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Manhattan apartment: the price of a car?

From The Real Deal
Published on Jan 8, 2010

Editor's note: This article is reposted with permission by The Real Deal. Click here to view the original article, and click here to view a related article. By SARAH RYLEY NEW YORK CITY -- Amongst a handful of onlookers huddled around an auctioneer in the rotunda of the New York State Supreme Courthouse last month, a real estate investor placed the winning bid on an alcove studio for what seemed like the deal of the century. The price: $28,000. Yes, that's right, $28,000 for an apartment in a pristine Upper West Side co-op building across from the Museum of Natural History. By comparison, a similar studio in the 100 West 81st St. building sold for $460,000 in 2005, the most recent comparable sale. The shockingly low sale price -- more on par with a car than a Manhattan home -- was just $600 more than the amount owed on the apartment. In foreclosure auctions, banks generally set the starting bid, or "upset price," at the outstanding amount on the...

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