If You Can Demonstrate Market Movement With Comps: Upper East Side Edition

Thanks for doing an UES one, w81. Can't wait.

103 East 75th, apt. #7FE.

http://www.streeteasy.com/nyc/sale/374751-coop-103-east-75th-street-upper-east-side-new-york

This classic seven just came on the market at $3,100,000. It previously closed in April 2005 for $3,137,255. Hard to tell if the lovely renovations were done by current owner or not.

May be some pricing pressure on #7FE based on similarly priced #9FW.

http://www.streeteasy.com/nyc/sale/372955-coop-103-east-75th-street-upper-east-side-new-york

For 3.1mm I think I prefer 103 E 75th, 2000+ sq foot 7 room in mint condition, to 25 E 77th, a 784 square foot studio offered at $3.05mm with $6,466 monthly maintenance. LMAO.

http://www.corcoran.com/property/listing.aspx?Region=NYC&listingid=1172710

There also 5FE for $2.995 available in the same building.
http://www.streeteasy.com/nyc/sale/366860-coop-103-east-75th-street-upper-east-side-new-york

that is some nice seller competitiion for sure. but there is this pesky comp from two years ago:

07/10/2006 #7FW $2,650,000 -3.6% $2,750,000

perhaps it was in horrible condition--i'd assume so since there are no pictures. i like all of these apartments, and they are in a great area of the UES, but the maintenance is pretty high and they are not special in anyway. especially with three virtually identical units on the offer, could go pretty low.

I would hope so. Would love to have one of them at a reasonable price for this market, even though I don't like the fact that the maintenance is so high.

The penthouse at 935 Park Avenue just traded for the third time in four years, losing about 20% along the way:
StreetEasy History
01/13/2005 Previous sale closed for $4,500,000
06/01/2007 Previous sale closed for $4,400,000
04/11/2008 Listed in StreetEasy by Sotheby's at $5,995,000
04/22/2008 Listed in StreetEasy by Elliman for $5,995,000
06/30/2008 Price decreased to $5,500,000
08/07/2008 Price decreased to $4,995,000
08/08/2008 Price increased to $5,500,000
08/11/2008 Price decreased to $4,995,000
09/19/2008 Price decreased to $4,495,000
10/08/2008 Sotheby's listing no longer available
10/08/2008 Listed in StreetEasy by Brown Harris Stevens for $4,495,000
12/30/2008 Sale closed for $3,625,000

I don't know what happened there. No evident condition problems; no footprint changes; maintenance is reasonable for this kind of apartment. Roof problems, maybe? Or perhaps Happyrenter is right about the high end.

any movement on one bedrooms going from $750 down? Or studios going from $479k? thanks

Julia: No. As you have mentioned on occasion, those apartments do not decline, on the Upper East Side or anywhere else.

OK, there might be a few signs of deterioration somewhere in this list:
http://www.streeteasy.com/nyc/sales/ues-manhattan/price%3A-700000%7Cprice_changed%3C60%7Cprice_changed_pct%3E%3D10?sort_by=price_asc

Returning to the high end, REAL high-end apartments often have no comps; their uniqueness is part of their appeal. That's the case with the penthouse as 1200 Fifth, which just sold for $15MM (25% off ask) after a couple of years on the market:
http://www.streeteasy.com/nyc/sale/36465-condo-1200-fifth-avenue-east-harlem-new-york

. . . And closer to earth, here is a situation where the current ask is starting to cut into bone (assuming closing costs). Purchased in March 2005 for $750k, now asking $800k.

http://www.streeteasy.com/nyc/sale/232832-coop-137-east-66th-street-lenox-hill-new-york?email=true

This Lenox Hill 2BR, listed today, is starting out with an ask $100,000 lower than the closing price three years ago.

http://www.streeteasy.com/nyc/sale/374969-coop-125-east-63rd-street-lenox-hill-new-york

angler7 - Wow. That was just way too much money for that apartment in 2005. They are not going to be happy with what they get.

West81st, am I reading that 935 Park story right? In addition to the drop way below the early 2005 price, did the sellers just accept an offer 19% below their last, reduced ask?

they listed the apartment for six million and sold it for 3.6 million, that is correct newbuyer. i guess the high end is....on life support?

Newbuyer99: Correct.

The closing date (12/30/08) suggests that they needed to sell by EoY.

http://www.streeteasy.com/nyc/sale/206094-coop-308-east-79th-street-upper-east-side-new-york
Sold $752.5k, 9/30/08

http://www.streeteasy.com/nyc/sale/317118-coop-308-east-79th-street-upper-east-side-new-york

07/02/2008 Listed in StreetEasy by Brown Harris Stevens at $765,000
10/24/2008 Price decreased to $695,000
01/15/2009 Price decreased to $570,000

I can't compare the condition between the two but still an interesting data point.

Yowza!

talljaystreet: Excellent find. Also check the timing on the sale of #4K. Either BHS reported the contract signing late, or the buyer missed the significance of the prior week's events downtown. Talk about not getting the memo.

Wow is right. But how can a one bedroom, not mint coop east of 2nd ave go for $752K??

1025 Fifth Avenue #12FN. Reduced $359K this week to $1.436MM, 41% below the original ask last April and 4% below the 2004 price for what appears to have been the same combination on the sixth floor. It's hard to assess the validity of the 2004 comp without access to the listing, but assuming the footprint was comparable, I don't see how more money could have been put into it than the over-the-top investment in #12FN.

--------Recorded Sales----------|--------Previous Listings----------
CURRENT ...... #12FN .......................|↓ $1,436,000 2 beds
09/24/2004 #6FN $1,492,000 .........|

http://www.streeteasy.com/nyc/sale/225913-coop-1025-fifth-avenue-upper-east-side-new-york

The price history on this one is a study in bad timing and chasing the market downhill.
StreetEasy History
04/23/2008 Listed in StreetEasy by Corcoran at $2,500,000
05/07/2008 Price decreased to $2,275,000
06/16/2008 Price decreased to $2,175,000
07/03/2008 Price decreased to $1,995,000
09/17/2008 Price decreased to $1,925,000
09/26/2008 Price decreased to $1,895,000
10/25/2008 Price decreased to $1,795,000
01/12/2009 Price decreased to $1,436,000

Nice summary West81st. Surprising that Corcoran still has that listing, unless it's broker owned. Otherwise very sad for the owner.

By the way, the finishes in #12FN obviously won't suit all tastes. Could be a nice choice, though, for a cash-rich buyer with a yen for Deco or Modern.

That apartment is awesome and the price seems really fair given the highly prestigous location. BUT, interesting that there are no pictures of the kitchen or bathrooms...while it could mean nothing...it could also mean you need to tack on renovation $$$ and I understand those presige buildings have many restrictions on when and how work can be done.

Also, is it possible this is one of those buildings where you have to have high liquid assets and social standing to get past the board?

Angler7: Good guess (if it was a guess). Patricia Whitehead lives in the building. I don't know whether that's her apartment.

Higher price point, but, this place seems pretty sexy!. Might advertise better if they hired a photographer to take the snaps. Any early thoughts on where it trades??
http://www.streeteasy.com/nyc/sale/375249-coop-45-east-72nd-street-upper-east-side-new-york

It was a guess.

Patient09, I'll wager $2.9M on the 72nd street monster. Given the wicker fan chair in the sunroom, I'm guessing that grandma hasn't renovated in a while. After you strip out the chintz, there is a lot of work to get that apt. in decent order.

West81st, thanks for posting UES listings!

I am in the same mindset, sweet terrace though. Give em 900psft * 2900sft= 2.6 + 2k for terraces..call it $2.8mm mine!..maybe..more of a CPW guy. But dig that terrace.

Another lower end comp.

http://www.streeteasy.com/nyc/sale/360855-coop-201-east-66th-street-lenox-hill-new-york

07/30/2007 Previous sale closed for $625,000
10/30/2008 Listed in StreetEasy by Elliman at $685,000
01/16/2009 Price decreased to $630,000

There is also 14H which sold in 5/08 for $603k (but it needed work) and 17H on market for $635k and also needs work. All in a 50% building.

Curious...the people who keep posting about high end apartments. Are any living in these apartments, looking to sell., are financially able to purchase a high end apartment. I get the feeling this is all a game not reality. Nothing wrong with that but are any posters serious buyers/sellers?

julia - If the right opportunity comes along I'll snap it up. Pending sale, job transfer, family urgency or emotional elements are not factors, if that is what you mean by serious. In a buyer's market where asset values are in freefall, there is little premium on being a first mover.

julia: best info you can get is by learning the most about the extremes. By getting a strong understanding of the high-end and the low-end, easier to blend in everything in between.

Any specific comments on UES 2 bedroom coops? They seem to be caught between relatively stable 1 bedrooms and more fluctuating bigger apartments. Also, how about between prewar and postwar?

for those that have been through the process or looked, if I wanted to purchase a $1,500,000 coop and assume that I have the $300,000 to put down (which I don't), plus some extra for closing costs, how much additional would I need to pass the board?

when I bought..a studio the board was looking that I had two years of maintenance...

Too bad I already own! Candela 7 for 2.2 (albeit on Sutton): http://www.corcoran.com/property/listing.aspx?Region=NYC&listingid=1469386

Bosss77, you would likely need a minimum of 25% down and AT LEAST two years of mortgage and maintenance in liguid assets. Many buildings have more stringent requirements and few very are less lenient.

happyowner,

looks like a perfectly nice apartment, but not exactly the best deal in the world. $3800 per month in maintenance is pretty stiff, not to mention the 50% down requirement. it's on the 3rd floor, asking 2.2.

Here's a recorded sale:
08/08/2005 #8A $2,155,000

i think this one has a ways to fall.

This looks like movement of some kind, although the two floors make a difference and that circular dining area is bizarre.

http://www.streeteasy.com/nyc/sale/375919-coop-1136-fifth-avenue-carnegie-hill-new-york

1136 5th 3A
STREETEASY HISTORY
01/17/2009
Listed in StreetEasy by Corcoran at $5,650,000

Recorded Sales
09/10/2008 #5A $6,350,000 -2.2%

hr - Well, I admit I wouldn't live on Sutton at half the price. :) Move that apartment to the Central Village and I'd trade up!

Stop the presses! 2BR/2BA Now listed for less than bought in July '06!

http://www.streeteasy.com/nyc/sale/360623-coop-239-east-79th-street-yorkville-new-york
07/10/2006 Previous sale closed for $1,030,000
10/29/2008 Listed in StreetEasy by Elliman at $1,275,000
11/22/2008 Price decreased to $1,150,000
01/17/2009 Price decreased to $999,000

Thanks for the responses.

Classic 7 (with maids added to kitchen) on a prime stretch of park ave listed just under what it closed for in 2005:

http://www.streeteasy.com/nyc/sale/376412-coop-1040-park-avenue-carnegie-hill-new-york
1040 Park Avenue 9E

STREETEASY HISTORY
01/05/2005
Previous sale closed for $3,500,000
01/22/2009
Listed in StreetEasy by Brown Harris Stevens at $3,495,000

1049 Fifth Avenue #10B: Same-unit resale, 13% below 2007 price:

--------Recorded Sales----------|--------Previous Listings----------
01/17/2009 #10B $2,900,000 -17.1% | $3,500,000 Sold 2 beds 2.5 baths 1,830 ft²
07/13/2007 #10B $3,330,000 . +0.9% | $3,300,000 2 beds 2.5 baths 1,830 ft²

239 East 79th is an interesting case. Several almost identical 2br/2bth apartments so they are all driving price down. Also, the building lost its tenant -- Talbots Kids -- recently so I wonder what effect that will have since its a huge space and will be very hard to lease right now. Benefit of the building is the low maintenance. I wonder if that will change now. Also, I've seen some of the apartments in the building and they have terrible closet space. Otherwise they might be a good deal. But this is a very good comp. Thanks.

239 E. 79th is still 25% above '04 comps. Hard to see why prices shouldn't get back to '04 levels - especially if the commercial space/maintenance situation is deteriorating.

8 East 83rd Street #12B: This January sale of a huge six with separate servants' quarters seems to illustrate how estate sales can reprice an asset class.
http://www.streeteasy.com/nyc/sale/292811-coop-8-east-83rd-street-upper-east-side-new-york

--------Recorded Sales----------|--------Previous Listings----------
01/13/2009 #12B $1,980,000 -20.8% |↓ $2,499,000 3 beds 4 baths
04/25/2007 . #2B $2,795,000 ......... | . $2,795,000 3 beds 4.5 baths

#12B and #2B appear to have the same footprint, including the servants' quarters on the lobby level. #2B was in better condition; #12B needs updating, but obviously gets more light from the north. The agent who sold both apartments originally priced #12B at $3.195MM in June. It went to contract in November, 38% below that initial ask.

thanks for the heads-up west81st.

just a slight correction: this looks more like a huge 5.5 to me, and it's a post-war building. three large bedrooms, a large living room, and a large kitchen makes five rooms, and the windowless dining area gets half a room. it's quite a decline, no doubt about it, and the location could not be better, but it isn't really a six room apartment.

HR - Quite right. I'm stuck in the pre-war paradigm. It's a six with the maid's room downstairs, not a six PLUS the maid's room downstairs.

I instintively love the idea of having the extra servants quarters on the ground level. Realistically what do people use this for? Nobody I know has a live in housekeeper. If you have a live in nanny you wouldn't want them all the way downstairs in the middle of the night. A guest room giving the guests privacy and their own suite would be lovely, but in my case would sit empty much of the year.

meme,

i disagree with you about the location of a live-in nanny. i can think of no better place for one than in a separate apartment in the building. that way you get privacy, your nanny gets privacy, and she or he can be at the apartment whenever required. unless you are looking for the live-in nanny to do absolutely all the childcare i think the arrangement would be perfect.

that said, i would not pay much extra for the nanny apartment.

Perhaps it depends on age of the child. I was specifically thinking of an infant waking up multiple times per night when I'd could have used somebody to take one of the feedings. Once they've outgrown that elsewhere in the building could be great.

We looked at an apartment that had a separate downstairs room 18 months or so ago. The sellers had been using the downstairs room as storage.

The problem, to me, was that the room was really depressing, dark, in a dirty hallway, and generally at odds with the actual apartment and the building. My wife and I decided it should be called "a maid's room if you hate your maid".

The other issue is that the room doesn't have a kitchen (obviously) making someone "living" there that much less practical.

1438 Third Ave, 14C. Closed for 1.880m according to ACRIS, now on market for 1.775m. One of the co-owners is a counsel at Ratner.

http://www.streeteasy.com/nyc/sale/218100-coop-233-east-70th-street-lenox-hill-new-york

Slightly off point since I don't know original sale price, but this was asking $1.225 and after a long time on the market finally closed at $960,000.

That's a redo - estate sale - looked like it hadn't been redecorated since JFK was President.

Big movement in primest of prime 5th avenue, prewar 7 roomer:

http://www.streeteasy.com/nyc/sale/377696-coop-1016-fifth-avenue-upper-east-side-new-york

1016 5th 7B
Listed in StreetEasy by Sotheby's at $4,200,000

Recorded Sale:
04/19/2006 #5B $5,800,000 -2.5%

Happyrenter: Use #5B as a comp with some care. Although it's the same big footprint, the prior owners basically turned it into a palatial empty-nester with a library and a guest room. Funny thing is, that's the kind of vanity renovation that normally bites people on the butt at resale time. Seems to have worked out fine in this case; they found a buyer with similar tastes, I guess. It will take a lot of time and money to bring #7B up that level, if that's what the buyer wants to do.

I would turn the downstairs - esp on the ground floor - into a music studio. Granted, that's a very narrow niche -- and not an UES one, for the most part -- but a sweet one. Could also be a nice media room where nobody complains about your Dolby.

An apparent bubble combination nightmare:

http://www.streeteasy.com/nyc/sale/369500-coop-179-east-79th-street-upper-east-side-new-york?email=true

14A was purchased in Dec-06 for $1.260M and 14B in Apr-07 for $.690M, so $1.950M for the units -- not including closing costs. Looks like 14A was comped off the May-06 sale of 12A at $1.195M, yet the same 12A was sold the year before in Apr-05 for $.857M. The new owners probably sink significant cost to combine and renovate, expecting a long-term hold.

Now forced to sell, they list in December at a 50% premium to initial unit cost. Price doesn't hold and we're in freefall. They may be lucky to get $1.5M. Maintenance fees must be crushing.

Sad.

What's wrong with this apartment:

http://www.streeteasy.com/nyc/sale/187555-coop-975-park-avenue-upper-east-side-new-york

It's been in the market for close to a year and it's almost 40% off

Angler, it is sad that they are in a position where they are forced to sell, but it is absurd for them to expect a 50% premium from 2007. Seriously, what are they smoking. Not only have they lost 2 months by doing that, they've also indicated that they don't have a clue and the freefall will continue. With maintenance like that, no way are they going to get close. The best they can hope for is $1.5M.

UES_Buyer - I agree the sellers had unrealistic price expectations. Assuming book-end closing costs and renovation expenses, they likely were still looking at a 20% premium after a mere 1-1/2 years. I wonder how much of it was motivated by them or the broker looking to win the business.

sanba,

that's a funky apartment. when you enter, you have to zigzag through the living room and the dining room in order to get to the hallway to the bedroom. it just isn't a functional or elegant layout.

Thanks happyrenter
I won't even waist my time then on visiting

sanba,

i don't mean to discourage you from visiting. perhaps in person it isn't as awkward as it looks on paper, and it has two big and two small bedrooms and decent-sized living, dining, and kitchen on a nice stretch of park avenue in what appears to be a fine building. so depending on your budget the funkiness could work in your favor. just recognize that it has to be priced in. if you didn't personally mind the layout that much you could get the apartment for a lot less than a similar-sized place with a classic layout.

Alas poor Cookie Cutter...I knew you well.
Oh the pain...Oh the pain...

http://www.streeteasy.com/nyc/sale/377097-condo-1438-third-avenue-upper-east-side-new-york
http://www.streeteasy.com/nyc/building/1438-3-avenue-new_york

I am having a hard time understanding the history of this one. Did it sell in February 2008 for $1.995? Or did it sell in October 2008 for $1.88? Either way, it's now listed at $1.775, down from the prior price, and still seems overpriced to me.

I think the $1.88 number.

Unless you're on Park or Madison in a lux building, I don't think anything at or above $1,000/psf is overpriced. I personally like 1438 Third, although its nothing special -- small lobby, no gym or other amenities. The apartment looks pretty nice -- legit 3 bedroom although no dining room.

Curious what people think a fair price is on that apartment. I would think that today they could get 1.4M for it, which would be about $885 psf. That would represent a 25% decline from peak.

Oops. I meant "...I DO think anything at or above $1,000/psf is overpriced."
"

1438 Third Avenue: It sold in Feb. 2008 for $1.995M.

#14C sold for $1.88MM on 10/7/2008.
http://a836-acris.nyc.gov/Scripts/DocSearch.dll/Detail?Doc_ID=2008101000388001

Note that one of the buyers (now owners) of #14C already owned #14E:
http://www.streeteasy.com/nyc/closing/707617

By the way, she's Bruce Ratner's lawyer. If there's a way out, she'll find it.

969 Fifth Avenue #7th Floor. Just re-listed. Five room full-floor. 450 sq.ft. living room faces west and north to the Park, the Met and the Duke Mansion. Lavishly decorated, not necessarily in a good way.

--------Recorded Sales----------|--------Previous Listings----------
NEW LISTING #7 ............................ | . $3,900,000 2 beds 2 baths 1,873 ft²
09/26/2008 . #7 ............................ |↓ $4,650,000 Off-Market 2 beds 2 baths 1,873 ft²
07/12/2007 . #7 $4,550,000 -8.1% | . $4,950,000 2 beds 2 baths 1,873 ft²

Don't cry for the sellers. They're rich Texans. No idea why they bought a coop.

http://www.streeteasy.com/nyc/building/969-5-avenue-manhattan
http://www.prudentialelliman.com/Listings.aspx?ListingID=1076992

125 E 63rd #5C
Listed at 12.5% below prior sale

04/30/2007 Previous sale closed for $1,600,000
02/03/2009 Listed in StreetEasy by Mercedes Berk at $1,395,000
http://www.streeteasy.com/nyc/sale/378703-coop-125-east-63rd-street-lenox-hill-new-york

Anyone familiar with this neighborhood? Far enough away from Bloomingdales?

Big drop for what looks like an awesome spread on park ave. this asking price is 15% off the prior much lower floor comp from 2007.

http://www.streeteasy.com/nyc/sale/357609-coop-885-park-avenue-upper-east-side-new-york
885 Park 8A
StreetEasy History
10/14/2008 Listed in StreetEasy by Sotheby's at $12,500,000
11/25/2008 Price decreased to $10,500,000
02/02/2009 Price decreased to $9,000,000

06/06/2007 #3A $10,600,000 +8.7%

West 81, thanks for clarifying 14C via Acris. I guess that teaches me not to trust the numbers listed on Streeteasy.

BRODIE -- East 63rd betw Park & Lex, and also Lex & 3rd, could go either way. Proximity to Bloomingdale's isn't an issue, IMO, but proximity to the F-train entrance is. The street can get very crowded between foot traffic and car traffic.

BRODIE -- Do you know why it is only 27% tax deductible?

The tax deduction is for interest on the underlying mortgage and property taxes. I guess these are low relative to staff salaries, heat, and repairs.

HR: not my hood, but they are starting to move. This one is clearly in the "positive" bidding environment. That original list of 12.5 meant it was in negative bidding environment. I would have had to bid -.500k to meet in the middle at 6mm. I hate doing that . I want my opening bid to be a positive number.

Just a comment about the 'downstairs employee quarters' better known in our home as The Dog House. It is the ultimate escape from the angry spouse, the teenage party room for your daughter, the holding tank for unwanted guests, fill it to the brim with crap...it's the greatest!

125 east 63rd st is a charming 9-story prewar. Proximity to bloomingdales is not an issue. 63rd st is a little busier than most, but not so much as a major east-west street like 79th. Subway proximity is a madjor plus. The NW corner or 63rd and Lex is a little crowded but not anywhere near as much as lots of other subway interesctions. There are some wonderful landmarks townhouses on the block as well, like the society of illustrators, as well as Park Avenue Winter/Autumn/Spring etc restaurant.

http://www.streeteasy.com/nyc/sale/353075-coop-116-east-63rd-street-lenox-hill-new-york

STREETEASY HISTORY
09/29/2008
Listed in StreetEasy by Sotheby's at $3,300,000
11/14/2008
Price decreased to $3,100,000
02/02/2009
Price decreased to $2,900,000

Apt #3D was sold on 09/10/2008 for $3,045,00

The number of high end listings coming on at prices below comps (and even below previous sales of the same unit) just continues to astound. there must be close to a ten year supply of apartments in the 7 mililon plus range. it's remarkable.

Big apartment at the Stanhope asking 5% less than 2007 sale price:
http://www.streeteasy.com/nyc/sale/379580-coop-995-fifth-avenue-upper-east-side-new-york

995 5th Avenue 4S
StreetEasy History
05/17/2007 Previously listed in StreetEasy by Corcoran for $11,750,000
03/04/2008 Corcoran listing sold at $11,000,000
02/05/2009 Listed in StreetEasy by Corcoran at $10,500,000

Now the comps:

08/08/2008 #8S $12,500,000 -9.1%
05/02/2008 #7S $11,891,136 -8.5%
04/28/2008 #12S $13,584,765

Don't agree with you. If you calculate per floor difference, price for $s sounds about right.

HR: I don't think #4S ever sold.

HR,
Check out #2S:http://www.streeteasy.com/nyc/sale/88198-condo-995-fifth-avenue-upper-east-side-new-york
Here we are on the second floor, same floor plan for 200,000 more. Howse that for comps!

115 East 90th Street, #5A: 5 room (2 bed, 1 bath) Pre-War apt. was just lowered to $995,000:

http://www.streeteasy.com/nyc/sale/364900-coop-115-east-90th-street-carnegie-hill-new-york

#6A sold for $1,150,000 in March 2006. I think we are firmly in the realm of late 2004- early 2005 pricing.

Hey Kas,
What a crappy little apt for the money.
Makes me think that the market is very far from the bottom. There's this idea out there that because RE is tangable it carries with it some sort of intrinsic core value. Rome at it's peak had a population of 1 million residents. With in 100 years that town had a population of 13 thousand. This aint Rome and that apt isn't going to sell for $995,000. Let's keep an eye on this one to see how low it goes. If it sells this year I going to guess that it closes for under $850,000.

falcogold1, this will be an interesting one to watch. The owners have been behind the curve on pricing since they first listed it last spring. They seem genuine in their desire to sell, hence all the poorly timed price cuts. If they had lowered it to $995,000 in late summer, they would have probably been done with this process and on their way to a house in the 'burbs. But now, I'll be surprised if it clears $800,000.

I thought this was an interesting apartment when it came on the market at X. Big apartment, great layout on one of the best blocks in Carnegie Hill. It is an estate so i assume it needs a lot of work, but nonetheless this is a very nice Classic 7 with views in a good Carnegie Hill building now closer to $2 million than to $3 million. Remember that thread about estates setting the new price levels?

http://www.streeteasy.com/nyc/sale/374979-coop-22-east-88th-street-carnegie-hill-new-york

STREETEASY HISTORY
01/14/2009
Listed in StreetEasy by Corcoran at $2,850,000
02/05/2009
Price decreased to $2,495,000

01/06/2005 #6E $3,550,000
08/26/2004 #10E $3,350,000

there are also prices for 11 and 12 E but those apartments are smaller with a different layout so they don't work as comps. even assuming this needs a complete gut we are somewhat below the 2004 price on this one.

wow! HR.

And not even a month on the market. They say some animals can smell fear.

kas, I am surprised that you think this will only clear at $800. Their pricing is already around 2004 levels. Down way more than UD suggests.

I should add that we just went into contract on our apartment (UES as well) and luckily we weren't down to 04 levels.

Urban Dig's latest update said 20-25% down on average..... and then expanded to say 15-35% for individual properties... so I think this still fits in the range. Of course there will always be far out exceptions... we're just talking "middle".

UE, I know my prediction is a little extreme, but I have seen this apt. and it has very little going for it besides one nicely renovated bathroom. The kitchen is atrocious -- cheap cabinets and appliances, cork floor, a weird little toilet/closet off of the kitchen. It has no real foyer -- just a hall with closets -- so you feel cramped until you wind your way back to the living room. Poor flow between kitchen and dining area. Small second bedroom. No more than 1050 sf. The deal breaker is the lack of a second full bath. There are a lot of 2/1s on the UES market. They sold in the boom times when people were willing to compromise on the bathroom count, but I think it's a huge negative in this market. Anyone out there who is buying / selling a 2/1?? Please correct me if I am being ridiculous to think this configuration is a hard sell.

uppereast - congratulations on getting into contract.
i do not know where you apartment is but how far off of peak levels for comps in your building did you end up?
(if you don't mind me asking)