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Triple Assessment Redux

In this page’s regular “Triple Assessment” feature, we ask three brokers to tour an apartment and size up its asking price. Often, they come up with very different numbers from the owner’s. But when the pros declare something overpriced, are they right? We revisited five properties to see what sold—and for how much.

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1255 Fifth Avenue, Apartment 3CDE
Three-bedroom, 3 1/2-bath, 3,042-square-foot prewar condo with 108-square-foot terrace.
Asking Price: $3.385 million.
Charges and Taxes: $2,908 per month.
Our assessments: $3.325 million to $3.45 million.
This slickly finished loft with tree-line views of Central Park was knitted together from three apartments, giving it what one of our panelists called a “downtown uptown” feel. But it was anomalous in an area that lured buyers for its traditional prewars. And it was far up on Fifth Avenue. Besides, our brokers thought it was priced at least $50,000 too high.
Did it sell? No. The larger portion of the apartment is available for rent at $6,900 a month. The other (walled off) has a tenant.
Time on market: On and off since May 2005, during which time it changed brokers.


32 West 40th Street, Apartment 8D
One-bedroom, one-bath, 725-square-foot co-op.
Asking Price: $679,000.
Maintenance: $1,209 per month.
Our assessments: $595,000 to $650,000.
The co-op was perfectly charming, our panelists concurred, but it was the architecturally magnificent building in which it was located—the former Engineer’s Club, built for Andrew Carnegie—that made it memorable. Still, one broker moaned over the too-high maintenance; another wondered about the dark bedroom. And they all thought the asking price should’ve been at least $20,000 lower.
Did it sell? Yes, for $669,000.
Time on market: One year.


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