500 psf in prime UES

still too expensive. i think this one might bottom out at $250K.

I doubt the stated square footage. To me, it looks like a very generous one bedroom Jr4 which typically has about 900 sq.ft. The original asking price was absurd for a 2nd floor coop in dated condition. Now, the price is getting reasonable, but buyers might wonder what is wrong with it... does it have vermin? etc.

agreed PMG, especially when a unit in the exact same line is listed at 950 sf.
How in the world did this person ever think that they were getting $850,000 for a one bedroom.

I agree with both of you guys. However, in terms of square footage exageration this is actually pretty good. It is about 950 whereas most apt. listed as 1100 are 800 to 850. I have no clue what's wrong with it, if anything. I just think it has landed with a thud at 2003-2004 prices, while most of Manhattan RE is still priced at 2006, at best.

the S&P 500 is at 1998 prices, I guess time will tell.

It's also a second floor unit facing east (Lexington Ave.). Some people may not love that.

Um, there's not enough windows. You can't make a 2-bedroom out of it, like you can out of most junior-4s. To me, that warrants a significant discount. Agreed that area is nice, but the square footage is 900, maybe 950 at most, and it's basically a good-size one bedroom.

Price definitely seems like it's moving in the right direction, but nothing to write home about, at least in my book,

What are those ceilings, about 8'6"?
How is that "loft-like", exactly?

New - you can make a 2br but you have to cut it out of the living room. It's a small but decent enough place for someone without a lot of money who wants to send their child to PS 6. That is the selling point in my opinion

I stand by what I said (hey, I'm not recommending that anybody buy this, on the contrary, say to the pained sellers: not good enough, folks!): the square footage is not terribly inflated, so it does come out at 570 per sqft 1 block from express 4/5, in ps 6 zone, etc. As to the possibility of converting a Jr4 into 2 bdrms, the bedroom so created has to have flaws: either no window, or the heater/AC lands in the neighboring room, so the the new "bedroom" is always subzero in winter, and sauna in summer, etc.

Not sure I understand the 2-bedroom comments. If I'm reading the floorplan right, there is only one window in the living/dining area. Either the new bedroom gets it, which leaves a windowless dining room, or the living room keeps it, which means the bedroom is windowless. Both are completely unacceptable, in my opinion. What am I missing?

Thoroughly undistinguished in every way. And not 'Prime UES' by any stretch of the imagination. Between Lex and Third on 83rd is clearly a B/B-, location-wise.

"a B/B-, location"

Malraux,
You crack me up! I hear ya, but if you like the area, it's very convenient: supermarkets, subway, 86th St, not far from CP. I grew up in this area & had friends who lived in this bld.

What would you consider 'Prime UES'?

Prime UES is VERY easy -
dwell:

5th Avenue/Park Avenue, between 65th and the Met (for Fifth) between 65th and 79th (for Park). THAT is super-Prime, A+/A, depending on the quality of the actual building. Prime A/A- would be 59th through 64th Fifth/Madison/Park, Park from 80th to 90th, and along Madison.

Not a perfect science, but you get the general idea. Buildings between Lex and Third don't remotely compare to those on Fifth or Park in the location I've indicated above. Apples and bowling balls. And if you're further over between Second and First without a river view, I would put that down to a B-/C because you're getting far/further from subways as well as from the Park. Obviously, places far over like Sutton Place are a different, highly localized phenomenon.

Malraux, you seem to be very knowledgeable about the science of prime UES so I won't dispute the fact that maybe "prime UES" wasn't the right title for this thread. What I meant to say was "convenient, safe, good transportation and excellent school zone UES", not that I was trying to rub elbows with the Park Ave. crowd or boast that, were I to buy in the aforesaid bldg, my doormen uniforms will resemble a Napoleonic era cavalcade or some vintage toy soldier better than my neighbor's. Frankly, I couldn't care less about such matters and, in fact, actively despise them. I just want 2 bathrooms and a good school for a family of 4 plus pet.

Trompilco...a family of four in a one bedroom...it seems this would be a good time to go to the suburbs.

Tromplico:

Understood. But '2 beds and a good school' are a different thing at 83rd and Lex, as opposed to Fifth and 74th, as you note from what the thread was stated as.

For what it's worth, I would hunbly suggest another Manhattan area for your consideration - Murray Hill, specifically between 35th and 40th, from 5th over to Park. This small area has some very nice, well run buildings with good sized units at decent pricing, and that neighborhood indeed meets your criteria of one that is "...convenient, safe, good transportation, and (an) excellent school zone..."

Malraux, thanks for the advice. Yeah, as I said before, this thread shouldn't have been entitled "prime" to start with. Julia, thanks but no thanks. This time isn't good for anything but to continue on the prowl, waiting for prices to come down an additional 20% or 30% or 40%. I make a humble 150K combined with my wife and have over 100K in savings, so I figure that should be middle class even in NYC and don't see why I can't stay in the city in a real 2 bed/2 bath that I can convert to a cramped 3/2. Time will tell. You go to the suburbs and tell me how it is.

Tromp - I think you'll find your 2 br. Maybe look into Yorkville- in 2005 there were still 2brs for $600K so I think we'll be able to find something there in a couple of years. PS 290 and 183 are great schools and rival ps 6. 116 in Murray Hill is just as good and gets better every year. Problem with all of these schools is overcrowding but such is life. More middle class people than you know live in the city. Pity people want to push us out. There is a changing of the guard coming with the modifications in wall street and for some of us it will be for the better. RE will be more affordable. Rents are even dropping. GL on you search. We aren't going to the suburbs either

Hey ccharley, thanks, your words are really encouraging. I'm in no hurry, I'm sure we'll get there.

Looks like a nice place, but I think the location within the building (2nd floor, facing busy street) is a factor.

2nd floor is a big factor - especially as it is on top of a D'agostino's which pumps out a nauseating roast chicken exhaust all the time.