Listings that fizzled: $5M-and-under pads that just won’t sell

Elliman agents are marketing nearly half of these lingerers

Oct.October 31, 2014 08:00 AM

Nothing hurts a listing quite like being on the market too long.

Whether the price is too high, the unit is run down or the apartment doesn’t show well, properties that linger can scare off buyers, even those hunting at lower price points.

“When we’re in this environment, when you have an apartment that lingers, buyers tend to be like, ‘Hey, what’s going on over there,’” said Nile Lundgren of Dallien Realty.

Lundgren added that when sellers buy into the hype of the market and price their apartments too high, they inadvertently give buyers leverage and room to negotiate, particularly if the apartment’s been listed for a long time.

Indeed, buyers increasingly are wary of paying too much for an apartment.

Citi Habitats’ Shannon Aalai recently represented two different buyers who were able to land one-bedroom apartments, initially priced over $1 million, for less than their asking prices. A one-bedroom co-op at 77 East 12th Street that was asking $1.4 million sold for $35,000 under, she said, while a one-bedroom condo at 454 East 54th Street listed at $1.2 million went for $30,000 under. “Perhaps we have reached the tipping point, and ‘buyer fatigue’ will be a new trend going into 2015,” she said.

The Real Deal compiled the top listings, priced between $1 million and $5 million, that have been on the market for a year or more, according to StreetEasy. The data show that it’s not just smaller firms that are having trouble moving some inventory — in fact, four out of nine of the properties on this list are being marketed by agents from Douglas Elliman, the city’s largest residential brokerage. Read on below.

1. 15 Broad Street, #702 | 1,337 days on market | Asking price: $1.8 million

The 1,700-square-foot condo at the former JP Morgan headquarters has been on and off the market for nearly four years since the current owner bought the two-bedroom unit for $1.013 million in 2007. Most recently, the apartment hit the market in 2011 for $1.7 million, only to see the price jump to $2.05 million and then drop to $1.8 million, or about $1,085 per square foot. Mickey Roth and Pam Date Chong of Galleria Group Properties have the listing.

2. 941 Park Avenue | 991 days on market | Asking price: $2.2 million

A former medical office that’s being marketed as a three-bedroom, townhouse-like property has been on the market for more than two and a half years. It was first listed at $3.4 million in January 2012, though the price dropped to $1.99 million in December of that year. It was raised to $2.2 million in January 2014. The co-op has a $9,290 maintenance fee, according to StreetEasy. Douglas Elliman’s Elizabeth Friedman and Claire Ratusch have the listing.

3. 768 Fifth Avenue, #1438 | 818 days on market, asking price: $1.89 million

The 530-square-foot studio at The Plaza Hotel has had several price changes since being listed at $1.79 million in 2012. The current price breaks down to $3,376 per square foot. The owner paid $1.75 million, or $3,301 per square foot, in 2008. Yoon Ha of Sumitomo Real Estate Sales has the listing.

4. 23 East 81st Street, #4 | 811 days on market | Asking price: $1.3 million

The 1,264-square-foot condo occupies the entire second floor of a townhouse and is being marketed to investors; a rent-stabilized tenant is currently in place, according to the StreetEasy listing. The price has dropped several times since the apartment was first listed, at $1.7 million, in 2012. Corcoran’s Constance Houghton has the listing.

5. 55 Wall Street, #540 | 785 days on market | Asking price: $1.75 million

Briefly off the market this summer, the 1,723-square-foot condo at The Cipriani Wall Street building has been on and off the market with several brokerages since 2011. The current owner bought the unit in 2008 for $2.3 million, or $1,334 a foot, compared to the current price, roughly $1,015 a foot. Santo Rosabianca of Wire International Realty has the listing.

6. 300 East 54th Street, #7L | 773 days on market | Asking price $1.3 million

The one-bedroom, one-bathroom co-op at Connaught Tower has been on the market for just over two years. The most recent price adjustment was in August 2013, when the price was raised from $1.2 million, according to StreetEasy. Elliman’s Michelle Zitwer has the listing.

7. 308 East 72nd Street, #4E | 762 days on market | Asking price $1.12 million

The 916-square-foot, one-bedroom apartment in the Knickerbocker had a tenant in place through July 2014, paying $3,800 monthly. Situated in close proximity to the future Second Avenue subway, the apartment traded hands most recently for $750,000 in 2012, compared with a $1.1 million sale price in 2006 and $430,000 sale price in 1999. Charles Glatter of BSD Equities has the listing.

8. 365 Bridge Street, #26A, Brooklyn | 762 days on market | Asking price: $3.32 million

One of the penthouse units at the BellTel Lofts, the 2,715-square-foot condo has three and a half bedrooms and two bathrooms. The current price breaks down to roughly $1,222 per square foot. Elliman’s Robert Gross and Gregory Williamson have the listing.

9. 781 Fifth Avenue, #1101 | 694 days on market | Asking price: $4.25 million

The two-bedroom, two-bathroom apartment is at the Sherry-Netherland, and comes with a $12,560 maintenance fee, according to the listing. Originally offered at $4.9 million in August 2012, the price has dropped four times to the current asking price of $4.25 million. Elliman’s Michael Lorber, Eleonora Srugo and Maria Velazquez have the listing.

Correction: An earlier version of this story incorrectly included a listing that is not on the market.

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