Last Updated Apr 26, 2011 5:09 PM EDT
It's no secret that sale prices in the current housing market are way down, but in one historic New York City Upper West Side building condo prices are crashing.
Originally listed at more than $2 million, a condo in the Apthorp building was sold for $228,900 according to the New York Post.
The one-bedroom penthouse sold for 88 percent below the owner's asking price of $2,025,765. Maybe it's the market or maybe people just don't think a one-bedroom condo is worth a couple million (even in New York).
The 763-square-foot home had been on the market for 13 months, according to StreetEasy.com.
The economy is taking most of the blame for the basement prices units are selling for, but apparently the building has been having some problems.
Tenants have complained about elevators and electricity problems, new buyers say they couldn't get renovation plans approved and "strict state regulations regarding rental-to-condominium conversations also added to the problems".
This most recent sale hasn't been the only huge deal in the building, several other units have taken hits of over 80 percent. In July:
- 405-square-foot penthouse sold for $123,717--listed at $895,000.
- 964-square-foot penthouse sold for $417,177-- listed at $2,559,420.
The building is no stranger to famous residents, past inhabitants include Al Pacino, Conan O'Brien, Cyndi Lauper, and Rosie O'Donnell.
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Ilyce R. Glink is the author of several books, including 100 Questions Every First-Time Home Buyer Should Ask and Buy, Close, Move In!. She blogs about money and real estate at ThinkGlink.com and The Equifax Personal Finance Blog, and is Chief Content Strategist at RealtyJoin.com, a community for real estate investors.