The Return Of Aspirational Pricing?

David Goldsmith

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01/10/2023Listed by Corcoran$9,995,000

10/20/2017
#5R
$3,000,000
Recorded Closing
1,500 ft²
07/31/2017
#5F
$5,300,000
Sold (asking: $5,600,000.00 -5.36%)
3 beds•3 baths•2,500 ft²
 

David Goldsmith

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01/13/2023Listed by Corcoran$12,900,000
04/15/2016Previous Sale recorded$9,600,000
06/20/2015Douglas Elliman Listing sold$10,500,000
12/02/2014Previously Listed by Douglas Elliman$10,500,000
05/21/2014Douglas Elliman Listing is no longer available on StreetEasy$10,500,000
04/10/2014Previously Listed by Douglas Elliman$10,500,000
SEE LESS

Bonus points for creative use of "first offering."
 

David Goldsmith

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211 West 10th Street #6B
$1,200,000

DatePriceClosing
12/06/2022#2D$1,050,000Sold (asking: $950,000.00 10.53%)2 beds•1 bath•750 ft²CLAIM
01/21/2021#6A$875,000Sold (asking: $895,000.00 -2.23%)1 bed•1 bath•700 ft²CLAIM
10/29/2020#5B$980,000Sold (asking: $1,150,000.00 -14.78%)2 beds•1 bath•0 ft²CLAIM
08/10/2020#6A$999,000
No Longer Available on StreetEasy
1 bed•1 bath•0 ft²
05/01/2020#4D$1,470,000Sold (asking: $1,495,000.00 -1.67%)3 beds•1 bath•0 ft²CLAIM
03/19/2020#4B$1,075,000Sold (asking: $1,175,000.00 -8.51%)2 beds•1 bath•0 ft²CLAIM
08/30/2019#5B$1,095,000
No Longer Available on StreetEasy
2 beds•1 bath•0 ft²
06/20/2018#2A$999,000Sold (asking: $1,050,000.00 -4.86%)1 bed•1 bath•0 ft²CLAIM
05/02/2017#5C$1,125,000Sold (asking: $1,150,000.00 -2.17%)2 beds•1 bath•750 ft²CLAIM
06/16/2016#4C$1,275,000Sold (asking: $1,250,000.00 2.0%)2 beds•1 bath•0 ft²CLAIM
06/08/2016#2B$1,055,500Sold (asking: $1,045,000.00 1.0%)2 beds•1 bath•0 ft²CLAIM
06/11/2015#4A$961,000Sold (asking: $885,000.00 8.59%)1 bed•1 bath•0 ft²CLAIM
05/22/2014#3D$1,250,000Sold (asking: $1,200,000.00 4.17%)2 beds•1 bath•0 ft²CLAIM
04/15/2014#4D$800,000Recorded Closing3 beds•1 bath•0 ft²CLAIM
02/12/2014#2A$930,000Sold (asking: $963,000.00 -3.43%)2 beds•1 bath•0 ft²CLAIM
11/01/2013#5A$925,000Sold (asking: $944,000.00 -2.01%)2 beds•1 bath•0 ft²CLAIM
07/03/2013#1C$850,000Sold (asking: $850,000.00)1 bed•1 bath•0 ft²CLAIM
07/10/2012#5C$885,000Sold (asking: $943,000.00 -6.15%)2 beds•1 bath•750 ft²CLAIM
04/30/2012#6D$915,000Sold (asking: $972,000.00 -5.86%)2 beds•1 bath•0 ft²CLAIM
04/27/2012#2B$795,000Sold (asking: $825,000.00 -3.64%)2 beds•1 bath•0 ft²CLAIM
03/26/2012#4A$825,000Sold (asking: $847,000.00
 

David Goldsmith

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Price History​

SEE LESS
 

David Goldsmith

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Lovingly stolen from inonada:
10/11/2022Listed by Brown Harris Stevens$13,500,000
12/14/2020Previous Sale recorded$7,675,000

Same apartment 1 floor higher
11/30/2022Price decreased by 2%$10,500,000 ↓
08/08/2022Re-listed by SERHANT$10,750,000
07/13/2022Off market temporarily$10,750,000
04/25/2022Listed by SERHANT$10,750,000
04/20/2021Previous Sale recorded$7,800,000
 

David Goldsmith

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Which one is more aspirational? The sale or the rental?
 

David Goldsmith

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https://streeteasy.com/building/447-east-57-street-new_york/15ab?

Price History​

01/31/2023Currently Listed by Brown Harris Stevens$6,950,000
02/16/2021Later Listed in StreetEasy, but temporarily delisted, by Douglas Elliman$6,950,000
11/23/2016Listing is no longer available on StreetEasy$2,950,000
11/11/2016Listing entered contract$2,950,000
08/04/2016Price decreased by 2%$2,950,000 ↓
04/18/2016Price decreased by 5%$2,995,000 ↓
02/17/2016Price decreased by 4%$3,150,000 ↓
01/21/2016Listed by Halstead Real Estate$3,295,000
 

David Goldsmith

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What do you think is the right price? Ask seems about $2M too high to me.
I mean they "renovated" it but I don't think they totally transformed the apartment. So how much do you add for the renovation? I'm fairly certain it's not $4 million.
 

David Goldsmith

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Billionaire Carlos Slim re-lists Fifth Avenue Townhouse for $80M​

Property at 1009 Fifth Avenue is priciest listing in New York City​

Mexican billionaire Carlos Slim, formerly the world’s richest man, has re-listed his Upper East Side mansion at 1009 Fifth Avenue for $80 million, according to the New York Post.
Jorge Lopez of Compass has the listing, which is the most expensive in the city, according to the outlet.

Slim, who is Mexico’s richest man with a net worth of nearly $91 billion, originally listed the property, known as the Benjamin N. Duke House, for the same price in May 2015 before taking it off the market in early 2016.
He originally purchased the property from Russian oil billionaire Tamir Sapir in 2010 for $44 million.
Built between 1899 and 1921, the 20,000-square-foot limestone and red-brick townhouse directly faces the Central Park and Metropolitan Museum of Art.
The seven-level mansion, which spans 27 feet along Fifth Avenue and 100 feet of frontage facing 82nd Street, has high ceilings, marble fireplaces, ornate moldings, large windows and a terrace, according to the listing on StreetEasy.

The listing, which doesn’t specify the number of bedrooms or bathrooms, adds that the mansion can be used as a private residence, or be converted into a gallery, store or foundation.
If the property fetches $80 million, it would be the most expensive townhouse sale ever in New York City, according to the Post. The current record is the $59 million sale of Florida Panthers owner Vincent Viola’s 20,000-square-foot townhouse at 12 E. 69th Street to hedge fund magnate Alan Howard in 2021.
 

David Goldsmith

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David Goldsmith

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inonada

Well-known member
Does the renovation on this one:
make it $150k more than this one:

Doesn’t seem like a horrible starting point, except for the market having moved down in the interim.
 

David Goldsmith

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David Goldsmith

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Seller coming down to earth at Macklowe supertall​

Discounts price 32% at 432 Park Ave — but it’s still $92M

For sale: a minimalist apartment at a still-maximalist price.
An artsy American couple have slashed the asking price of their condo unit on the 79th floor of 432 Park Avenue to $92 million, down from $135 million when it listed in September 2021.

The sparse interior, which spans 8,000 square feet, features a tea room and bonsai plant sculpture designed by Japanese architect and photographer Hiroshi Sugimoto.
The next owners are not likely to keep the traditional Japanese aesthetic, although the odds that they do might be increasing.

“This reduction in price will bring in a greater pool of potential buyers,” said Engel & Volkers agent Noel Berk. “There are more international travelers coming to New York to buy, including Asian buyers who were not allowed to travel during Covid.”
The owners have tried selling their posh pad for more than two years, first with a whisper listing. When no buyers emerged, the condo listed with an eight-figure price tag. In addition to its purchase price, the apartment costs about $38,500 per month including real estate taxes and maintenance costs.
The full-floor apartment has five bedrooms, five bathrooms, two powder rooms and 24 windows, and comes with two studio units on a lower floor that combine for an additional 1,000 square feet.

The studios can be combined and used to house staff, a library, guests or a college student, said Berk. The brokerage Engel & Volkers focuses largely on European real estate markets.

The current owners of the apartment bought the posh pad in 2016 for $59 million.
Perhaps hampering the attempted 2021 sale of the upper-floor apartment was a lawsuit filed by the building’s condo board against developers CIM and Macklowe Properties alleging flooding, noise from building sway and an electrical explosion.
CIM called the suit “ill-advised” and dismissed it as a “publicity campaign.”
Other owners in the building have relisted their units.
The owner of a two-bedroom on the 84th floor is trying again to sell for $18 million, having paid $21.4 million in 2016, Crain’s reported. Saudi retail magnate Fawaz Alhokair is attempting to resell the top-floor apartment after reconsidering his $170 million price tag.

 

David Goldsmith

All Powerful Moderator
Staff member
01/10/2023Listed by Corcoran$9,995,000

10/20/2017
#5R
$3,000,000
Recorded Closing
1,500 ft²
07/31/2017
#5F
$5,300,000
Sold (asking: $5,600,000.00 -5.36%)
3 beds•3 baths•2,500 ft²
May 23, 2023 CLOSED $7,350,000
 

David Goldsmith

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Discounts are dominating at Extell Development’s One57, where recent resales have taken sizable cuts off their past prices.
PH88 closed this week for $31.5 million, according to Zillow. Serhant agent Talia McKinney initially priced the 88th-floor unit at $45 million, before lowering the ask to $34 million

McKinney declined to comment on her pricing strategy, but said aspirational pricing and the downturn in the market have played a factor in creating discounts for trophy properties.
“We were probably a little high for where we thought that it should trade,” she said. “When we dropped it to $34 [million] we were like, ‘this is still a good price point for One57.’”

The home at 157 West 57th Street spans 6,200 square feet and has five bedrooms and five bathrooms, as well as a private elevator entrance and Central Park views. It traded above its $28 million sale price in 2020, but way down from the $47.8 million got for it in a 2015 sponsor sale.
The unit, which went into contract in August, is the latest disappointing resale at One57.
Five floors down, Unit PH83 appears to have fallen into a similar fate.
The full-floor unit, which last week went into contract, was listed by Douglas Elliman agent Noble Black for $34 million. The unit had previously sold for $45.8 million in a sponsor sale.

Other units at the Billionaire’s Row tower have struggled to provide returns for their owners.

A 58th-floor condo sold in March for $19.3 million, down from the sponsor sale price of $24.6 million. The building’s other 58th-floor unit sold in December 2020 for $16.8 million, less than half its original sale price. Investor Robert Herjavec, known for his appearances on Shark Tank, took a $13 million haircut on his unit in the building.
The building was the first of its kind to come online, but newer, nicer and taller trophy properties have since popped up on Billionaires’ Row: 432 Park Avenue, Central Park Tower and 220 Central Park South, to name a few.
“We were also coming out of the subprime crisis,” Corcoran agent Ryan Kaplan said of One57’s debut. “There was all this pent-up demand for luxury.”
The spate of ultra-luxury developments in the area outpaced demand from the billionaire class, Kaplan said. And buildings like One57, which lack the unique distinction of Central Park frontage, can’t differentiate themselves in the same way a building that’s adjacent to the landmark.
“I don’t think 157 will ever be able to reclaim its record-breaking numbers when there will just be newer [buildings],” Kaplan said. “It doesn’t have anything that makes it a scarce piece of real estate, you need something that’s irreplicable.”

 

David Goldsmith

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Went from $11 million original asked to $6.8 sale.
 

David Goldsmith

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This is going to be interesting:
Over $500/SF for asking rents.
 
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