------------
Here's the rest of it.

08/01/2009 Listing entered contract.
11/05/2009 Listing is no longer available.
Final selling price. $2,950,000.
Full ask. I know it was down significantly from the original, but considering the issues with the apartment discussed on this thread, kind of surprising.

i don't know who did the renovations. they look newish.

http://streeteasy.com/nyc/sale/413172-condo-308-east-72nd-street-lenox-hill-new-york

04/18/2005Previous Sale recorded for $3,100,000.
05/14/2009Listed by Prudential Elliman at $3,995,000.
06/16/2009Price decreased by 4% to $3,850,000.
07/14/2009Price decreased by 3% to $3,750,000.
11/10/2009Listing entered contract.
01/19/2010Listing sold.
01/19/2010Sale recorded for $3,200,000.

A ho-hum classic-seven: http://streeteasy.com/nyc/sale/248096-coop-1111-park-avenue-carnegie-hill-new-york

After a long 18 months on the market, seller may have made a few bucks, depending on extent of renovations. Looks as if there may be blocked-up fireplace(s) in the wall between LR and DR.

06/09/2006 Previous Sale recorded for $3,250,000.
05/21/2008 Listed by Corcoran at $4,950,000.
08/07/2008 Delisted temporarily.
09/09/2008 Re-listed by Corcoran.
09/09/2008 Price decreased by 4% to $4,750,000.
10/16/2008 Price decreased by 7% to $4,395,000.
11/26/2008 Delisted temporarily.
12/10/2008 Later Listed by Sotheby's International Realty, Inc. at $3,750,000.
12/11/2008 Later Listed by Brown Harris Stevens at $3,750,000.
01/11/2009 Sotheby's International Realty, Inc. Listing is no longer available.
06/01/2009 Delisted temporarily by Brown Harris Stevens. Last priced at $3,450,000.
11/06/2009 Later Listed by Warburg at $3,795,000.
11/07/2009 Warburg Listing is no longer available.
01/27/2010 Sale recorded for $3,700,000.

108 East 82nd St, 4A.

04/29/2008 Previously Listed by Corcoran at $2,795,000.
12/23/2008 Corcoran Listing sold. Last priced at $1,995,000.
12/23/2008 Previous Sale recorded for $2,075,000
12/10/2009 Listed by Fox Residential Group at $2,795,000.

The good doctors are trying to flip their small classic 8, which went into contract at 4% over ask right before Lehman. A year and a nice-ish looking renovation later, they have it listed with Fox for $2.795M. That's 720k more than they bought if for. I personally like the apartment, even though it's small and a little quirky, but not for 2.795M.

not really certain what happened here. 15B sold for $5.1mm 02/09. going back further, 2B sold for 4.235 01/08, and 10B for 4.7 10/05. guess they really needed to sell and couldn't wait for the right buyer. anyone see it?

http://streeteasy.com/nyc/sale/415538-coop-1170-fifth-avenue-carnegie-hill-new-york

12/31/2008Previously Listed by Stribling at $5,200,000.
05/27/2009Listed by Brown Harris Stevens at $4,495,000.
05/27/2009Stribling Listing is no longer available. Last priced at $4,750,000.
09/01/2009Price decreased by 11% to $3,995,000.
11/18/2009Listing entered contract.
01/29/2010Listing sold.
01/29/2010Sale recorded for $3,575,000.

AR: That's a fairly startling sale. Carnegie Hill watchers (Xellam? Sidelinesitter? Carnegie?) can dissect the situation better than I can. If anything, #14B was probably in better condition overall than #15B. #10B had central air, but inferior views. #2B isn't a comp; bigger apartment, no real view.

This sale may be most relevant as a rebuttal to the argument that the market has bounced significantly since last Spring. #14B had an accepted offer in April 2009, when the listing was still with Stribling and the ask was $4.75MM. That deal fell through, and Stribling's exclusive expired in May. The Brown Harris listing went to contract in November, and sold for $3.575MM.

It was discussed here at http://streeteasy.com/nyc/talk/discussion/14664-rockefeller-co-ceo-commits-suicide-crains-ny

thanks w81st and nwt. 8C. 3C sold for the same price in mid-2005, but this has significantly better views, i believe.

http://streeteasy.com/nyc/sale/411911-coop-1140-fifth-avenue-carnegie-hill-new-york

05/07/2009Listed by Corcoran at $3,250,000.
05/28/2009Price decreased by 11% to $2,900,000.
11/12/2009Listing entered contract.
01/27/2010Listing sold.
01/27/2010Sale recorded for $2,600,000.

aboutready - Do you mind my asking how you are getting your feeds for recent sales?

AR: There's a big hill across Fifth Avenue. I don't think the eighth floor clears it. The five floors are still valuable (light, air, noise), but the reservoir isn't in the picture.

181 East 65th (the Chatham) #31A

10/19/2009 Listed by Warburg at $7,250,000.
12/15/2009 Listing entered contract.
01/22/2010 Listing sold.
01/22/2010 Sale recorded for $6,600,000.

A modest 9% drop off initial list, however the interesting thing here is that the higher floor A line seems to be finding the market. This listing went into contract within 57-days. 30A below it took 605 days and a fall of 42% to find the right price at $6.5M. 28A needs to get a clue, though is struggling with the fact that they paid $7.4M for the unit in Nov-06.

I'm surprised by the sale at 1170. Even at the north edge of Carnegie Hill, that is a large prewar park-facing, south-west corner 9 room apartment. the market is sort of schizophrenic right now, is it not? how can a mediocre 7 at 1111 Park sell for more than a 14th floor park view 9 at 1170 5th?

angler, just from recorded sales in SE.

w81st, i can't tell for sure, but from the pictures 8C appears to clear the trees. just seemed like a very different feel to me.

HR: All it takes is a couple of families who want to be around the corner from Dalton, or who think East Harlem starts at 95th Street, or who simply believe that it's tacky to bid more than 3% below ask. Also, the financial requirements at 1170 Fifth are stiffer. Personally, I agree with you about the relative valuation of the two apartments, but it's easy enough to explain the way those two trades shook out.

AR: There's "clearing the trees" and there's "CLEARING THE TREES." The eighth floor might give you a glimpse of the Eldorado. You have to be pretty high up to get the view you see in coffee table books.

Update on 181 East 90th. The penthouse closed at a 12% discount ($970k loss) to the late 2004 purchase from the developer.

http://streeteasy.com/nyc/sale/385084-condo-181-east-90th-street-carnegie-hill-new-york?email=true
12/13/2004 Previous Sale recorded for $7,895,000.
08/30/2008 Previously Listed by Brown Harris Stevens at $8,900,000.
02/09/2009 Listed by Corcoran at $7,995,000.
04/17/2009 Price decreased by 12% to $7,000,000.
10/15/2009 Brown Harris Stevens Listing is no longer available. Last priced at $7,000,000.
11/03/2009 Listing entered contract.
01/22/2010 Listing sold.
01/22/2010 Sale recorded for $6,925,000

I don't know if anyone had posted this one, but here's one on a not so successful flip at the Brompton
205 East 85th Street #4L
02/25/2009 Previous Sale recorded for $1,343,450.
09/15/2009 Listed by Warburg at $1,450,000.
11/24/2009 Price decreased by 5% to $1,375,000.
12/10/2009 Listing entered contract.
12/29/2009 Listing sold.
12/29/2009 Sale recorded for $1,230,000.

Buyers remorse?

It's posted on one of the Brompton threads but not here

Thanks AR. I guess it's just a matter of running the search each day. I've been relying on SE update e-mails on my saved searches.

angler, to be honest, that doesn't even work. SE should have a search option for recorded sales that have been added in the last two days. the dates can be all over the place, so it's very easy to miss a lot. so if something was recorded a week ago but is only now showing up on SE you'd have to go through pages upon pages of listings to find them. once a month or so i do this for the downtown market. my little comps contribution.

i also have saved searches, and others do as well. so certain portions of the market are served well. i generally focus on the areas that relate to my interest (downtown, as i noted) and the conforming market, which i think has a tremendous amount to say about the general health of our market, for various reasons. generally i don't have much to add in the big UWS/UES deals, because we have such great sources for that!! but i must confess to feeling just a bit of fun in finding a goodie before our experts.

440 East 79th Street. A couple of same unit resales. I'm not really sure what they tell us about market movement.

http://streeteasy.com/nyc/sale/396536-coop-440-east-79th-street-upper-east-side-new-york
12/15/2009 #4FG $1,125,000
01/04/2006 #4F/G $1,183,500
Down 5% from early 2006.

http://streeteasy.com/nyc/sale/418393-coop-440-east-79th-street-upper-east-side-new-york
11/13/2009 #6N $550,000
07/23/2007 #6N $570,000
This one is a bit worse. Only 3.5% on transaction price, but the listing for the 2009 sale claims a full reno, so the seller is out that cost too.

On the previous page of this thread, aboutready noted the asking price at 900 Fifth, #16C, falling to the 2004 same unit previous sale level, and well as the recent sale of 11C for a lower price. It turns out that the 16th floor is a different layout, so 11C is a different comp line. There are comps, though, and 11C is down 25% from peak and only 13% above the 2004 low floor comp.

11/05/2009 #11C $2,240,000
05/20/2008 #12C $2,985,000
06/01/2007 #5C $2,950,000
10/29/2004 #3C $1,975,000

4C and 8C are currently listed for $2,445.000 and $2,295,000, respectively, so there is more to watch in this line.

Back on the 16C same unit comp, I'd note that in addition to matching the 2004 headline price, the current listing claims a brand new reno, so the ask is effectively below 2004.

7 Gracie Square mid-floor "C" line: rear-facing classic six that is the architectural afterthought to the grand, park-facing "A" and "B" lines. The duplexing of "B" causes variations in layout from floor to floor, but the "C" floorplan appears consistent. #7C closed 26% below the peak comp one floor down. I saw #7C, where the late-90s reno was still in very good condition, if a bit dated. Don't know the condition of #6C; the price history suggests renovation circa 2004, but the two subsequent listings don't mention it.
--------- Recorded Sales --------- | --------- Previous Listings ---------
02/02/2010 # 7C $1,350,000 - 3.2% |↓ $1,395,000 Sold 2 beds 3 baths
11/13/2008 # 6C ............................ |↓ $1,800,000 Off-Market 2 beds 3 baths 1,600 ft²
10/03/2007 # 6C $1,825,000 - 1.4% | . $1,850,000 Sold 2 beds 2 baths 1,600 ft²
01/08/2004 # 6C .. $910,000 - 8.0% |↓ $989,000 Sold 2 beds 2 baths 1,600 ft²
05/16/2003 # 7C $1,147,500 - 0.2% |↓ $1,150,000 Sold 2 beds 3 baths
12/08/2000 # 7C *NOT AVAILABLE* | . $1,295,000 Sold 2 beds 3 baths
The 2010 closing on #7C is probably very close to its value in 2000, when the same apartment traded quickly with an asking price of $1.295MM. #6C is an interesting case too. The 2007 buyers relisted almost immediately after closing. They gave up a year later. The #7C sale puts a number on their paper loss.

west81st,

was the market weak between 2000 and 2003? why would 7C have lost significant value in those three years?

HR: 9/11 and a recession set the market back a year or two, right between those two sales. If #7C declined more than the overall market, the drop was probably within a standard deviation or two of the mean.

Returning to 1170 Fifth (discussed above), #15A responded to the closing of #14B with a $305K cut, to $3.995MM. #15A is one room smaller, but it's a great apartment: three rooms facing the park, plus northern views over Klingenstein Pavilion from the other rooms. The reno is showing some age, and the Jack-and-Jill bathroom placement, typical of Carpenter's designs, isn't ideal. But the main problem here, as with #14B, seems to be the upper Carnegie Hill location.
http://streeteasy.com/nyc/sale/486269-coop-1170-fifth-avenue-carnegie-hill-new-york
#9A sold in two weeks for $3.75MM in 2005, then tested the market unsuccessfully at $5.3MM in March 2008.

14B was a nice one for the buyer--been in that line--sweet apt

Same apartment south of 86th trades for at least twice the price - possibly a lot more, depending on the building. Location, location, location.

i didn't see this listed. under $600 psf. combo unit, 2/2 with large living space, no real comps. but in late 2004 early 2005ish it seems a higher floor purchase of non-combined e and f units would have run about $675-700k. and then there's the cost to combine and renovate.

http://streeteasy.com/nyc/sale/387854-coop-340-east-93rd-street-yorkville-new-york
02/28/2009Listed by Corcoran at $899,000.
07/02/2009Price decreased by 3% to $869,000.
07/18/2009Price decreased by 3% to $839,000.
08/03/2009Price decreased by 5% to $799,000.
10/04/2009Listing sold.
01/12/2010Sale recorded for $700,000.

1112 Park Avenue "C" line: rear-facing classic six. Bedrooms on higher floors have open views to the west, so the best comp for the $2.017 sale of #6C is one floor down. #5C traded unrenovated in 2004 for $1.75MM, and gut-renovated for $3.064MM at the absolute top of the market.
--------- Recorded Sales --------- | --------- Previous Listings ---------
**CURRENT** # 9C. ........................... |↓ $2,475,000 2 beds 3.5 baths 2,000 ft²
*CONTRACT* #12C ............................ |↓ $2,795,000 2 beds 3 baths
02/03/2010 # 6C $2,017,000 + 7.6% | $1,875,000 Sold 2 beds 2.5 baths
01/07/2008 # 5C $3,064,000 +11.4% | $2,750,000 Sold 2 beds 2 baths
06/29/2006 #12C $2,950,000 .......... |
05/30/2006 #11C $2,750,000 .......... |
06/10/2004 # 5C $1,750,000 .......... |
http://streeteasy.com/nyc/building/1112-park-avenue-manhattan
Unlike #5C, #6C is a case where multiple bids - and a sale above ask - don't necessarily indicate rising prices. The re-trade of #12C may provide a clearer picture when it closes.

311 East 83rd #A: Renovated garden duplex that sparked a bidding war in 2006. Now asking slightly less than the owners' basis:
05/25/2006 Listed by Stribling at $1,550,000.
10/19/2006 Sale recorded for $1,641,668.
09/10/2009 Listed by Corcoran at $1,795,000.
10/14/2009 Price decreased by 3% to $1,745,000.
11/10/2009 Price decreased by 3% to $1,695,000.
02/11/2010 Price decreased by 6% to $1,595,000.
High maintenance and low unit count could be problems here. Nice property, though.

Seamless 3/3.5 combo: http://streeteasy.com/nyc/sale/441132-coop-31-east-72nd-street-upper-east-side-new-york

07/31/2009 Listed by Sotheby's International Realty, Inc. at $9,900,000.
12/31/2009 Listing sold.
02/16/2010 Sale recorded for $9,425,000.

Seller paid $8,750,000 for the two pieces in 2006, and appears to have put quite a bit into the renovation.

yorkville, cookie-cutter junior 4. still, an option for a couple thinking about having a child in the next few years. it seems to me this is very close, after tax deduction, to a rent/buy win, at least at current rents.

http://streeteasy.com/nyc/sale/462185-coop-235-east-87th-street-yorkville-new-york
01/26/2005Previous Sale recorded for $560,000.
09/12/2009Listed by Brown Harris Stevens at $590,000.
10/17/2009Listing entered contract.
10/19/2009Price decreased by 3% to $575,000.
11/11/2009Re-listed by Brown Harris Stevens.
11/16/2009Listing entered contract.
02/17/2010Listing sold.
02/17/2010Sale recorded for $557,500.
02/19/2010Price decreased by 3% to $557,500.

another small yorkville 2/1 option, this one with a terrace, and renovated.

http://streeteasy.com/nyc/sale/450388-coop-301-east-87th-street-yorkville-new-york
07/12/2006Previous Sale recorded for $720,000.
09/01/2009Listed by Prudential Elliman at $699,000.
10/14/2009Price decreased by 5% to $665,000.
11/14/2009Listing entered contract.
02/16/2010Listing sold.
02/16/2010Sale recorded for $630,000.

Low-maintenance 3/2, down $100K in five years: http://streeteasy.com/nyc/sale/439723-coop-360-east-72nd-street-lenox-hill-new-york

07/07/2004 Previous Sale recorded for $1,500,000.
07/23/2009 Listed by Prudential Elliman at $1,425,000.
09/30/2009 Listing entered contract.
02/22/2010 Sale recorded for $1,400,000.

2/1, second bedroom is tiny but aptartment has good closet space. once again, can't tell if these sellers renovated.

http://streeteasy.com/nyc/sale/450388-coop-301-east-87th-street-yorkville-new-york

07/12/2006Previous Sale recorded for $720,000.
09/01/2009Listed by Prudential Elliman at $699,000.
10/14/2009Price decreased by 5% to $665,000.
11/14/2009Listing entered contract.
02/16/2010Listing sold.
02/16/2010Sale recorded for $630,000.

305 East 85th Street (Georgica) mid-floor "A" line: 2BR/2.5BA, listed as 1,444 ft².
--------- Recorded Sales --------- | --------- Previous Listings ---------
02/11/2010 #9A $1,550,000 -17.3% |↓ $1,875,000 Sold 2 beds 2.5 baths 1,444 ft²
02/05/2010 #7A $1,825,000 - 1.4% |↓ $1,850,000 Sold 2 beds 2.5 baths 1,444 ft²
The key dates here are for contracts, not closings. #9A went to contract in August 2009. For #7A, the date is ambiguous, but appears to have been late 2008, post-Lehman.

1199 Park Avenue "A" line: 2BR/2.5BA with terrace. Condition of #10A and #17A appears to have been similar.
--------- Recorded Sales --------- | --------- Previous Listings ---------
02/23/2010 #17A $1,550,000 - 8.8% |↓ $1,700,000 3 beds 2 baths
02/17/2005 #10A $1,525,000 - 4.4% |↓ $1,595,000 3 beds 2 baths
http://streeteasy.com/nyc/building/1199-park-avenue-manhattan
1199 is not among Carnegie Hill's more attractive buildings, and tends to underperform its neighbors.

Sorry - copy/paste error: the "A" line at 1199 Park is a 3BR/2BA with terrace.

painful listing. this one looks like it needed some work. alcove studio, relatively generously sized. 18G, no idea of condition, sold for $390k 12/04.

http://streeteasy.com/nyc/sale/232681-coop-201-east-66th-street-lenox-hill-new-york

05/09/2008Listed by Brown Harris Stevens at $450,000.
07/23/2008Price decreased by 6% to $425,000.
09/09/2008Price decreased by 6% to $399,000.
10/23/2008Price decreased by 3% to $389,000.
11/22/2008Listing entered contract.
01/22/2009Delisted temporarily.
02/04/2009Later Listed by P.S. Burnham Inc. at $395,000.
04/23/2009Later Listed by Corcoran at $395,000.
06/03/2009Later Listed by Prudential Elliman at $379,000.
06/04/2009P.S. Burnham Inc. Listing is no longer available.
06/04/2009Corcoran Listing is no longer available.
02/23/2010Prudential Elliman Listing sold.
02/23/2010Sale recorded for $330,000.

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

07/07/2004Previous Sale recorded for $1,500,000.
07/23/2009Listed by Prudential Elliman at $1,425,000.
09/30/2009Listing entered contract.
02/22/2010Listing sold.
02/22/2010Sale recorded for $1,400,000.

Aboutready, look at who the seller is on that transaction. Irony! :)

(Referring to the studio on 66th, not the one you just posted.)

Miette: Well, I guess she missed the trend on this one. Can't bode well for her business that she missed one of the biggest bubbles in history.

$330k a 2003? Price. I used to have a rule of thumb about pricing in NYC back on 1996-2000. It was the rule of $200k. 1bdrm/ alcove in Lincoln tower was $300k. So 2bdrm was $500k and 3bdrm was $700k. So let's adjust for inflation and be generous and say rule of $300k.

$330k plus $600k = 3bdrm. And we ain't done with the downside yet. Flmao.

1185 Park 7F

http://streeteasy.com/nyc/sale/462921-coop-1185-park-avenue-carnegie-hill-new-york

$3.625mm 2/25/2010

1185 Park 2F

http://streeteasy.com/nyc/sale/92528-coop-1185-park-avenue-carnegie-hill-new-york

$5mm in June '08

To be fair 2F in much better condition but still a significant move

139 East 79th 14th Floor. 4BR/4BA eleven-into-nine full floor pre-war coop. Same-unit resale, 7.1% below 2005 basis.
08/15/2005 Sale recorded for $5,650,000.
08/27/2009 Listed by Prudential Elliman at $5,900,000.
11/11/2009 Listing entered contract.
02/18/2010 Sale recorded for $5,250,000.
http://streeteasy.com/nyc/sale/448092-coop-139-east-79th-street-upper-east-side-new-york

775 Park Avenue "D" line. Corner nine, often converted to eight or even seven. #6D probably needed more work than #5D, but not enough to explain a 23.5% drop from a peak comp directly downstairs. One caveat on #6D is the contract date: August 2009.
-------- Recorded Sales -------- | -------- Previous Listings --------
03/03/2010 #6D $6,100,000 -11.6% | $6,900,000 Sold 3 beds 3 baths
04/02/2008 #5D $7,975,000 + 0.0% | $7,975,000 Sold 2 beds 2 baths 2,900 ft²

I'm not sure if I understand this one correctly, but if I don't someone will surely correct me. 605 Park Avenue, 16B and 17B. It appears that 16B and 17B have the same floor plan, but 16B also has a good size terrace. 17B sold last year in an estate sale basically flat to the early 2005 purchase.

#17B
03/18/2005 Previous Sale recorded for $997,482.
05/14/2008 Listed by Sotheby's International Realty, Inc. at $1,099,000.
11/09/2008 Listing sold.
03/09/2009 Sale recorded for $985,000

Now 16B, not an estate and with the terrace, has sold for 11% less a year later. This feels like a pretty big move down.
03/02/2010 #16B $875,000

Ssitter: I wonder if 650 Park permits duplexes (there are several lateral combos in the building). 16/17B would be a great duplex with 3-4brs, and you can even hang flower boxes from the windows in 17B.

http://streeteasy.com/nyc/sale/429254-coop-141-east-72nd-street-upper-east-side-new-york

Substantial discount from previous years, and 7th floor in K at around the same price.

sidelinesitter: You are reading it correctly. That must have been a tough one for the Board to swallow, because #16B has 25% more shares than #17B. It's a bit of an unfair comparison because of the inflated share allocation for the outdoor space, but the drop in per-share value has to influence future valuations/appraisals.

02/03/2010 #10 FL $4,321,000
07/07/2009 #13 FL $5,625,000
08/12/2008 #14TH $8,025,000
04/30/2008 #5 FL $5,975,000

8th Fl in contract at last ask of 4.3m.
7th Fl asking 5.7m.

408 East 79th Street (Arcadia) #12C: Same unit resale, 10.6% below pre-construction pricing (2/2005 contract, 12/2005 closing)
12/12/2005 Previous Sale recorded for $2,069,937.
06/11/2009 Listed by Halstead Property at $2,400,000.
11/03/2009 Price decreased by 4% to $2,295,000.
01/15/2010 Listing entered contract.
03/01/2010 Sale recorded for $1,850,000.
The peak flip was #11C for $2.402MM in 2007, so the drop from peak is about 23%.
http://streeteasy.com/nyc/building/arcadia-condominium

BTW, ACRIS shows $2MM in mortgages on #12C, but I think the last $500K is a duplicate/correction of the second lien.

nyc10023: Doesn't 141 East 72nd, 8 Fl seem like aspirational pricing considering the most recent comp(s)? I know that both the recently sold and the "in contract" apartments are estate condition, but the reno of 7 Fl looks somewhat lackluster from the pics.

71 East 77th Street #9D: Prime UES pre-war 2/2 with sunken living room, dining gallery, small second BR. PS6. Closed 2.6% below Feb. 2005 basis. Some improvements appear to have been done during the intervening years.
07/22/2004 Listed by Elliman at $1,225,000.
10/01/2004 Price decreased by 2% to $1,195,000.
11/12/2004 Listing entered contract.
02/15/2005 Sale recorded for $1,175,000.
11/04/2008 Listed by Brown Harris Stevens at $1,450,000.
12/03/2008 Price decreased by 4% to $1,395,000.
01/12/2009 Price decreased by 5% to $1,325,000.
02/12/2009 Price decreased by 2% to $1,295,000.
03/19/2009 Price decreased by 4% to $1,245,000.
06/09/2009 Price decreased by 6% to $1,175,000.
07/31/2009 Listing entered contract.
02/25/2010 Sale recorded for $1,150,000.