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Art Irwin

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Mentioned in this Article:
New York Magazine

Triple Assessment

(Photo: Courtesy of Sloane Square NYC)

177 EAST 77TH STREET, APARTMENT 7BC

The Facts: Three-bedroom, three-bath, 2,434-square-foot condo.
Maintenance: $3,174.54 per month.

Agent: Amy Tucker Meltzer, Sloane Square Real Estate NYC.

Combination apartments are usually hard to price; the right figure can be more or less than the sum of the parts, depending on how well the configuration works. Then there are the intangibles: light, location, and the whims of the market itself. So it’s no surprise that our panelists diverged widely on their valuations of this space.

Susan Abrams, Warburg Realty: “It’s in pristine condition! It literally needs nothing!” she says enthusiastically. “The location”—on 77th Street between Lex and Third, almost on top of the No. 6 subway stop—“is a plus and a minus. It’s busy, but it’s highly convenient.”

Her assessment: $3.5 million.

Art Irwin, Halstead Property: Irwin calls the condo “shipshape,” thanks to “high-quality” renovations. He especially liked the laundry room. “For a family, it’s a plus,” he says.

His assessment: $3.85 million.

Norma Abbatangelo, Bellmarc Realty: “The biggest selling point is that it’s a prewar condo, and there’s a premium for that because there are few of them,” she explains. [But] “the view and the light are somewhat compromised, and the kitchen is relatively small.”

Her assessment: $3.395 million.

And the actual asking price is … $3.295 million.

Monday, March 17, 2008