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

P09: A bit smaller than advertised, are they?

501 East 79th #7B. Small corner 3BR now asking a sub-2005 price.

--------Recorded Sales----------|--------Previous Listings----------
CURRENT .... #7B .......................... |↓ $1,235,000 3 beds 2.5 baths
05/24/2007 #15B $1,650,000 +4.1% | . $1,585,000 3 beds 2.5 baths 1,450 ft²
09/19/2006 . #4B $1,330,000 -4.7% | . $1,395,000 3 beds 2.5 baths 1,500 ft²
07/11/2006 #14B $998,500 -4.9% | . $1,050,000 2 beds 2 baths
09/29/2005 . #6B $1,250,000 ........ |
07/26/2004 #12B $1,200,000 ........ |

#14B, an outlier for both price and maintenance, seems to have lost a room at some point.

215 East 72nd Street #11E. Same unit resale. Down 17.6% from a pre-peak purchase.
--------Recorded Sales----------|--------Previous Listings----------
04/02/2009 #11E $3,030,000 0.0% |↓ $3,030,000 Sold 4 beds 3.5 baths
03/01/2006 #11E $3,675,000 ........ |

While obviously less relevant that the same unit resale, 215 East 72nd #13E, which closed for $3,500,000 on 5/16/05 does push the E line data series back another year. Assuming same floor plan and not knowing relative condition, etc., 11E is down 13.4% from this admittedly higher floor comp.

Kas242 and Happyrenter have previously mentioned 1230 Park Avenue for the pricing shenanigans on #17C. But downstairs in #4D, an actual sale of a decent classic six shows movement back to 2004, as seen elsewhere in upper Carnegie Hill:
--------Recorded Sales------------|--------Previous Listings----------
03/26/2009 #4D $1,435,000 -22.4% |↓ $1,850,000 2 beds 3 baths
09/01/2006 #8D $1,856,153 +3.2% $1,799,000 2 beds 2 baths
10/12/2004 #5D $1,475,000 ........ |
#4D has renovated K&B, and no apparent condition issues.
http://www.streeteasy.com/nyc/sale/361987-coop-1230-park-ave-carnegie-hill-new-york

15 East 72nd #3/4C: Grand, dated 8-room Candela duplex. Stunning example of estate capitulation:
11/01/2007 Listed in StreetEasy by Brown Harris Stevens at $9,500,000.
03/04/2008 Price decreased by 8% to $8,750,000.
04/17/2008 Price decreased by 10% to $7,900,000.
09/29/2008 Price decreased by 5% to $7,500,000.
11/05/2008 Price decreased by 8% to $6,900,000.
01/11/2009 Price decreased by 17% to $5,700,000.
02/24/2009 Listing entered contract.
03/24/2009 Sale closed for $4,000,000

Maybe this belongs in the price-choppers thread, because there's no same-line comp. But look where big apartments in this building have traded in recent years:
--------Recorded Sales------------|--------Previous Listings----------
03/24/2009 . #3/4C . $4,000,000 -22.4% |↓ $5,700,000 Sold 3 beds 4.5 baths
07/30/2007 #11/12 $15,000,000 ........ | -
02/15/2007 ..... #3A $12,700,000 -1.6% | . $12,900,000 3 beds 4 baths
06/27/2006 . #5/6D $10,000,000 -4.8% | . $10,500,000 3 beds 4 baths
01/12/2005 . #PH-A $12,311,750 ........ |
The other sold units are bigger. Most are on higher floors and in better condition. But still...
http://www.streeteasy.com/nyc/sale/149972-coop-19-east-72nd-street-upper-east-side-new-york

Sorry, the discount off final ask at 15 E.72nd should be 29.8%, not 22.4%

...and the address is 19 East 72nd, not 15. Time to make the coffee.

West81st, I've been waiting patiently for the 1230 Park #4D closing info. This is one of the very, very few UES sixes that has gone to contract in the last 4-5 months. I think the bar for a decent six is now reset (at least in Carnegie Hill) from $2 million to well under $1.5.

215 East 72nd, #11E is described as a nine-into-eight in excellent condition. Just closed at $3,030,000 after initial list of $4,950,000. Previous sale of same apt. was $3,675,000 in March 2006.

http://www.streeteasy.com/nyc/sale/345759-coop-215-east-72nd-street-upper-east-side-new-york

West81, just saw above that you already covered 215 East 72 - sorry for the duplicate info!

any F2 on that 19 E72 3/4 C ?

kas:
I think there is a coming bifurcation of Carnegie Hill. This six at 1230 Park will prove to be bucketed with other very north Carnegie Hill apts. Simply no interest anymore. Folks who reached and paid up over the last 5 years are going to get smoked. I think the high 80's section will trade better and not weaken to the point where high 90's seem to be headed.

P09: I think you're spot on. I know of another six very close to 1230 Park that just got an accepted offer around $1.3M

Agreed - close to 96th is in free-fall; anything north of the PS6 boundary seems to be on the bubble. Nice arb there for anyone whose kids go to East Side privates - or Hunter, for that matter.

P09:
G2 = Military Intelligence
F1 = Help Key
F2 = ????

Guys,

The marginal areas are in collapse, no doubt about it. But 4 million for 8 rooms at 19 east 72nd should put the lie to any ideas that a 'bifurcation' is taking place that will protect the prime areas. I just don't see that happening. You don't get more prime than Candella on 72nd between 5th and Madison.

I just took a pass on an apartment I absolutely love in the West Village, and one that is priced very, very well for this market, because I do not ultimately buy the flight to quality argument. Everywhere is getting hit, and is going to get hit.

F2 = Square feet

HR: I agree about all getting hit. Simply on a relative basis, over the last several years, folks reached to fringes of prime areas and paid prime prices. Ex..if a particular prime gets hit 50%, and his real close neighbor rallied with him, the neighbor to prime will get hit 65%. That's the general idea I'm working with.

i hate the abbreviation f2. is it a relatively new way of shortening sf? wasn't sf short enough?

unless you can make the 2 in really little type it doesn't really stand for square.

Right - square feet. I'm a little slow in the morning. Footprint looks close to 3000 sq.ft., though you lose floorspace to the lavish staircase. http://media.bhsusa.com/floorplans/w588996.jpg. BTW, the archived floorplan on SE shows some windows blocked.

jason, of course it makes sense, in the language of P09. If most can understand half of 67's cryptic whatever, they certainly can understand F2. BTW, it is very common practice in computer geek land, to ignore the need to make "little" numbers to express yourself, most keyboards are incapable.

Ha, from Urban dictionary

F2 38 up, 19 down
The refuge of the intelligent from flecko, where we exchange witticisms, eat peaches, have young women feed us peaches, share drawings that are actually good (egads!), and generally revel in elitism. You aren't invited.

i noticed that west81st. do the dining, room, kitchen, and 3rd bedroom really have no windows? that might explain the low price!

i didn't say it didn't make sense. i just said i don't like it looks wise. i like how west81st street just put it: "sq.ft.". much more elegant.

W81 and HR: I noticed that too. Why would there be blocked windows, considering they don't necc. face the lot line, just the back of the building?

Re 19 E 72nd: Agree that capitulation is seller is stunning. But, if it is true that 3 rooms have no windows, this is a stunningly flawed floor plan. I've never seen anything like this in a top building.

For a certain buyer, $4M might seem like a good price to live at this prime address, but I think most prospective high-end buyers would pass on this one at any price.

I think the missing windows are an artifact of the plan drawer being a slob. You see missing doors, windows, etc. all the time. I don't have an original plan for the C line, but the no-windows isn't typical of the building. Then again, the previous owner could've blocked them for whatever reason. Can't get to the pics now, but IIRC the dining room window looked blocked.

Some other oddities, too. The master BR has its original huge bath footprint, if not the fixtures, as typical of 19 W 72, but closets have gone missing. Unless the adjacent bedroom was always meant to be a dressing room.

i agree, that has to be a mistake about those windows. it's a great building.

plus if those windows had really been blocked the original asking price wouldn't have just been over the top but would have been a joke.

Not that it really matters, but...
http://realestate.nytimes.com/ImageProxy.aspx?L=56-588996&W=379&H=286&U=http://media.bhsusa.com/pictures///588996-6_d.jpg
http://realestate.nytimes.com/ImageProxy.aspx?L=56-588996&W=379&H=286&U=http://media.bhsusa.com/pictures///588996-7_d.jpg

Or rather...
http://media.bhsusa.com/pictures///588996-6_d.jpg
http://media.bhsusa.com/pictures///588996-7_d.jpg

Right, that's the picture I was thinking of. That display thingey is where the window would be.

Patient09.. I'm not cryptic... english is my third language :), but it is the language I am most sarcastic at :)

More bad news for sixes on the edge of Carnegie Hill; mid-floor "E" line at 1349 Lex comes to market, priced $300K below the already-reduced ask on #10E:
#10E: http://www.streeteasy.com/nyc/sale/365466-coop-1349-lexington-ave-carnegie-hill-new-york
New listing: http://www.prudentialelliman.com/Listings.aspx?ListingID=1103293

west81st you always beat me to the punch :). that listing was a gut-check for me. sure, it's a small, sort of poky six, but it's a six and it doesn't say it's a wreck or an estate.

there is another line of 6s in the building--the F line--which has a slightly lower maintenance so I assume it is a similar layout but slightly smaller. take a look at the 2004 comp:

07/13/2004 #6F $1,320,000

i think the ice is cracking on the 2004/2005 price level.

139 East 66th St. "S" line: Classic eight, maint. ~$3900. #9S needs some updating, but has the major advantage of clearing the townhouses to the south. Just reduced $350K. Original ask in January was $3.2MM.
--------Recorded Sales------------|--------Previous Listings----------
CURRENT .... #9S .............................. |↓ $2,495,000 3 beds 3 baths
08/15/2007 #3S $3,000,000 -6.1% |↓ $3,195,000 Sold 3 beds 2 baths

classic 8 in lennox hill under 2.5 is certainly noteworthy, but between the maintenance and the location (east of lex) i have to think a lot of people looking at these apartments will have better options.

1349 Lex-this one is just not great. When the market was hot it would go at those numbers, but the floor plan is less than ideal with the bathroom situation. I know that I may be in the minority, but for a million dollars plus, I want two baths, with the master bedroom a nice space with its own ensuite bath.

300 East 79th #8A: Successful "lowball" on new construction. Original ask was $1.7MM.
--------Recorded Sales------------|--------Previous Listings----------
04/02/2009 . #8A $1,250,000 -18.6% |↓ $1,535,000 2 beds 1,160 ft²
10/07/2008 . #7A $1,455,000 . -4.0% |↓ $1,515,000 Sold 2 beds 2 baths 1,160 ft²
09/26/2008 #12A $1,550,000 . -4.6% |↓ $1,625,000 Sold 2 beds 2 baths 1,160 ft²

250 East 87th, Apt. 3C. Just listed at $575K, or $523 per alleged sf.
http://www.streeteasy.com/nyc/sale/403849-coop-250-east-87th-street-yorkville-new-york

7C closed for $957,500 last June, so the listing price on 3C is a full 40% lower. A couple of qualifications, though. The apartment (at least the LR end) is above a busy intersection on 86th Street, so 4 floors of elevation probably counts for a lot here. Also, 7C has a small balcony while 3C does not, although this may not be a very valuable attribute on a low-ish floor above this intersection. Condition could also be a significant factor, with the listing for 7C claiming mint renovation and 3C described on the broker's sheet as "functional condition", whatever that means. Clearly not a clean comp, but -40% does get ones attention as a starting point.

Looking elsewhere in the building, the only other line with a recent comp is the E line, where 20E closed 1/28/09 (so presumably a post-Lehman contract) for $450K. The previous E line trade was 8E in mid-2004 for $355K. Even adjusting for the higher floor, this line does not yet suggest a major break toward the 2005-ish pricing documented in many other cases.

A final comment, slightly off the comps topic but relevant to ppsf, is maintenance; 3C looks very reasonable at $1.08 per claimed sf (1,100) and maybe $1.20 for actual sf closer to 1,000.

I think this apt. is a true find, sidelinesitter, unless it is a monumental wreck. Factoring in the standard sqft inflation that realtors incur in all the time, this apt. could definitely be viewed as 1,100 and many wouldn't blush to list it as 1200. There's a bldg. a few blocks away (444 East 86th) that I have been following for a while, where there are many apts of an exact same size listed as 2 bedrooms (with 2 baths, though) and those are 750K and up, with 1500 plus maintenance. Also, the listings mentions pool and exercise room. I wonder.

condition is the big question on 3C. no pictures, so my guess is it isn't pretty.

http://www.streeteasy.com/nyc/sale/228538-coop-72-east-93rd-street-carnegie-hill-new-york

Ouch!!!

skeptical - what's something like that even worth, and who would buy it? 5th floor walk-up eliminates families w/young kids and older couples looking for a pied-a-terre. I guess a young couple might like it, but while a great location for young families or older couples, it's not exactly prime for someone in her 20s. And $2k maintenance w/no doorman and no elevator? ouch. Strange layout - have to walk through the kitchen to get to the Master? Beautiful renovation, though

absolute insanity. 5th floor walk up for $1 million? what were these people thinking?

they WERE thinking they would get $1.4mm for it

I am surprised they haven't dumped their broker yet. How could someone advise them to list it for $1.4mm...

and now they are thinking they can get $1 million. and they are still nutters.

Interesting that the owners of 72 East 93rd actually are parents of 2 young kids. What there is of the kitchen is quite nice, but small. Master bath was kind of narrow. Living room is very dark with only one window looking into airs shaft. I do recall that there was the possibility of this apt. buying the roof rights from the building, but of course the negative is that it would not really be adjacent space to the living areas.

kas,

the possibility of buying roof rights is all well and good, but it is not as if they come with the apartment. i'm sorry, but this is a 600k apartment--maybe less.

I agree. This is still crazy pricing. I am surprised they never check out comps in the neighborhood.

looks like a railroad flat.

i don't even think 600k is the right #. I'm all over SE saying that I think after-tax cost to own vs. rent is the desired metric, but in this case, i think return to an investor is the right metric - i just don't see a demographic which would want to live here long term. Maybe in the village, where there aren't as many elevator alternatives, and there are more long-term childless couples this set up works, but not in this neighborhood. IF you could rent it out for $4k, and i don't know that you could, you'd only net $2k after maintenance, so that'd make it more like $400k. I think this is a classic case of an over-renovation

HR, I wasn't trying to justify the $999,000 sticker, just lending some color to the listing. I think it will trade in the high $700,000s. It is a legitimate 2 bed with renovated kitchen and bath. The right buyer will come along, but not at at the current list. Where one person sees four long flights of stairs, another person sees charm in living in a brownstone and the possibility for private outdoor space.

we lived (many years ago) in a wonderful townhouse rental, a mere two flights up...oozing charm...fireplace, original everything...I loved that place but then jr. was born and even with leaving the stroller on the first floor...it was two flights ups for everything. which inevitably meant many, many trips. i cannot imagine double that trip. i know, i know...it only takes one...I kind of already feel bad for them because there is not way to understand that trip without taking it.

170 East 77th Street (Diamond House). New price cuts on several units were just posted by BHS. Lord help the early buyer into a conversion who winds up competing with a motivated sponsor at resale time.

--------Recorded Sales----------|--------Previous Listings----------
CURRENT ... #10E ........................ | . $1,250,000 1 beds 1 bath 895 ft²
CURRENT ..... #7E ......................... |↓ .. $799,000 1 beds 1 bath 895 ft²
11/15/2007 . #8E $1,200,000 +0.0% |↑ $1,200,000 1 bed 1 bath 895 ft²
10/25/2007 . #4E $1,095,000 +0.0% |↑ $1,095,00 1 bed 1 bath 895 ft²
10/04/2007 #10E $1,230,817 ....... |

By the way, 2BRs aren't faring very well either; you can now get a 2/2 for less than a 1/1 cost in 2007.
--------Recorded Sales----------|--------Previous Listings----------
CURRENT .... #5C .......................... |↓ $1,100,000 2 beds 2 baths 1,117 ft²
10/23/2007 #7C $1,425,000 -1.7% | . $1,450,000 2 beds 2 baths 1,117 ft²

Current listings at 145 East 76th have something for everyone - market movement for the comps folks and some neighbor-on-neighbor action to keep w67thstreet entertained.

Current listings:
4B listed 3/31/09 for $3,400,000
2B reduced 3/20/09 to $3,200,000 (initially $3,700,000 in January) This price includes a storage room

Previous sales
5B 5/15/08 for $4,200,000 (included storage room, per ACRIS)
3B 6/23/04 for $3,225,000 (included storage room, per ACRIS)

Four years of appreciation (and a million of 5B's equity) gone in less than a year. Ouch.

2B looks like the more serious seller, listed right on top of the 2004 comp. No mention of storage in the 4B listing, which makes the price look that much more optimistic vs. 2B.

I would file the following under "due diligence item":
http://nymag.com/nymetro/realestate/features/4455/
One wonders how the place is aging...

Sideline,

Thank you so much for the NY Mag article. Yes, due diligence, but compare/contrast some of the names from then to now: Macklowe, Spitzer & many more.

170 East 87th Street

#E6F (same unit resale)
Currently asking $549,000 (started out at $675,000 in September)
Previously sold for $595,000 on 4/13/06

W-A line
#W6A currently offered at $1,875,000 plus some marketing fluff (a year's common charges and parking that together take maybe 2% off the price)
#W12A sold 7/16/08 for $2,325,000. Included separate storage
#W10A sold 10/4/06 for $1,999,000. Included separate storage
#W6A previously sold 5/25/06 for $1,700,000

W6A is asking 19% below the 2008 higher floor, storgage-endowed comp. -21% including the fluff. Adjusting for floor and lack of storage, the current ask seems flattish vs. the higher floor late 2006 comp. It is still about 8% (fluff-adjusted) above the same unit 2006 trade.

The higher floor W-A line, including the currently listed 17A, is a different floor plan.

There are many different lines in this building and, up until last summer, dozens of sales per year. It looks as if there have been no post-Lehman sales, with several listings pulled and the other just sitting. This will be an interesting building to watch when sales finally start to print.

1050 Park Avenue "D" line: large, rear-/west-facing classic six; maintenance on high floors ~$2900. #14D was just re-listed at $1.9MM wiith the same brokers who chased the market down from $3MM to $2.2MM last year. The peak comp is one floor down, at $2.9MM. #13D was nicely renovated. #14D has been modernized but needs refreshing. #4D isn't much of a comp because the low floor is a killer facing the back.
--------Recorded Sales----------|--------Previous Listings----------
CURRENT ... #14D ........................ |↓ $1,900,000 2 beds 2.5 baths 1,850 ft²
06/27/2007 #13D $2,900,000 +7.6% | . $2,695,000 Sold 2 beds 2 baths 1,850 ft²
10/04/2006 . #4D $1,895,000 +0.0% | . $1,895,000 2 beds 2 baths

Unless I'm missing something this is nearly 20% below a 2004 comp on a prime stretch of 5th avenue (but not a great apartment IMHO):

910 5th Avenue 5D
StreetEasy History
06/02/2008 Previously Listed in StreetEasy by Sotheby's at $5,700,000.
11/29/2008 Sotheby's Listing is no longer available. Last priced at $5,300,000.
12/08/2008 Listed in StreetEasy by Prudential Elliman at $5,295,000.
04/15/2009 Price decreased by 6% to $4,995,000.

Recorded Sale
09/17/2004 #7D $6,000,000

Grand duplex, a bit too far east, for well under the lower floor comp peak comp:

155 east 72nd 56A
StreetEasy History
02/06/2009 Listed in StreetEasy by Warburg at $4,950,000.
04/13/2009 Price decreased by 4% to $4,750,000.

recorded sale
08/02/2007 #3 4 A $5,845,000 +6.4%

west 81st,

the 1050 D-line layout is funky to say the least, no? i think that could fall further, it's just not a gracious layout at all.

Following up on discussions from two weeks ago, 120 East 75th, #4C has gone into contract. When I saw it after the price drop, the broker said that the owners wanted their ask. Time will tell if they actually got it. Even though this apt. needs work, it would set a new bar for PW 7 rooms. This one is approx. 2200 and would come to about $815/sf if they sell for $1,795,000.

kas242: Thanks for the follow-up.

Happyrenter: Regarding the layout at 1050 Park, it looks very "Upstairs/Downstairs": Guests bear right, into the living room; servants and children disappear down the corridor to the left. It's not for everyone, to be sure. I'd have to walk through it to know whether it's as bad as you think.

A few blocks up (but still inside the jagged PS6 boundary), 1120 Park also had a couple of noteworthy cuts this week.

#14B just dipped below the owners' Jan'06 basis.

#16AD dropped another $300K, to $4.8MM . It's tricky to comp because of unique terraces, but #17A (basically the same apartment without the terraces) fetched $5.5MM in 2007 (see http://www.warburgrealty.com/property/522706). The total footprint of #16AD, with the outdoor space, looks similar to #4AD, which sold for $7.575MM in October.

The penthouse duplex, #20/21A, has been below 2006 acquisition cost since February, with no takers.

http://www.streeteasy.com/nyc/building/1120-park-avenue-manhattan

sidelinesitter

Current listings at 145 East 76th have something for everyone - market movement for the comps folks and some neighbor-on-neighbor action to keep w67thstreet entertained.

Current listings:
4B listed 3/31/09 for $3,400,000
2B reduced 3/20/09 to $3,200,000 (initially $3,700,000 in January) This price includes a storage room

Previous sales
5B 5/15/08 for $4,200,000 (included storage room, per ACRIS)
3B 6/23/04 for $3,225,000 (included storage room, per ACRIS)

Got it sideliner!
Let's call storage $150K, b/c you could pay $200/month for a large minivan and garage for $300/month perpetuity IR of 4%. So in one year your lost $600K... and its' still sitting on the market, right? So let's say I bid $2.8MM on 4B and $2.75KMM for 3B and say first yes gets the deal (I'm a vulture not a dove). I am almost certain this gets done at of below $2.8MM, so I am up $1.1MM and change, ummmmm why are the Rushmore people complaining about their limited 10% downside... they should be thanking everyone involved and sending the Carlyle group boxes of Grand Damme. FWIW I believe the Carlyle group is under investigation for being in the pockets of some "lawmakers." :) At least we found out about this stuff. :)

Where is Resislamerica?

Flipper taking a bath. This is a 50% down building. My understanding is the board requires 4x price liquid (but I'm not sure about that). Given the down payment + the work this thing needs, that's a lot of cash to pour into a 1BR.

http://www.streeteasy.com/nyc/sale/335967-coop-20-east-74th-street-upper-east-side-new-york

04/04/2007
Previous Sale recorded for $785,000
08/07/2007
Previously Listed in StreetEasy by Prudential Elliman at $985,000.
08/08/2008
Listed in StreetEasy by Halstead Property at $850,000.
08/14/2008
Prudential Elliman Listing is no longer available. Last priced at $850,000.
10/30/2008
Listing entered contract.
11/25/2008
Re-listed by Halstead Property.
01/11/2009
Price decreased by 6% to $795,000.
02/13/2009
Listing is no longer available.
02/21/2009
Re-listed by Halstead Property.
04/17/2009
Price decreased by 13% to $695,000.

201 East 80th Street is hitting early 2006 pricing in several lines (and maybe 2004 in one)

D line (two same unit resales - 9% below early 2006 and 16% below mid-2007)
#9D currently in contract; last asking price of $1,450,000
03/01/06 #9D $1,600,000

12/11/08 #11D $1,450,000
08/13/07 #11D $1,723,000

#5AB (same unit resale)
Recent price chop brings ask of $2,695,000 close to 03/03/06 previous sale of $2,600,000

#6G (lower floor G line)
Just taken off the market asking $1,600,000, or 2% below where #7G ($1,630,000) sold on 02/02/06

#9G (higher floor G line)
#9G currently asking $2,495,000.
08/11/08 #14G $2,995,000
09/20/05 #10G $3,250,000
11/08/04 #10G $2,350,000
Kudos to the 14G folks (who it turns out I know - thank you ACRIS) for getting a deal done at a good time. 9G was on the market for $3,300,000 at the same time (spring 2008), was pulled and then came back this March. Now asking 17% below the 14G price. Super kudos to the 2004 buyer/2005 flipper of 10G. I checked ACRIS 3 times to make sure I was really seeing those numbers.

Lower floor A line
A 760 sf 1 bed, not listed by unit number but with a lower floor A line floor plan, is asking $749,000
09/17/08 #4A $815,000
02/14/06 #6A $725,000

A nascent change in market psychology is reflected in this new listing at 103 East 84th:
--------Recorded Sales----------|--------Previous Listings----------
NEW LISTING . #7B .......................... | . $2,150,000 3 beds 2 baths
06/17/2008 #2B $2,195,000 +0.0% |↓ $2,195,000 2 beds 3 baths

Both renovated. #2B has the original classic six floorplan; in #7B, most of the dining room has been converted to a BR, and the maid's room has been merged into the kitchen. Facing south over a fairly busy side street, five floors of elevation are huge, so it's notable to see #7B start below the lower-floor comp, rather than taking four months of buyer indifference to get there. Still not a bargain at $2.15MM.

http://www.streeteasy.com/nyc/sale/316078-coop-446-east-86th-st-yorkville-new-york
http://www.streeteasy.com/nyc/sale/378586-coop-446-east-86th-st-yorkville-new-york

Two solid East Side one beds on the same line, in search of a price. 9A has better views. Other then that, it'll be interesting to see where they go.

Adding the comps for 446 East 86th Street, A line

Both of reddog2669's listings (9A $420,000 and 4A $409,000) are now below two same line comps from 2005.

09/09/05 #6A $425,000
07/26/05 #7A $425,000

The recent history of 9A is pretty comical. Listed three times and pulled twice in the last year and a half. They were RAISING the asking price as recently as Jan 2008. The latest, active listing features no fewer than 6 micro price cuts. Keystone Cops broker (and/or seller).

Thanks for that nugget sideline!

Here is another.

http://www.streeteasy.com/nyc/sale/365209-coop-505-east-82nd-street-yorkville-new-york

Sold for $560K in 12/2007

Price recently slashed to $499K

reddog - Impressive. Counting both the BHS and Corcoran listings, there have been eight price chops in six months on the market.

For this one and 446 East 86, the term "chasing the market down" doesn't seem to apply, as "chasing" implies a degree of effort that is lacking here. "Out for a stroll while the market runs away from them" might be a bit more accurate.

That is all I have for now. I am looking at these types of apartments on the Upper East Side to buy when we have the down payment/closing costs/reserve fund saved up. Probably sometime early 2010. I'll post any more as I see them.

Here's a 7 room, ultra prime location, post-war apartment on 5th:

870 5th 8H
STREETEASY HISTORY
03/18/2009
Listed in StreetEasy by Corcoran at $3,500,000.
04/22/2009
Price decreased by 16% to $2,950,000.

recorded sales:
04/04/2005 #3H $3,375,000
12/22/2004 #5H $2,775,000

Smallish Park Ave 7 slowly retreating back to the 2004 price. It's not entirely clear, but the condition of the apartment is such that I assume it was renovated since the last sale, during which renovation the living and dining rooms were combined.

108 East 82nd 4C
STREETEASY HISTORY
06/24/2004
Previous Sale recorded for $1,950,000.
06/16/2008
Listed in StreetEasy by Corcoran at $2,795,000.
11/06/2008
Price decreased by 11% to $2,495,000.
12/03/2008
Delisted temporarily.
04/21/2009
Re-listed by Corcoran.
04/21/2009
Price decreased by 10% to $2,249,000.

still has a ways to go i think

they seem confused.

http://www.streeteasy.com/nyc/sale/405419-condo-215-east-80th-st-yorkville-new-york

Purchased in 2007 for $1.3
Now asking $1.175

UES-Buyer - I wonder how much of the potential facade and deferred maintenance issues the 2007 buyer/2009 seller knew about when s/he bought. No further discussion in two years, though. Maybe a false alarm? There also seems to have been some unhappiness with the managing agent, who has since been replaced. The overall impression is not one of communal bliss.
http://www.215east80thstreet.blogspot.com/
http://groups.yahoo.com/group/215e80th/

Interesting. Seems like it is one person posting all the stuff, so maybe an unhappy tenant. I know the building has a bunch of sponsor owned units with people paying very little -- am aware of someone who was paying $600 per month on a 1 bedroom until recently. Otherwise don't know much about the issues building may be facing. Looks like common charges are very low though.

In any event, seems to be an interesting comp. That will end up being a pretty substantial loss at the end of the day. Feel bad for the owner.

ACRIS shows a mortgage of $845k, so even at the current ask over a quarter of the equity (quite a bit more including transaction costs coming and going) is gone. Agree that the loss will be pretty substantial by the time this is over.

812 Park Avenue #5/6C
http://www.streeteasy.com/nyc/sale/158190-coop-812-park-avenue-upper-east-side-new-york
http://www.streeteasy.com/nyc/closing/800928
Opened at $12MM. Closed at $5MM. The duplex directly above (an estate, BTW) sold for $9MM last summer.

Ironically, 812 Park Avenue was purchased with family money, and the source is Rockrose.

wow, how's that for price movement at the last minute. nice!

these trades at 812 Park and the in contract units at 983 Park must be making the folks up in Carnegie Hill have shit fits. If these units are closing in the $1,300-$1,600 per sq ft level, many of these further norrth units will need to slash list prices big time. O my, the horror!

was 812 PA, 5/6C a wreck?

If you look at sales prices for the C duplex, the higher duplex sold for 9m, and in 2006, a similar duplex (lower floor) sold for 5-ish mill. So it's a 40%+ pullback from peak and 5% less from 2006.

I like the layout for the C duplex as opposed to the other ones I've seen in this building. Nice to have most of the maid's rooms on the top floor so you can make more bedrooms on the same floor.

That duplex at 812 is a spectacular apartment--fantastic layout, big rooms, 5 star location. if that trades at $5 million....wow.

here's some movement at a slightly lower price point up in carnegie hill:

1165 Park 5C
04/25/2009
Listed in StreetEasy by Corcoran at $2,675,000.

recorded sale:
07/19/2004 #2C $2,800,000

this is a classic 8.

hr, thanks for the 1165 Park, C line, update. It will be interesting to see how this all shakes out. The 15C contract price could have a 2 handle on it, certainly no better than low 3s, and there do not appear to be obvious condition issues. This alone would be a telling comp vs. a 2nd floor 2004 trade at $2.8mm.

Then along come 14C in original condition asking under $3mm for a high floor and then poor 5C, a low floor estate needing a 60 year reno. I am trying to imagine the price where a value buyer would actually bother to bid 5C and take on the reno cost and brain damage. In this market, with north of 86th Street/west of Lex pre-wars accelerating to the downside, my imagination is not coming up with a big number.

65 East 96th Street #15D: Big, north-facing, corner classic six, back to late 2004 pricing.
http://www.streeteasy.com/nyc/sale/360667-condo-65-east-96th-street-carnegie-hill-new-york
StreetEasy History
01/11/2005 Previous Sale recorded for $1,749,000.
10/29/2008 Listed in StreetEasy by Brown Harris Stevens at $2,300,000.
11/17/2008 Price decreased by 9% to $2,100,000.
01/23/2009 Listing entered contract.
03/03/2009 Re-listed by Brown Harris Stevens.
03/06/2009 Price decreased by 5% to $1,995,000.
03/17/2009 Price decreased by 5% to $1,895,000.
04/25/2009 Price decreased by 5% to $1,795,000.
Don't know whether the current owner has put money into the place. The nice kitchen and adaptation of the floorplan to make the maid's room a real third bedroom probably pre-date her, because the previous owners bought the apartment from the sponsor in late 2000. Their purchase price isn't reflected in ACRIS, but they borrowed $950K.

21 East 96th Street. Recent construction (broke ground 2004; 2006 occupancy) boutique condo (one apt per floor). First resale (#4) closed last month for $4,375,000. The deed for the original sale does not appear in ACRIS but SE claims to have the recorded the sale. Could a good soul who is an SE insider have a look and post the original 3/10/06 closing price?

Looking at where some of the other original sales closed (e.g., #5 and #6 at just under $4.2mm), the #4 seller probably got out with a small profit against a 2004 or 2005 (depending on when sales started) pre-construction price. The last two units to sell, #7 and #8, closed in early 2007 above and well above, respectively, the 2006 sales and the resale of #4. However the higher floors muddy this comparison somewhat.

$3,660,000

Many thanks NWT.

Well done to the original owner of #4, who paid 12% less than #5 and #6 and 3% less than #2, and got out while the getting was still somewhat good.

784 Park 7A:

STREETEASY HISTORY
09/17/2008
Listed in StreetEasy by Prudential Elliman at $4,195,000.
11/12/2008
Price decreased by 11% to $3,750,000.
01/29/2009
Price decreased by 9% to $3,395,000.
04/24/2009
Price decreased by 15% to $2,875,000.

recorded sale:
03/19/2005 #6A $2,895,000
02/03/2005 #4A $2,940,000

9A is currently in contract--will be interesting to see what it went for.

http://www.streeteasy.com/nyc/sale/383757-coop-25-east-end-avenue-yorkville-new-york

25 East End Avenue #11E in Yorkville

StreetEasy History
06/15/2007 Previously Listed in StreetEasy by Prudential Elliman at $3,750,000.
01/28/2009 Delisted temporarily by Prudential Elliman.
02/11/2009 Listed in StreetEasy by Corcoran at $3,000,000.
04/25/2009 Price decreased by 10% to $2,700,000.

is there a comp for 25 EEA?

115 East 67th / 116 East 68th (Millan House) #2B.
First the history of the subject listing, which has been chopped 38.6%:
10/14/2008 Listed in StreetEasy by Brown Harris Stevens at $2,850,000.
12/02/2008 Price decreased by 14% to $2,450,000.
12/22/2008 Delisted temporarily.
01/13/2009 Re-listed by Brown Harris Stevens.
01/13/2009 Price decreased by 10% to $2,200,000.
02/06/2009 Price decreased by 9% to $1,995,000.
04/28/2009 Price decreased by 12% to $1,750,000.

The comps include smaller lines in the building with recent sales. The "B" and "C" lines mirror each other, on the north and south sides of the building respectively, except "B" has an extra maid's room as a seventh chamber, while certain "C" units have a separate, additional maid's room on the ground floor. The "A" line is a much smaller (though still generous) five on the south side.

--------Recorded Sales----------|--------Previous Listings----------
CURRENT .... #2B .......................... |↓ $1,750,000 2 beds
07/15/2008 #3C $2,495,000 . +0.0 |↓ $2,495,000 Sold 2 beds 3 baths (separate maid's not shown)
04/03/2008 #7C $2,800,000 . +1.8 | . $2,750,000 Sold 2 beds 2 baths + separate maid's
04/02/2008 #2A $2,100,000 +10.8% | . $1,895,000 Sold 2 beds 2 baths 1,700 ft²

In hindsight, the sales of #2A and #7C appear to reflect the market peak, as well as higher-end updates than the other units. #2B simply arrived a year late. A recent, building-wide maintenance increase of nearly 10% hasn't helped. The monthly charge for #2B is now $4205.

By the way, #6B is currently listed at $2.75MM, with an extra bedroom off the LR (taken from an adjacent apartment) and maintenance of over $5K per month.

Not my specialty, but isn't this kinda new ground on the price front. Nice size, floor, apt on upper park ave. No judgement on quality, building, more of a basic price point idea...If this ends up trading with a 1 handle wow!
1199 park ave #6AB

http://www.streeteasy.com/nyc/sale/387899-coop-1199-park-avenue-carnegie-hill-new-york