THE NEW YORKER CONDOMINIUM

Thirty-one years ago, they expected it to sell out quickly. And why not? The 33 units for sale at the newly constructed 1474 Third Avenue, between 83rd and 84th Streets, didn't face the sort of restrictions co-ops impose. And in 1981, cooperatives dominated and condominiums were a New York City rarity.

The 17-story property, which replaced a one-story movie theater, was marketed as something special. Each floor housed only two apartments; amenities included hardwood parquet floors, bathrooms with marble tiling, acoustically sprayed ceilings and video intercoms. The building itself offered some degree of privacy from hustle and bustle: In an architectural style of the time, it was situated not on the street but inside a plaza. The common charges were low and units were listed at the outset at $259,000 to $484,000.

Then, nothing.