A post in the Gothamist today Plaza Condos: Ridiculously Overpriced, was based on a New York Daily News article 4.5M for 1 bedroom: How suite it is at pricey Plaza co-ops [NYDN] (Well, actually the Plaza is going condo, not co-op.)
The days of being surprised about residential pricing are basically over. The 1-bedroom mentioned in the Daily News article was an 1,155 square foot 1-bedroom with direct views of Central Park at $3,900 per square foot. $2M for a 1-bedroom without views. Since there are no true comparables for this project, pricing must have been extremely difficult.
To those new to the Manhattan market, $3,900 is not an overall price per square foot record. However, it probably is a record specifically for a 1-bedroom unit (I haven’t verified).
The Gothamist post’s title is pretty strong language and to many, the price really is ridiculous. However, since there has been a rush to purchase small units at the Plaza, it suggests that there is demand at this price point.
You can scratch your head and be resolute in the fact that one sale like this 1-bedroom is an anomaly, but many sales like this is a market.