A condo in a historic Upper West Side building that had been offered at more than $2 million was sold for an amazing bargain-basement price of around $200,000, The Post has learned.
It’s only the latest in a string of hyper-discounted sales at The Apthorp, which found itself in the midst of a condominium conversion when the real-estate market crashed.
The one-bedroom penthouse went for a mere $228,900 — down more than 88 percent from the asking price of $2,025,765, a source revealed.
The 763-square-foot home had been on the market for 13 months, according to real-estate-data site StreetEasy.com.
The source described the 12th-floor condo as “unrenovated” but “livable.”
But nobody apparently will be living there for a while. The purchaser, a woman who bought it under a corporate name, is an investor, according to the source.
Located on a square block bounded by Broadway, West End Avenue, 78th and 79th streets, with a majestic courtyard in the center, the 100-year-old Apthorp had been at the center of a contentious legal dispute between two major developers, Mann Realty and Africa Israel, which were battling for control. At one point, there had even been talk of them taking the dispute to a rabbinical court.
That never happened, and eventually, Mann was removed.
There had also been conflict from rent-stabilized tenants worried about losing their deals.
Some tenants also complained about declining services, including problems with elevators and electricity.
New buyers said they couldn’t get renovation plans approved.
Strict state regulations regarding rental-to-condominium conversations also added to the problems.
For these reasons, some buyers have recently been able to close on amazing bargains for units in the Gilded Age-era building.
A 405-square-foot penthouse sold for just $123,717 in July — down 86 percent from an asking price of $895,000.
And a 964-square-foot penthouse also closed in July for $417,177 — down 84 percent from an asking price of $2,559,420.
But not everyone got such great deals.
Some units went for $2,000 or more a square foot.
Celebrities, including Kelsey Grammer and Mary-Kate and Ashley Olsen, have been spotted checking out apartments in The Apthorp.
Additional reporting by Chuck Bennett