$3000 Per Square Foot for ONE ROOM!

The insanity that is Manhattan real estate continues to baffle many of us as Curbed posts about this 700sf studio apartment at Richard Meier’s 165 Charles Street that has an asking price of $2.1M. 

Corcoran broker Jon Capobianco must have balls the size of tyrannosaurus eggs. In this era of market correction and slight PriceChopping, Capobianco is shooting for the stars, listing a client’s 700-square-foot West Village studio apartment for $2.1 million. True, it’s in Richard Meier’s 165 Charles Street—with all the fancy amenities and finishes that building offers—but the Sun’s headline kind of says it all. The only other $2 million studio listed in the city is an 870-square-foot Plaza unit with a Juliette balcony, which sounds very lovely. So what gives? Well, you can’t really argue with this logic:

"I get calls from Deutsche Bank guys who say, ‘I stay at the Four Seasons and I’d love a place in the city with a pool and a gym,’" Mr. Capobianco said. "You get the same finish as the $10 million apartments upstairs."
So what do you think? Will someone shell out that much scratch to rock a pied-a-terre with a Murphy bed? It’s the address that impresses, after all.

I know, and actually have a great deal of respect for, Jon Cappobianco who is the agent representing this property. That said, I would have a difficult time keeping a straight face while showing a property like this and "selling" it’s features: excellent building amenities and a queen size murphy bed!  Even in today’s market, there are so many more options for $2M that make much more sense. Maybe Jon has the inside scoop that the next door neighbor MUST have the apartment, thus the big price tag but that is a hell of a premium to charge the neighbor. Whatever his reasoning, my money says he sells it and we all look like fools for questioning his pricing.

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