Midtown East Value: 227 E 57th St
A: I found this 6 month old listing which just had a $70K price reduction (a 15% reduction!) from $465K to $395K a few days ago. This 700 square foot pre-war doorman co-op in Midtown East is now asking $564/square foot; representing a nice value for the ultimate buyer!
Deals will pop up in cooling housing markets and buyers should be very savvy when they do, even if they have to sacrifice location, views/light or total size for a good buying opportunity! Here is one that will NOT last long with this last price reduction. Details:
227 East 57th Street; Apt. 6F
Size: 700 sft
# Beds: 1
# Baths: 1
maintenance: $823 (Aprox. $1.17/sft)
Asking: $395,000 (Reduced from $465,000 on 5/8/2006)
Price Per Sq. Ft.: $564 (LOW - see the value)
Marketed By: Mitzie Lau & Flavia Quint of Corcoran
One reason that could be limiting the marketability of this property is the 25% down payment requirement by the co-op board. Most buyers in this price range will not be able to afford this, and even if they do they will not have enough liquid assets AFTER CLOSING to pass the board! In any event, the seller of this property is doing what they need to get a deal done and at $564/square foot it should have sooner rather than later!
**OPEN HOUSE SUNDAY MAY 14TH, 11:00AM - 12:30PM**
FLOORPLAN
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