If You Can Demonstrate Market Movement With Comps: Midtown Edition

are you sure about this, west81st? seems overly complicated compared with the simplicity of the original. but i'll go along with it if you want.

happyrenter: 800+ posts was getting a little unwieldy, especially when anyone wanted to look back at previous comments about a listing.

It's not too bad today; but with the number of properties that are on the verge of dropping below prior-sale comp prices, I figured now would be a good time to split by neighborhood before the volume becomes overwhelming.

I like it.

oh be still my greedy little black heart . .

was thinking the same 81..you rule!

67 Park Avenue 8E
I'm no fan of this apartment, but the prices don't lie:
STREETEASY HISTORY
05/19/2005
Previous sale closed for $481,000
05/08/2008
Listed in StreetEasy by Corcoran at $495,000
09/09/2008
Price decreased to $489,000
11/12/2008
Price decreased to $479,000
11/12/2008
Price decreased to $477,000
12/02/2008
Price decreased to $465,000

not to mention the comps:

01/07/2009 #11E $505,000 -5.6%
03/29/2007 #5E $490,000
01/13/2006 #10E $599,000

That apartment at 67 Park has a horrible Pullman kitchen. They have the nerve to claim 715 square feet? Maybe 600. I can see why that place would not sell, not a lot to recommend it.

pas,

that's the beauty of comps. all the problems with the apartment were there when it sold before for more money. would i buy this apartment? never. it's awful. but someone actually did buy it and we know what that person paid for it. now they are selling for a loss.

Sure, I hear you, although 'loss' is a little hard to figure out in these cases. It looks like they will have been in the apartment four years in May. They have to live somewhere and could easily have spent $100k in rent during those four years. Yeah, they're not making a profit on the sale of the unit.

pas,

come on. is this really your argument? if we round to the nearest year, which would be four years, we see that they paid $54,288 in maintenance. they paid interest on their loan--impossible to know how much, but most likely well over $1,000 per month, but i'll be very conservative and say another $60,000. They will pay a 6% brokers fee, which means if they sell at the current asking price they will be out another 27,900. On top of that they have the loss on the apartment--$16,000 and counting. we don't even know how much they may have spent on renovations and upkeep, but it certainly wasn't $0.

and you are telling me that they couldn't have rented something nicer than this crappy, poorly located one bedroom for far, far less than all of this? come on.

is the newest bull case that a loss is not a loss?

Maybe they should sell without an agent to save themselves that 6%. That would help. They did get some tax deduction, you didn't mention that. Yeah, they're not in a good spot, fine, I agree, but I don't think they're taking a bath here, just not coming out ahead. Happy now?

The building looks pretty nice and the location is not so bad. Do you really think rents are that cheap? I haven't seen cheap rents, at least not for a unit that I would want to live in.

Reviving this thread:

We looked to rent this apartment last December:
http://www.streeteasy.com/nyc/sale/229213-condo-240-east-47th-street-turtle-bay-new-york
Condition was ok, but not spectacular. They were asking $5500 and it was obvious that was negotiable. It just sold for $1.2MM. Given the not-cheap cc's, $1.2MM seems like way too much compared to the rent.

But the kicker is the comp in the building:
http://www.streeteasy.com/nyc/sale/93736-condo-240-east-47th-street-turtle-bay-new-york
identical floorplan as far as I can tell. Slightly higher floor. They talk up the renovations, but I don't see any pictures, so hard to tell. Sold for $1.66MM in September 2007, above ask.

Looks to me like more than a 25% drop from peak, even accounting for the slightly higher floor.

I am as good at determining/evaluating comps as some on this thread so please feel free to correct any of the above.

Last sentence meant to read "I am NOT as good"

OK, I'm blatantly doubling up my own post, but a one bedroom for $269K seems like a big deal to me. 235 E. 49th St., 5A similarly sized one-bedrooms at significantly higher prices in same building.

310 East 53rd Street #4/5B: Same-unit resale, down more than 27% from 2006 basis.
--------Recorded Sales----------|--------Previous Listings----------
04/14/2009 #4/5B $1,500,000 -20.8% |↓ $1,895,000 1 bed 2 baths 1,704 ft²
12/21/2006 #4/5B $2,065,248 ......... |

Thanks to Sledgehammer for pointing out the connection between the two sales.

http://www.streeteasy.com/nyc/sale/345366-condo-225-east-34th-st-murray-hill-new-york
225 East 34th Street #16D in Murray Hill
StreetEasy History
12/07/2007 Previous Sale recorded for $900,000.
08/30/2008 Listed in StreetEasy by Prudential Elliman at $975,000.
10/17/2008 Price decreased by 5% to $925,000.
02/06/2009 Listing entered contract.
03/26/2009 Listing sold.
03/26/2009 Sale recorded for $845,000.
03/26/2009 Sale recorded for $845,000.
04/28/2009 Listing sold.

This one has taken a hit. Killer maintenance, but large apartment. looks like very decent renovation for the size/price range.

http://www.streeteasy.com/nyc/sale/410773-coop-100-west-57th-street-clinton-new-york
http://www.prudentialelliman.com/listings.ASpx?listingid=1047642&utm_source=Streeteasy&utm_campaign=corporate&utm_medium=listings

Prior listing:
10/24/2008 Listed in StreetEasy by Pergolotti Realty at $1,379,000.
12/02/2008 Listing is no longer available.
01/06/2009 Re-listed by Pergolotti Realty.
03/02/2009 Price decreased by 11% to $1,229,000.
04/23/2009 Delisted.

Just relisted for $995,000. 2C closed for $1.195 in 08/07. 5E, a 1350 sf two bed, closed for $955,000 10/06.

I believe that 100 w 57th is a land lease building.

I know the Sheffield has terrible problems. This listing reflects that, but one wonders how low this might go.

http://www.streeteasy.com/nyc/sale/396561-condo-322-west-57th-street-clinton-new-york

02/19/2008 Previous Sale recorded for $2,075,000.
04/01/2009 Listed in StreetEasy by Sotheby's at $1,895,000.
04/14/2009 Price decreased by 16% to $1,595,000.

Isnt sherffield a new construction by swig.. did you guys read the WSJ article?

Sheffield isn't new. Swig bought it at peak and is now SOL.

Yes.
This seller bought in a new development in 2006. They have done the hyphen thing, but the sale was for $744,000, 03/06. Taking a loss in a new development, if they can sell. Quite a few listings for the Windsor Park.

http://www.streeteasy.com/nyc/sale/386524-condo-100-west-58th-street-times-square-new-york

02/23/2009 Listed in StreetEasy by Century 21 NY Metro at $779,000.
04/11/2009 Price decreased by 10% to $699,000.

5A is also taking a loss, and is undercutting 10A.

http://www.streeteasy.com/nyc/sale/407502-condo-100-west-58th-street-times-square-new-york

02/09/2006 Previous Sale recorded for $577,500.
03/14/2007 Previously Listed in StreetEasy by Prudential Elliman at $725,000.
01/23/2008 Prudential Elliman Listing sold. Last priced at $689,000.
01/23/2008 Previous Sale recorded for $650,000.
04/29/2009 Listed in StreetEasy by Barkin & Associates at $650,000.
05/01/2009 Price decreased by 5% to $620,000.
05/07/2009 Price decreased by 3% to $599,000.

AboutReady.. what do u think about the WSJ article? With 5000 condos/coops coming out during this year, the mkt will be flooded with apts.. Why would anyone buy now? Considering how much the manhattan prices moved in the past 5-8 yrs, which i thought was ridiculous or almost analogous to tech stocks, I think the RE is still very very expensive, relative to rent and income in Manhattan. People in the finacial industry got their income slashed in half and in some case for the 7 figures.. it may be even more.. This girl was making 1m and got 200k as totalcomp for 08..she almost collasped.

I wouldnt buy the sherifield.. still too expensive. I think it should worth about 300k-400k for one bedroom and that wasnt too long ago, like in 03. Gosh, why is it so expensive?

Of course you wouldn't buy in the Sheffield if you were a sentient being. That's not the point here. RE_PRO, I go off-topic all the time, so I'm hardly one to talk, but you might want to start a thread (or better yet find one that already exists) regarding the shadow inventory in condo developments and add the WSJ article and ask for opinions.

You are right Aboutready, my apologies to all. I am going to start a new thread for shadow inventory. What does shadow inventory mean?

Units that exist (some would say anything that could be sold as many developments start sales as soon as they begin building) but are not actively listed yet, or are taken off the market when a deal falls through and not yet relisted.

I do it all the time. And then someone tells me to stop. No problem.

"They have done the hyphen thing" I love it when people call BS on stupid broker tricks.

anytime i see the hyphen i send a correction to streeteasy. they are so nice and appreciative to get them. i suggest we all do that until brokers give up on that bullsh*t

jasonkyle - has SE been responding to your corrections (hyphen issue or whatever else) lately? Mine were usually addressed quickly and I always got an appreciative note back, but the last 3 weeks my feedback emails seem to have been going into a black hole, so I stopped sending them for now.

apologies to others for off-thread non-sequitur, btw

i almost always get a response. last one was on the 4th. not sure if i have corrected anything since then.

My last one was 7th or 8th. About 10 non-responses before that going back ~3 weeks. Prior to that, very responsive. Strange. Anyway, thanks for your reply

1 Sutton Place South, 78B (also 7/8B): Huge duplex in a prestigious and beautiful Candela building. Now asking 2M less than its sales price in 2007. And my idea of a 10M dream apartment.

http://www.streeteasy.com/nyc/sale/358668-coop-1-sutton-place-south-sutton-place-new-york

http://www.observer.com/2007/sold-soros-fan-buys-patricia-kennedy-lawford-s-sutton-place-south-duplex-12-m

*almost* 2004 level.

06/24/2004 Previous Sale recorded for $915,000.
06/14/2007 Listed in StreetEasy, but no longer available, by Corcoran at $1,825,000.
09/12/2007 Price decreased by 2% to $1,795,000.
11/01/2007 Price decreased by 6% to $1,695,000.
11/16/2007 Price decreased by 6% to $1,600,000.
02/16/2008 Price decreased by 3% to $1,550,000.
02/22/2008 Price decreased by 10% to $1,400,000.
05/30/2008 Re-listed by Corcoran.
09/19/2008 Price decreased by 3% to $1,365,000.
11/28/2008 Price decreased by 3% to $1,325,000.
01/06/2009 Price decreased by 2% to $1,295,000.
03/07/2009 Price decreased by 11% to $1,150,000.
05/16/2009 Price decreased by 5% to $1,095,000.

sorry, here's the link and apartment:

135 East 54th Street #10B in Midtown

http://www.streeteasy.com/nyc/sale/91856-condo-135-east-54th-street-midtown-new-york

That is terrific, btc. "All right, FINE. Cut it 10% and we'll be done with this by the end of February."

Nope.

And just $320,000 for those succulent furnishings.

LOL Jerkstore. I saw that. That description must be left over from when they were asking more.

http://www.streeteasy.com/nyc/sale/356077-condo-11-east-36th-street-midtown-south-new-york

11 East 36th Street, Morgan Lofts

Unit #605 - currently listed

05/04/2007 Previous Sale recorded for $1,085,994.
10/08/2008 Listed in StreetEasy by Corcoran at $1,250,000.
10/29/2008 Price decreased by 8% to $1,150,000.
02/07/2009 Price decreased by 14% to $985,000. <-- going for less than what he bought it for

Comp:
Unit #501 - currently in contract

03/02/2009 Listed in StreetEasy by Corcoran at $999,000.
04/17/2009 Listing entered contract.

#501 is at higher price than the floor above! although layout is different, but it's also smaller than #605.

why am i screwing up my comments today...

try again:

http://www.streeteasy.com/nyc/sale/356077-condo-11-east-36th-street-midtown-south-new-york

11 East 36th Street, Morgan Lofts

Unit #605 - currently listed

05/04/2007 Previous Sale recorded for $1,085,994.
10/08/2008 Listed in StreetEasy by Corcoran at $1,250,000.
10/29/2008 Price decreased by 8% to $1,150,000.
02/07/2009 Price decreased by 14% to $985,000. <--going for less than what he bought it for

Comp:
Unit #501 - currently in contract

03/02/2009 Listed in StreetEasy by Corcoran at $999,000.
04/17/2009 Listing entered contract.

#501 is listed at a higher price than #601, one floor above, and it's smaller than #605.

ok SE comments don't like me. i give up.

555 West 59th Street (Element), "B" line floors 28-33: 2,000 ft² + 50 ft² balcony
--------Recorded Sales----------|--------Previous Listings----------
05/20/2009 #29B $2,510,000 -26.2% | . $3,400,000 3 beds 3 baths 2,000 ft²
02/03/2009 #28B $2,800,000 ......... | . $2,800,000 Sold 3 beds 3 baths 2,000 ft²
06/09/2008 #30B $3,300,000 . +0.0 | . $3,300,000 Sold 3 beds 3 baths 2,000 ft²
06/09/2008 #31B $3,260,000 ......... |
06/06/2008 #32B $3,290,000 . +0.0 | . $3,290,000 3 beds 3 baths 2,000 ft²
05/23/2008 #33B $3,600,000 . +0.0 |↑ $3,600,000 ↑ 3 beds 3 baths 2,000 ft²

This line faces southwest. I think that means the views are cut off by 10 WEA, with more construction in the pipeline.

39 East 29th Street (Twenty9th Park Madison) "A" line, floors 6-17. #6A and #7A lack a few lot-line windows that exist on hgher floors, so #6A is the only perfect comp for the recent closing of #7A. Even so, the movement is pretty dramatic.
--------Recorded Sales----------|--------Previous Listings----------
05/21/2009 . #7A $981,000 -28.9% | . $1,380,000 2 beds 2 baths 1,159 ft²
01/15/2009 . #9A $1,375,000 . -5.5% | . $1,455,000 2 beds 2 baths 1,159 ft²
12/03/2008 #17A $1,655,000 . +0.0% | . $1,655,000 2 beds 2 baths 1,159 ft²
11/13/2008 . #6A $1,305,000 . +0.0% | . $1,305,000 2 beds 2 baths 1,159 ft²
10/29/2008 #11A $1,455,000 . +0.0% | . $1,455,000 2 beds 2 baths 1,159 ft²
10/16/2008 #16A $1,630,000 . +0.0% | . $1,630,000 2 beds 2 baths 1,159 ft²
10/15/2008 #13A $1,555,000 . +0.0% | . $1,555,000 2 beds 2 baths 1,159 ft²
09/19/2008 . #8A $1,355,000 . +0.0% | . $1,355,000 2 beds 2 baths 1,159 ft²
Espais still has a load of product to move, including five more of these same units.

comp and chopper. jr4, would be a bit tight, but could hold a baby for awhile. maint. is reasonable.

http://www.streeteasy.com/nyc/sale/411962-condop-211-east-53rd-street-sutton-place-new-york

07/15/2005 Previous Sale recorded for $670,000.
03/23/2008 Previously Listed in StreetEasy by Prudential Elliman at $949,000.
08/07/2008 Delisted temporarily by Prudential Elliman. Last priced at $805,000.
05/07/2009 Listed in StreetEasy by Prudential Elliman at $700,000.

230 West 56th Street (Park Imperial), "B" line.
--------Recorded Sales--------------|--------Previous Listings----------
06/04/2009 #60B $2,200,000 -12.0% | . $2,500,000 Sold 2 beds 2 baths 1,412 ft²
07/06/2005 #59B $2,375,000 + 0.0% | . $2,375,000 Sold 2 beds 2 baths 1,412 ft²
The new sale reflects a 7.4% drop from 2005. The drop from peak is probably at least 25%, based on comps from the similar "C" line and smaller "B" units on lower floors, though camparing views can be tricky.
http://www.streeteasy.com/nyc/building/230-west-56-street-new_york

300 East 40th Street #17K: Same unit resale, 8% below 2005 basis.
06/23/2005 Previous Sale recorded for $1,200,000.
12/09/2008 Listed in StreetEasy by Prudential Elliman at $1,350,000.
02/17/2009 Price decreased by 4% to $1,295,000.
03/13/2009 Price decreased by 3% to $1,250,000.
04/09/2009 Listing is no longer available.
06/04/2009 Sale recorded for $1,100,000.
http://www.streeteasy.com/nyc/sale/370015-condop-300-east-40th-st-murray-hill-new-york

207 East 57th Street #4C. Slightly dated (April) comp plus two same unit previous sales.

04/06/2009 #4C $1,650,000
12/22/2006 #4C $1,690,500
05/31/2006 #4C $1,525,000
http://www.streeteasy.com/nyc/sale/371155-condo-207-east-57th-street-sutton-place-new-york

Preconstruction buyer probably got out with a marginal profit on the flip (after transaction costs coming and going), while the 2009 sellers (2006 flippees) are out 2.4% plus all transaction costs. For a 2009 vs. late 2006 sale, that counts as a victory for the sellers, I think. This is the only post-Lehman sale in the building. There are quite a few listings, mostly asking over 2006 basis and going nowhere, including fairly gentle (so far) price competition among 5 higher floor A line units.

305 East 24th Street #17K. 8-12% below 2006 lower floor comps and 3-9% above 2004 lower floor comps

06/09/2009 #17-K $330,000
12/06/2006 #11K $362,500
08/25/2006 #12K $359,000
08/22/2006 #4K $375,000
09/23/2004 #8-K $320,000
07/19/2004 #10-K $302,000

404 West 48th Street, #2D. Studio. Same unit resale 2% below 2004. 16% below peak same line comp.

http://www.streeteasy.com/nyc/sale/317365-coop-404-west-48th-street-clinton-new-york
06/10/2009 #2D $344,000 -1.4% $349,000
02/04/2008 #5D $390,000 -2.3% $399,000
02/12/2007 #4D $390,000 +0.3% $389,000
07/18/2006 #3D $410,000 $410,000
12/14/2004 #4D $310,000 -
08/04/2004 #2D $350,000 -

sidelinesitter, re 404 W. 48th, it looks as though the seller was the one to renovate, making that a greater loss than is first apparent.

quite right. the listing description does suggest this. missed that last night.

424 East 52nd, D line.

06/03/2009 #9D $310,000
12/31/2008 #5D $410,000
09/19/2007 #8D $400,000
03/22/2007 #7D $399,000
12/07/2005 #2D $375,000
08/01/2005 #10D $385,000
01/04/2005 #4D $292,000

9D closed 24% below the most recent comp, which in turn was a very rare case of the peak comp in the line being a contract signed post-Lehman. I would put the 9D price about on top on the early 2005 4D sale, adjusted for the five floors of elevation.
http://www.streeteasy.com/nyc/sale/185949-coop-424-east-52nd-street-beekman-new-york

236 East 47th Street, D line. Small apartment but big price movements up and down.

06/29/2009 #27D $240,000
01/08/2008 #26D $480,000
05/26/2005 #22D $392,500
10/26/2004 #31D $290,000
08/27/2004 #25D $285,000
08/19/2004 #26D $325,000
06/11/2004 #33D $298,000

This is a bit of a messy comp. It looks as if #27DE was offered as a combination and the purchase price allocated to the individual D and E units (separate closings recorded in ACRIS). However, the allocation closely tracks relative square footage of the two component units, so I doubt that the result is way off as a measure of the current value of a D line.

The 2008 sale of #26D 50% above it's mid-2004 price has a distinctly bubbly look to it.

Another way of comping the recent sale of #27DE is to compare it to the 2007 sale of #19E.

06/29/2009 #27D $240,000
06/29/2009 #27E $825,000
03/06/2007 #19E $1,080,000 -6.0% $1,149,000

So the 2009 buyers paid $15k less for the combination than an E line alone traded for two years earlier. In other words, market movement gave them 8 floors of elevation and the D line unit for free.

433 West 34th Street #18BC. Buy adjacent apartments at top of market. Renovate with nice finishes. Sell after two years to downstairs neighbor for 12% less than original purchase price.
--------Recorded Sales----------|--------Previous Listings----------
07/21/2009 #18BC $748,000 -14.5% | $875,000 2 beds 2 baths 1,250 ft²
06/13/2007 #18B/C .......................... | $875,000 2 beds 2 baths
06/04/2007 #18C $264,000 .......... |
06/04/2007 #18B $586,000 .......... |
http://www.streeteasy.com/nyc/building/433-west-34-street-new_york

This was an estate sale, but it looks as though it was in good condition:

http://www.streeteasy.com/nyc/sale/388695-coop-1-beekman-place-beekman-new-york
03/03/2009 Listed in StreetEasy by Warburg at $4,900,000.
07/27/2009 Listing sold.
07/27/2009 Sale recorded for $4,400,000.

15A sold for $6,150,000 in mid-2005.

AR: I'm pretty sure #15A is a much bigger apartment - a ten maybe.

duplexed? well, the currect A combo/duplex sellers looking for $13.9 can't be too pleased.

AR: The original floorplans of the duplexes are prime RE porn: In its prisitine state, 9/10A was probably a 17-room apartment, with six bedrooms, eight baths and rooms for six(!) servants.

and look at it now. while still quite grand, that duplex is essentially one very large master suite larger than the recent sale, 3 bedrooms, one maids room. but it is 1 beekman.

Very close to the 2004 sales price. I was amused to see that the architect for Manhatten Place was Costas.

http://www.streeteasy.com/nyc/sale/385328-condo-630-first-avenue-midtown-east-new-york
10/28/2004 Previous Sale recorded for $910,000.
02/01/2008 Previously Listed in StreetEasy by Prudential Elliman at $1,300,000.
08/02/2008 Prudential Elliman Listing is no longer available. Last priced at $1,200,000.
02/18/2009 Listed in StreetEasy by Prudential Elliman at $1,095,000.
03/11/2009 Price decreased by 9% to $999,000.
06/03/2009 Listing entered contract.
07/22/2009 Listing sold.
07/22/2009 Sale recorded for $920,000.

6A went for $400k late 2004/early 2005. real one bedroom, shows poorly (looks like an excess of straight from the crate), older kitchen.

http://www.streeteasy.com/nyc/sale/395185-coop-240-east-35th-street-murray-hill-new-york

03/26/2009 Listed in StreetEasy by Bellmarc at $449,000.
04/15/2009 Price decreased by 7% to $419,000.
05/19/2009 Listing entered contract.
07/31/2009 Listing sold.
07/31/2009 Sale recorded for $370,000.

303 East 57th Street #37AB. Same-unit resale, down 22% from a March 2008 closing.
03/11/2008 Previous Sale recorded for $3,850,000.
01/07/2009 Listed in StreetEasy by Prudential Elliman at $3,795,000.
02/05/2009 Price decreased by 8% to $3,495,000.
04/17/2009 Price decreased by 3% to $3,395,000.
05/28/2009 Listing entered contract.
07/30/2009 Sale recorded for $3,000,000.
Maintenance at this land-lease co-op has always been onerous. A 15% increase in January may have been the straw that broke this camel's back. The building is glutted with inventory: 40 listings in a 360-unit building.

"Very close to the 2004 sales price. "

wow, still at bubblelicious price levels. who is buying while rents will keep on falling i wonder? besides the few that don't consider renting as a dignified option... are these people just arriving to the city? outsiders wanting a 2nd home? first timers on the sidelines for years? did the youngsters with down payments from mommy and daddy disappear or they still play the RE game to try to catch up on retirement savings (the lack of them)? wonder how the mix of buyers changed from 2006/7 to 2009.

"Maintenance at this land-lease co-op has always been onerous. A 15% increase in January may have been the straw that broke this camel's back. The building is glutted with inventory: 40 listings in a 360-unit building."

Marginal location plus very tough Board plus land lease plus high mtc has always made that building a tough sell. As I mentioned a few minutes ago in another threads, it will be interesting to see what happens to buildings like this as prices go down: will they go down the same as the rest of the market or will they get a real walloping?

2 Beekman Place. Low-floor "C" line: 2BR/2BA, ~1200 sq.ft.
-------- Recorded Sales --------|-------- Previous Listings--------
08/03/2009 #3C $1,225,000 - 9.3% | $1,350,000 2 beds 2 baths 1,200 ft²
01/22/2008 #4C $1,600,000 + 0.0% | $1,600,000 2 beds 2 baths 1,300 ft²
The apartments have the same footprint; the broker for #3C just calculated the square footage more honestly. The renovations look comparable.

Sponsor unit, renovated.
http://www.streeteasy.com/nyc/sale/370291-coop-400-east-52nd-street-beekman-new-york

7D sold for $960k in early '05.

12/10/2008 Listed in StreetEasy by Classic Marketing at $1,100,000.
02/11/2009 Price decreased by 10% to $985,000.
06/23/2009 Listing entered contract.
08/03/2009 Listing sold.
08/03/2009 Sale recorded for $910,000.

Not possible to tell if current owners did renovations. If so, not pleasant. 2 beds (small), 1 bath, largish living room, dining area. Seems as though they priced it to sell quickly, and it did.

http://www.streeteasy.com/nyc/sale/407076-coop-439-east-51st-street-beekman-new-york
09/23/2005 Previous Sale recorded for $800,000.
04/28/2009 Listed in StreetEasy by Prudential Elliman at $815,000.
06/01/2009 Listing entered contract.
08/04/2009 Listing sold.
08/04/2009 Sale recorded for $760,000.

241 West 36th Street 14th floor. Same unit resale, 15% below 2005 basis.
10/11/2005 Previous Sale (as #14R F) recorded for $2,650,000.
06/16/2008 Listed in StreetEasy (as #14THFL) by Prudential Elliman at $3,500,000.
09/17/2008 Price decreased by 14% to $3,000,000.
10/08/2008 Price decreased by 17% to $2,500,000.
04/14/2009 Listing is no longer available.
06/03/2009 Re-listed in StreetEasy (as #14FL) by Prudential Elliman at $2,600,000.
08/11/2009 Price decreased by 13% to $2,250,000
http://www.streeteasy.com/nyc/sale/417786-coop-241-west-36th-street-fashion-center-new-york
The owners didn't exactly stint on the decorating budget either.
http://www.nytimes.com/2007/11/29/garden/29deeply.html
Strange that the Times article says the apartment cost $2.1MM. The $2.65MM price is a matter of public record.

Make that "Same unit resale, ASKING 15% below 2005 basis."

I think the two of them lay in bed at night and masturbate to their website.

whoa 3 0 !!!...you have slipped into the undignified zone...welcome

Actually...
A type of mental masterbation.
The magic transendental joy of residential comping.
Lot more interesting than it looks.
Lots less to clean up.
best I could do with...
just a key stroke.
Happy endings!

Platinum, sponsor sale. in early closings, fall 2008 so maybe 2007? pricing, 205, $1.035; 305, $1.045; 405, $955; 705, $900.

http://www.streeteasy.com/nyc/sale/172999-condo-247-w-46th-st-times-square-new-york
01/25/2008 Listed in StreetEasy by Platinum Sales Office at $895,000.
05/14/2008 Listing is no longer available.
02/13/2009 Listing sold.
04/09/2009 Re-listed by Platinum Sales Office.
06/05/2009 Listing sold.
07/31/2009 Sale recorded for $716,000.

this was an estate sale, and needs a total renovation i'd guess, but even including those estimated costs this seems to be below 2004 pricing. $1.1 mil for a large classic six. About $600psf?

http://www.streeteasy.com/nyc/sale/413089-coop-16-sutton-place-sutton-place-new-york

10 WEA. this had to hurt.

http://www.streeteasy.com/nyc/sale/234490-condo-10-west-end-avenue-lincoln-square-new-york

08/31/2007 Previous Sale recorded for $1,555,500.
05/13/2008 Listed in StreetEasy by Prudential Elliman at $1,950,000.
07/28/2008 Price decreased by 5% to $1,850,000.
08/12/2008 Price decreased by 3% to $1,799,000.
09/25/2008 Price decreased by 1% to $1,775,000.
10/31/2008 Price decreased by 3% to $1,725,000.
11/08/2008 Price decreased by 2% to $1,699,000.
11/22/2008 Price decreased by 3% to $1,650,000.
12/17/2008 Price decreased by 3% to $1,599,000.
02/11/2009 Delisted temporarily.
02/19/2009 Later Listed in StreetEasy by Halstead Property at $1,495,000.
06/04/2009 Halstead Property Listing sold.
06/04/2009 Sale recorded for $1,337,500.

What a classic example of chasing the market down. I wonder what the seller could have got by biting the bullet in October. I have to think more than $1.3mm.

i agree. another example, this one put on the market immediately following closing. the charleston.

http://www.streeteasy.com/nyc/sale/348740-condo-225-east-34th-street-murray-hill-new-york

09/08/2008 Previous Sale recorded for $1,335,000.
09/13/2008 Listed in StreetEasy by Prudential Elliman at $1,650,000.
10/08/2008 Price decreased by 3% to $1,595,000.
11/08/2008 Price decreased by 3% to $1,550,000.
12/04/2008 Price decreased by 4% to $1,495,000.
01/28/2009 Price decreased by 1% to $1,479,000.
02/11/2009 Price decreased by 2% to $1,450,000.
02/28/2009 Price decreased by 4% to $1,395,000.
04/05/2009 Price decreased by 1% to $1,375,000.
04/15/2009 Price decreased by 6% to $1,295,000.
05/19/2009 Listing entered contract.
08/04/2009 Listing sold.
08/04/2009 Sale recorded for $1,250,000.
08/14/2009 Listing sold.

WHO THE F' pays 2008 prices nowadays? (is that 3 words or 2 or one? ) now a days, now adays, nowadays? Buying and selling within 3 years => the "new renting" brought to you buy "Condoms with holes" and RE brokers of the world.

i wonder if this sold. if not, 7F is not a happy camper if he/she/they need to sell. the sponsor just closed a higher F line unit for $1.1, and a couple of other F units under $1.2.

http://www.streeteasy.com/nyc/sale/91619-condo-100-west-58th-street-central-park-south-new-york
06/12/2007 Listed in StreetEasy by Nestseekers at $1,600,000.
08/09/2007 Listing sold.
08/09/2007 Sale recorded for $1,600,000.
01/11/2009 Later Listed in StreetEasy by Nestseekers at $1,705,000.
07/20/2009 Nestseekers Listing is no longer available. Last priced at $1,475,000.
08/10/2009 Later Listed in StreetEasy by Nestseekers at $1,495,000.
09/03/2009 Currently Listed in StreetEasy by Nestseekers at $1,495,000.
09/03/2009 Nestseekers Listing is no longer available.

"i agree. another example, this one put on the market immediately following closing. the charleston."

I actually think this one is a little different than 10 WEA. It took this seller (f/k/a buyer) a long time to get realistic but in the end they found out where the market was and got out down 6% plus transaction costs. It really could have been worse. Since the world blew up before the deed from the 2008 purchase even got filed, I'm not sure there was a deal to be had above cost even by pricing more aggressively in Sept/Oct. One can never really know, of course, but I'm finding it hard to picture the buyer who was paying a premium to a summer 2008 closing price in Sept/Oct.

sure, it's not as awful as it could have been. my point is that in both cases these people should have not closed. 6% plus transaction is 20% for a new condo, give or take.

20% transaction costs?--pls explain
for a financed purchase of a condo with mansion and mtge recrding taxes and fudge I get 10ish %

Ubottom coming and going plus the loss

jr. 4. can't tell who renovated, kitchen would indicate newer bath older to me.

http://www.streeteasy.com/nyc/sale/411962-condop-211-east-53rd-street-sutton-place-new-york
07/15/2005 Previous Sale recorded for $670,000.
03/23/2008 Previously Listed in StreetEasy by Prudential Elliman at $949,000.
08/07/2008 Delisted temporarily by Prudential Elliman. Last priced at $805,000.
05/07/2009 Listed in StreetEasy by Prudential Elliman at $700,000.
06/27/2009 Listing entered contract.
09/09/2009 Listing sold.
09/09/2009 Sale recorded for $640,000.

351 East 51st, #15A. Sale 16% below fall 2005 and 4% below mid 2004 comps

http://www.streeteasy.com/nyc/sale/378386-condo-351-east-51st-street-sutton-place-new-york
10/08/2009 #15A $2,110,000
09/29/2005 #14A $2,500,000
06/14/2004 #12A $2,199,420

350 West 42nd Street #59B (Orion): Same-unit resale of a 2BR/BA condo, down 9.4% from an apparent pre-construction 2005 contract that closed in late 2006.
11/30/2006 Previous Sale recorded for $1,639,382.
10/08/2008 Currently Listed in StreetEasy by Prudential Elliman at $1,900,000.
12/15/2008 Listed in StreetEasy by Prudential Elliman at $1,905,000.
02/12/2009 Price decreased by 11% to $1,700,000.
02/17/2009 Price increased by 6% to $1,795,000.
04/03/2009 Price decreased by 5% to $1,700,000.
05/11/2009 Price decreased by 6% to $1,600,000.
06/25/2009 Price decreased by 0% to $1,595,000.
08/22/2009 Listing entered contract.
10/15/2009 Listing sold.
10/15/2009 Sale recorded for $1,485,000.

I don't know if this is supposed to go on the midtown or downtown thread, but I'm going with midtown since it's on the north side of 23rd.

555 West 23rd #N9F. 2br / 2ba closed 8.5% below 2006 original purchase from the developer.
http://www.streeteasy.com/nyc/sale/391103-condo-555-west-23rd-street-chelsea-new-york?email=true

05/15/2006 Previous Sale recorded for $1,230,000.
03/11/2009 Listed in StreetEasy by Prudential Elliman at $1,295,000.
07/13/2009 Price decreased by 8% to $1,195,000.
08/18/2009 Listing entered contract.
10/16/2009 Listing sold.
10/16/2009 Sale recorded for $1,125,000.

555 West 23rd #N9F. 2br / 2ba note that since this was a sponsor sale and th buyer paid closing coast usally incurred buy the seller, the total consideration paid was actually $1,252,447. As such , that actual loss (not including transaction costs of selling) was over 11% (and odds are with closing costs if they paid a full 6% commission close to a 20% total loss).

i thought someone decided downtown was below 34th. or did the nytimes decide that for us. i feel like 23rd is still downtown though. although when i was growing up we only called below 14th downtown. things change.

Not sure if anyone put this.

5 room apt at 417 Park sold for $900k which is 50% off the original asking price

http://www.streeteasy.com/nyc/sale/368550-coop-417-park-avenue-midtown-new-york

Meanwhile, at the high end:
1 Sutton Place South #7/8B: Same-unit resale of an 11-room duplex in one of East Side society's "good" buildings, 20.8% below 2007 basis. Same listing agent for both transactions.

10/26/2006 Listed in StreetEasy by Brown Harris Stevens at $12,750,000.
06/11/2007 Sale recorded for $12,000,000.
10/17/2008 Listed in StreetEasy by Brown Harris Stevens at $12,500,000.
02/20/2009 Price decreased by 12% to $10,950,000.
04/01/2009 Price decreased by 9% to $9,995,000.
07/22/2009 Listing entered contract.
10/22/2009 Sale recorded for $9,500,000.
http://www.streeteasy.com/nyc/building/1-sutton-place-south-manhattan

this one is kind of weird. no floor plan, and room counts don't seem to match up (primarily bathrooms) but maint. would indicate the floor space should be roughly the same. this sale is likely in much worse condition, but still.

this is 18H. 21H sold for $5,581,875 in 09/07.

http://www.streeteasy.com/nyc/sale/364307-coop-480-park-avenue-midtown-new-york
11/07/2008 Listed in StreetEasy by Mercedes Berk at $4,300,000.
06/03/2009 Price decreased by 9% to $3,900,000.
07/24/2009 Listing is no longer available.
07/31/2009 Re-listed by Mercedes Berk.
08/03/2009 Listing entered contract.
10/30/2009 Listing sold.
10/30/2009 Sale recorded for $3,600,000.

23% less than original asking, which is not bad in this market, and sold relatively quickly
30 Fifth Avenue PH17F
04/07/2009 Listed in StreetEasy by Stribling at $2,350,000.
04/08/2009 Later Listed in StreetEasy by Prudential Elliman at $2,350,000.
05/01/2009 Price decreased by 16% to $1,980,000.
07/28/2009 Listing entered contract.
10/29/2009 Prudential Elliman Listing sold. Last priced at $1,980,000.
10/29/2009 Sale recorded for $1,800,000.
11/03/2009 Listing sold.

30 fifth, wouldn't that be the village? and where's the comp? maybe you have the wrong thread.

5 Tudor City Place - PH9 -
This one goes against market trends. layout is not great, terrace is on top of apartment, but went to contract, amazingly fast, even with maintenance $4,200+/mo
9/16/2009 Listed in StreetEasy by Brown Harris Stevens at $2,095,000.
9/16/2009 Listed in StreetEasy by Brown Harris Stevens at $2,095,000.
09/24/2009 Price decreased by 5% to $1,995,000.
11/05/2009 Listing entered contract.

it's a penthouse, with a terrace. are you surprised?

AR- 30 Fifth - should be in downtown - trying to do things too fast - no original sale shown, but still interesting re: market trend

what's the rush?

should probably go in sales that defy trend, is all i'm saying, if there isn't any comp.

FYI - That Tudor City penthouse sold in 2006 for $1.1MM. It was listed as #2209, and was described as an "elegant wreck". The asking price was $1.35MM.
http://www.streeteasy.com/nyc/sale/19616-coop-5-tudor-city-place-murray-hill-new-york
Whether the resale defies market trends really depends on the closing price and the extent of the renovation, which is hard to judge from the pictures, although the place looks nice.