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I am guessing the apt is in NYC somewhere? If yes, what area? That may be the biggest factor when it comes to investment value and deciding if the asking price is fair. Did you get new comps for apts on that floor?
My thought would be, 4 floors higher, extra bathroom, better view, and 10x5 storage = 8% more. 1.25 might be a fair asking if the apt does not need anything, but his counter of 5k off seems like he is in no hurry.
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