What's the problem with this listing? It went from almost $6mm to $3.25..

I dont think anything is necessarily wrong with it, it was just priced WAY too high before. I also suspect the owner is in a financial bind, and they are really trying to get out whatever equity they can from the place. I think the owner also realizes that the market is dropping out from under their feet, so the longer they wait the less money they will get for it.

I think this is a perfect example of where the bulk of Park Ave is headed. If we simply think sq ft costs over a historic period. 2,000 is out the window...lets call high floor awesome Park mid 70's-mid 80's 1,300 per and scale down as we go to 90's and low floor or no light or needs work, it probably stops at 850 per sq. so call this one
2,200 at $1,150 = $2,500,000...IMO just mispriced from get go.

In summary, there are a few, IMO great apts om Park offered at $2k per that 8 months ago would have listed for $2,600 per and a couple of really good apts at 1,600 per...for those bears out there, it definately seems to be getting ready to break, simply not enough buyers to cover the folks that want to sell. thats all I got!....peace

patient, $1150 might be a bit high by your standards, as it is both in Carnegie Hill and needs work. I haven't seen it, but that wallpaper doesn't instill confidence in the state of the kitchen/bathrooms, which are not pictured, and the carpeting may very well not be your cup of tea as well. Good bones, doesn't look like plasterwork, etc. is needed, but I'd bet a fairly extensive cosmetic redo is necessary.

your right, all numbers get adjusted based on condition. I havn't been inside this particular unit.

The plan is odd. No hall bath, so the south-east bedroom has to share the master bath. Two baths for four bedrooms doesn't cut it in the market they're aiming at.

NWT: Totally agree about the bathroom situation. They will be lucky to get 1150 psf, I bet 1k or less. 2.25 max, but I would bet on around $2mm.
Aspirationally priced to begin with. Probably wasnt worth more than 3.75 at the peak.

bfg: Wow, finally somebody suggesting an actual price for an actual apt that is lower than my guestimate. Very Sexy!

patient: i have maintained on this site for months, that, within a year or so (spring of 2010 is my guess), very very few apartments in NYC will trade for over 1k psf. The average will be like 750 for classic sixes in decent condition in decent coop buildings. Obviously more for the best buildings, im just suggesting averages. 500 psf for studios and 1BRs, and up to 1200k psf for larger apartments in good buildings.
I think you will be able to get middle of the road classic sevens and eights for under $1.75-2mm within about a year.

Maybe the pricing or the economy I can't call it.

every owner has different reasons to sell, financial, marriage, divorce, relocation,etc that dictates the price and finally the market..wait and see.

Julia,
The reason that someone sells can alter the price for a particular property. The market as a whole would be impervious to such specific conditions. Unless you are proposing some collective zietgiest that causes a collective behavior. For instance, if crime ran rampent (not the white collar type) that might cause an urban exodus or, let's say 'happy endings for all manhattanites' might drive the demand up for city dwellings. I'm rooting for the latter, even if that means sharing a studio.

I've actually seen this one. Lots of potential but needs a lot of work (pretty much a gut renovation.) Also faces some train tracks I didn't even know were there. Building across Park Avenue is a lot more prestigious. Nobody is living in the apartment if I recall correctly. Bathroom situation is not ideal although the corner master is nice.

Where are the train tracks? Isn't this 92nd Street or so?

Was it you, uppereast, that was arguing that it was time to buy because she wanted to raise her family on park avenue or fifth avenue or in between, and family apartments in this neighborhood were so rare, and the value was assured? And that it wasn't worth it to rent, and have to uproot children from one home to another? It may be time to re-evaluate your position.

You are partly mixing this up. Yes, it was me who said that I want to buy between Park and Fifth (Classic 7/8) and that I can't find anything cheaper there to rent but I never said that apartments are so rare and won't go down. I think you are mixing two posters here.

uppereast.
"Where are the train tracks? Isn't this 92nd Street or so?"

Probably from the master bedroom north facing windows you can see the tracks. The become above ground on Park just to the north of 97th street. It is on a high enough floor that you could see over the ridge at 95th St.

okay, uppereast, your point was that rent was expensive, not that family-sized apartments were so rare. Here's your post,

"I just sold my 2BR and need to move to 3BR. Renting a true 3BR on the UES (Classic 7/8 not Classic 6, 2200-2400sft) in desirable neighborhood (Park Ave or West of Park Ave, doorman) still costs $15K and more. I am not going to rent for a year or two and move my children twice. Not really fair to them. They are already upset about leaving the only apartment they have ever known in their lives. So it's not all about money. An apartment is a place to live, a place where your family is home. So that's why I am looking to buy."

uppereast on "Reasons to Buy Now" -- updated 2 days ago

I think buying for too much is another expensive proposition in this market.

Paitient09 - you are correct - the tracks show from the MBR window. Are they active? I was concerned about noise (not that we were that interested) and the broker said she didn't notice them before. Oddly enough she lives across the street.

This apartment looks like a deal (most other Carnegie Hill apartments of this size had not dropped to this level as early) but it just leaves too much to be desired. The initial price was ridiculous. Even in mint condition, the layout is not ideal.

Uppereast - any luck finding anything, rental or otherwise?

absolutely they are active....metro north out of grand central...alllll day allllll night 24-7-365

I can't imagine you hear them? Or do you?

Almost close enough to touch. Place is on 94th.

Doubt you could hear them at all. More likely is the local noise from the vent shafts as you walk in front of your building on the sidewalk.

I will take a look. To me it sounds like a good deal. The space would be great.