Finding the Price Point on Park Avenue South

Another agent had been marketing this luxury prewar loft north of Gramercy for months at $715,000, but it didn't move an inch. Listing broker Darren Sukenik, who just added 425 Park Ave. South to his roster, says that's not a surprise. "Pricing is a science," he declares. "Buyers aren't stupid." So he slashed the asking to what he says is "absolutely the right price" — $695,000 — and from the looks of it, he may be correct. On a price-per-square-foot basis, he's on par with nearby competitors. But unlike other apartments similar in price and location, this one does not need renovations. Though it's compact (850 square feet), pristine floors, ten-foot-high ceilings, and views of the Empire State and MetLife buildings mean it could pass for a beginner trophy apartment. In the week since it hit the market with the new-and-improved price tag, Sukenik says he's had 50 showings but no takers just yet. —S. Jhoanna Robledo