$825K? A Pipe Dream

This newly listed apartment on Ludlow Street in the Lower East Side stopped me in my tracks.

The lead photo in the listing (shown left) shows a narrow entryway painted a green so drab, the army should check its paint inventory. I hope the seller loves that green because he won't be seeing the green of money.

The $825,000 asking price nets out to the highest PSF (price per square foot) I've profiled so far ($1,136). The copy in the listing might have been written in 30 seconds on the back of a cocktail napkin. Is there nothing to say to justify the price? Is it just not worth the realtor's time?

Pluses, as I see them: four blocks from the F train (a miracle on the LES); a window in the kitchen and a washer/dryer in the unit. An illustration of the building indicates stairs and no mention of which floor makes me think the climb will give you a workout. There are only two closets.

It is a condo, a plus, but the $920 combined fee plus taxes, while about average for a co-op is high for a condo. Very high for a condo with no building amenities, like a doorman. I predict this one ain't going nowhere.

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