220 Riverside Boulevard, PH3A, Manhattan

July 2003 – Sold for $3,044,786
March 2015 – Listed for $11,995,000

This week’s Digs Watch takes us back to the Upper West Side, where a curious example of a seller (or their broker) trying to jump on the billionaire bandwagon is taking shape.  After nearly 12 years, the owners of PH3A at 220 Riverside Boulevard have put the condo on the market trying for a nearly 400% return by listing it at $4,182/sf.  While there are plenty of condominium units asking such obscene amounts in the City these days, including this one just next door at the Heritage (which generally trades at a significant premium to 220 Riverside Boulevard and is asking over $48MM), the sellers of PH3A are wildly unrealistic in their expectations.  Consider PH4A at 220 Riverside Boulevard, which has an identical floor plan and is one floor above PH3A.  This unit sold for $6.4MM (or a more reasonable $2,219/sf) just over 1 year ago.  Additionally, Unit 45A (where I represented the buyer), which is 1 bedroom smaller and has slightly smaller rooms, but is just a couple floors down with the same insane views as PH3, sold in February, 2015 for $4,287,500 ($2,258/sf).  And just for good measure, one more condo also on the market at the Heritage is PH3, which is currently listed for $17.5MM ($3,386/sf), and is a much more appealing penthouse than PH3A.

While I am not, by any means, knocking PH3A, since it is a lovely apartment, but it is rather pedestrian for a penthouse asking such a princely sum.  It will be interesting to see where it ends up selling.

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