1170 Fifth Ave - h ow did they get such a good price?

I am looking to buy and try to get some more color but you guys only post if it's negative news. Trying to get some market intel here.

uppereast, this happens to just make it within the landmark district borders, which obviously helps. It seems that, despite the $5m price tag, it was well-priced, as 10B (5 floors below) sold for $4.7m in late 2005. Not 100% sure if the layouts are identical, but seems reasonable to assume so.

Ah man, I would have given them a million cash for that place. Why didn't they ask me? Cash is king. Cash beats all offers that come with a mortgage financing contingency. Then again, maybe this guy paid 5 mil cash. ;-O

That place looks like it gets great light and has park views. Nice. Very nice. You see, they're not going to let the developers put up skyscrapers in Central Park so your views will not change, except with the seasons. Even when you have a ton of money, you still want to look at the trees. There is something comforting about that fact.

Although this is not exactly the same, I am reminded of Philip Johnson's Glass House.

http://philipjohnsonglasshouse.org/

Mr. Johnson said he loved the wallpaper in his house, because it was always changing.

They were really smart - settled for a 2005 price and got out fast.

As for the location, Fifth is prime all the way to Mt. Sinai.

When getting a 2005 price for a prime apartment is "selling well"... WOW... have things changed.

2B (BC??) went for 4.3million in January 08. Are all Bs the same?

01/10/2008 #2BC - $4,325,000 ↓ 3 beds 3 baths
01/08/2008 #2B $4,325,000 -

Maybe I could live on the first floor for that much space, in that neighborhood.

04/25/2005 #1B $1,200,000

I think that sale is a very positive data point. It traded very quickly and very close to the ask. Location is very good and not too high up. Near schools and of course the park. And the Fifth Avenue address will always command a premium. West, I actually think 1200 and 1215 are pretty nice and they are north of Mt. Sinai. If you need space 1200 has got it. Those apartments are enormous.

1170 2B was on the market for a very long time. It was originally listed very high (around $6mm if memory serves) but had an extra room or 2. The extra rooms ultimately got sold back to the next door neighbor. 2B wound up trading with the same floorplan as 15B.

Who's next? 14B is on for $5.2mm. Not sure why it should be $100,000 more than 15B but why not try. Hey uppereast, better grab it fast before 15B decides to go for the duplex!