Via Curbed, a popular NY property blog, reports of a property on the market for almost $5 million, which regulaly lacks electricity and is at times occupied by homeless and prostitutes.

The cliche about NY housing being expensive should give way to what is a more important metric: the price/quality ratio. It’s a shame the "quality" part of this equation is so difficult to measure objectively, because if NY is expensive on just price alone, it is by far the worst city I’ve ever seen in terms of the quality of housing you get for those prices.