From: Jeevacation <jeevacation@gmail.com>
To: Faith Kates
Subject: Re: Comparable pricing- Imperial house
Date: Thu, 22 Jul 2010 13:18:16 +0000
I think we should focus on properties with upside . Even if you bought it at 5 .4 /net 5.4 you would have to sell
it over aprox 6.5 to break wven
Sent from my iPhone
On Jul 21, 2010, at 10:03 PM, Faith Kates < > wrote:
I did a lot of homework as you can see I think it's a good deal at in the low 5's I want to bring an architect there on
Monday to see what it will cost to reconfigure the lower level Jeffrey thinks it will take 100k to do the work which is minor
and clearly I will be responsible for I am also going to bring the decorator there on Monday do u want to see it Monday
am? Its not to far from your house and since you are a walking person it's a stones throw from your house.
If you don't want to do this I am fine with it not happening just don't want to waste anyone's time most importantly yours..
Hanson is nuts you looked great today...it was so great to see you and looking forward to seeing you for lunch tomorrow
want me to bring anything??? I know you know this but either way on the apt is fine and I will never be upset with you
ever...
Xoxo
me
Through various sources I have compiled market information and recent sales that will help us determine the value of
this apartment. (Sorry for the different type faces etc)
It is interesting to note that Phyllis said there haven't been any apartments sold in the building that compare to the duplex
in size and scale. That is partly true, but the two detailed below are over 3000 feet.
This link below is apt 17ST. A beautifulrenovated apartment by David Mann (very high end)
The actual sale price was 6.2M not 6.75M. Note that it was listed in January 2009 when
the market was in the toilet
This one is 22G. The actual sale price was 5.3M. High floor, also renovated. Sold in 2008 when the market was still
strong.
You can note below that the basic 3 bedrooms have been selling in the low 3Million area.
Address Apt Size R / B I B ASF Shares Listed Price Listed Date Sold Price Sold Date APPSF Source
150 East 69th Street 29-H 3BD 61312 2,250 940 $3,750,000 09/08/08 $3,300,000 03/31/10 $1,466 Public
150 East 69th Street 10-N 3BD 6 / 3 / 3 2,430 $3,100,000 08/05/09 $2,950,000 12/22/09 $1,213 Public
150 East 69th Street 19-A 3BD 6 / 3 / 2.5 953 $3,350,000 05/08/08 53.325.000 10/27/08 Public
150 East 69th Street 17-ST 4BD 10 / 4 / 3.5 1495 $7,250,000 01/14/09 $6,200,000 09/14/09 Public
Here is a list of current listings in the building.
EFTA00736985
ASR Updated
29-1 28D 5/2/3 2191 $3,195,000 $2,869 2/11/10 7/20/10 CS
4-M 4W 11/4/5 4015 1671 $5,850,000 $5,315 4/14/10 7/21/10 Active
4-N 380 7/3/2.5 2430 $2,895,000 $3,031 7/14/10 7/19/10 Active
Based on final sale prices of 5.3M and 6.2M respectively of the large apartments (17ST and 22G), it seems that 5 million
plus is not unreasonable. It is 25% larger than these apartments although it does need work, which needs to be factored
in.
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