107 W. 85th Street -- crazy cheap sale. what am i missing?

Your numbers are roughly right: $3.375MM in April 2007; $2.4MM in January 2009 in right. The question is whether the recent sale was an arm's-length transaction.

I don't see any evidence of the recent sale--where are you getting that?

but the history of it is interesting. sold in 2006 for 2.950 by 85 West LLC (care of Z and R managemet) to Stanford Development LLC care of one Tai Cho. A year later Stanford Development sells for 3.375 to Swedish Important Buildings (whatever that is). Now, apparently, Swedish Important Buildings has taken a bath and sold for 2.4 to who knows how.

according the property listing the last time this sucker sold, it is vacant but requires a gut. this is some kind of strange situation; it looks like three different landlords/developers have owned this thing over a three year period. that being said, yes, the market is that bad. if the price you quoted is accurate for the recent sale, that's a 28.9% decline from the peak. that's not at all out of line with what we've been seeing.

west81st, what's an 'arm's-length transaction'?

always happy to take the time to read an educational post by west 81, so I too am looking forward to an enlightening explanation... ps I will gladly hire you as my "buyers broker" (i know you have officially denied your connection to the trade) or pay you a finders fee for a similarly priced vacant 18 wide UWS townhouse... preferably east of amsterdam.

Here's the sale:
http://a836-acris.nyc.gov/Scripts/DocSearch.dll/Detail?Doc_ID=2009012100560001

As for your other question, you don't need me, just Wikipedia.
http://en.wikipedia.org/wiki/Arm's_length

Stanford Development LLC care IS one Tai Cho. I think that Stanford Development LLC was the guy who came to the US with a bagful of money and was the owner of some horrendous SROs and flop houses. The latest story sounds like it's some inside dealing for who (IRS?) knows what.

Adamsmith: I'll poke around on your behalf. Loved your book, btw. One of my faves.

Unfortunately West81st, adamsmith maybe getting long in the tooth, so you'll have to close the transaction quickly.

I know I'm going to get mocked, but who is Adam Smith..the only Adam Smith I heard of was from scotland centuries ago.

was that the point? excuse the last post..I have to get to know West81st wit..

Julia - That's the guy. The host of the PBS show Moneyworld also went by "Adam Smith", but it was a pseudonym.

I think it shoud be required presidential reading... seems past and present administrations believe they can outrun my invisible hand. when you find a few townhouses - 6468316807
best wished from kirkclady,
A.Smith

For your sake, I really hope that isn't your real name and number.

Just in case, maybe the site administrator can edit the previous post to remove the personal data?

Oh, I get it... Kirkclady... took me a while.

Now, to decode that phone number...

I think it's "Kirkcaldy", but I was still embarrassingly slow on the uptake. Good thing my alma mater doesn't revoke degrees.

west81st...you are quick and a great poster.

2nd that julia... westie... what's the secret to not using profanity and sexual innuendos? :)