Overpriced?

Does anyone else feel that the list prices for these first-out-the-gate apartments are unreasonably high? Considering that you can get a comparable two-bedroom in Manhattan proper (http://streeteasy.com/building/150-east-61-street-new_york/4c), $1.2M seems absurd for a 2-bed apartment that: -is subject to a land lease -requires public transportation to get anywhere -is on the same island as a... [more]

Does anyone else feel that the list prices for these first-out-the-gate apartments are unreasonably high? Considering that you can get a comparable two-bedroom in Manhattan proper (http://streeteasy.com/building/150-east-61-street-new_york/4c), $1.2M seems absurd for a 2-bed apartment that: -is subject to a land lease -requires public transportation to get anywhere -is on the same island as a luxury building with comparable prices that isn't 30 years old (Riverwalk) These apartments are priced in line with the upper end of a valuation commissioned by the tenant board before the privatization; can we really expect impartiality from that? In contrast, a valuation based on comparable rent prices from the Manhattan Park buildings (the method used for property taxes) yields a value at about half the listing. I'd like to think that sanity will prevail and these apartments will languish until prices come down, but for a prospective buyer, it'd be nice to skip the 6-12 month wait for that to happen. [less]