Talk to a real estate Broker who works in the Bronx, who can show you recent comparable sales of new construction condos in close proximity tot he condo you are interested in, to get a good idea of the relative price point for the home you are looking at.

If you want to feel comfortable making this purchase, find an experienced local Realtor that specializes in condos. Ask for them to show you a) $/sq ft list price ranges for new construction in the neighborhood and b)recent closed sale statistics within those buildings.

Bryan Sereny

If you are financing, believe me, the appraiser will let you know. If you are paying cash, get an appraisal.
Gary Frimann
EAGLE RIDGE REALTY

You need to work with a local realtor complete all the required research http://www.lynn911.com All communities have deed restrictions based on the value of the homes and etc.

In this market, you simply don't. Only future sales will establish what is an appropriate price, at least until things pick up again (which they will- when is the million dollar question).