Name your price for this one.

Floorplan sucks, one of the bedrooms has a wall in the middle of it. In this market they'll be lucky to get $2.3 Million.

Look closely at #10G:
http://www.streeteasy.com/nyc/sale/28890-coop-180-east-end-ave-yorkville-new-york
http://www.corcoran.com/property/listing.aspx?Region=NYC&ListingID=866325
#10G was an estate-condition "G" unit that included the east-facing (most valuable) half of the adjacent "F" unit.
StreetEasy History
04/25/2006 Listed in StreetEasy by Corcoran at $4,500,000
05/12/2006 Price decreased to $3,499,000
07/19/2006 Price decreased to $2,995,000
10/31/2006 Price decreased to $2,795,000
11/07/2006 Price decreased to $2,495,000
11/20/2006 Corcoran listing entered contract
04/10/2007 Corcoran listing no longer available
It sold for $2,050,000 at or near the top of the market:
http://www.streeteasy.com/nyc/closing/98230

#2FG is bigger - the difference in footprint is that huge kitchen - and it's in great condition. Here's a crude attempt at comp analysis: In 2006/2007, #10G was worth a little over $2MM. An extra, rear-facing 900 square feet might have added $500-750K at peak prices. Add a million for renovations (probably a crazy number, since it's a modern building). So on the tenth floor, at peak prices, an identical apartment to #2FG might have been worth up to $3.75MM, and I think that's very generous.

Fast-forward to 2009. Yorkville is awash in inventory, the building requires 50% down, and cash-rich buyers have incredible options all over Manhattan. I doubt very many are considering East End Avenue at any price. A haircut of 40% from peak seems pretty reasonable. (I'd cut more, except East End never really got hot.) That takes it down to $2.25MM at the high end. Then whack it again for the second floor. East End isn't busy, and Gracie Park is nice, but the second floor is the second floor.

On that crude basis - and I haven't looked at other buildings nearby - #2FG comps out $2MM, and my guess is that it doesn't sell at all unless somebody absolutely loves the style - especially the kitchen - and wants a turnkey apartment. The target buyer would probably be a family with kids in the nearby private schools, but how many of them really need/want a McMansion on East End?

i think 2 million sounds about right. someone with a lot of kids at chapin.

The best thing about #2FG is that the gourmet kitchen is more likely to be seen in Greenwich, Connecticut "THEN" NYC. I guess the kitchen has moved from Conn to NY. Nice job Corcoran.

I'm not sure exactly why, but this area is full of kids. From 120 EEA(great building) up to 180 and the houses on 84,85,86 between EEA and York. I know of up to a dozen families where one child may go to west side, Trinity, Collegiate, and the daughter(s) go to Chapin, Brearley, (both walking distance). I wouldn't live there, if I hated New York that much, I would move to the suburbs. And that's the point, they want suburbs in the city, quiet, nice park, great apt space, not as much commercial. (a lot like RSD). But they also feel its an easy cab ride to all NY has to offer. The added benefits that THEY say, but WE don't care about. Great FDR access to cab downtown to work, best access if you reverse commute to Westchester, Conn, or Long Island, best access for weekend warriors, country homes, out east, etc...and finally IMHO, the folks I know that live there (90% anyway) were late having children. Gave birth when parents were 36-44. Makes the parents currently in their 50's. I think they like it a bit quieter than most NYers. my .02 worth. One other thing, if WEA had 3 all girls schools. Those RSD apts with river views would be 30% higher in price

West81st,
Supurb evaluation. This apartment is fishing for the 'one sucker'. It will have to list for less the 2.5M to bring out the low ballers...such as myself. Thanks for the comformation!
Once again your thoughts...invaluable!

I had many of the same thoughts as West81st, before I saw her post, but she expressed them much better than I could've. Around $2MM sounds about right to me, for the sheer space (mostly huge kitchen) and the nice renovations.

As for East End, we looked at a few places on there, and noticed the huge number of kids too. I can see the "best of both worlds" appeal to certain people (although not me).

falcogold1/newbuyer99: Thanks. Patient09 is absolutely right that there's a fairly steady market for family-sized apartments on East End. I suspect the appeal is largely "bang-for-the-buck" driven, and that this kind of apartment will always trade at a substantial discount to comps west of Lex. I'm sure there are families - especially those with daughters in the aforementioned elite schools - who would choose East End, ceteris paribus. It seems, though, that there have never been nearly enough of those families to shrink the price gap much.