Archives
April 2007
Apr. 26, 2007 - newly in contract at 22 W 26, 260 Fifth, + 57 Bond (even 735 E 9)
My quintessential One Bed Wonder is finally in contract! (What is a One Bed Wonder) Unit 2B at 22 West 26th Street has had quite the marketing odyssey in the last 2 years, with three selling firms and a starting price of $2.695mm. The new price of $1.975mm offered through Vals Osborne of Stribling took two months to do the trick. Congratulations Vals! I will be very curious to see the closing price.
Pretty much around the corner from that one, Unit 9N at 260 Fifth Avenue took ten weeks to get into contract with one change in the original asking price of $2.495mm (to $2.4mm) for 2,110 sq ft with 18 windows, 3 exposures, 3 bedrooms, 2 baths, all “designed to perfection”. The floor plan is nearly square (with 3 exposures and being on – for this neighborhood – a high floor, there looks to be very good light), with the master bedroom tucked behind the kitchen. Maintenance is pretty reasonable for a part-time doorman, $1,884/mo, in a building that requires a 25% down payment.
Property Shark shows that this unit changed hands only 14 months ago for $1.7mm. Perhaps one or two of the mints in the “XXX mint” were added since February 2006.
A pretty spectacular penthouse unit at 57 Bond Street (PH-E) also took about ten weeks to get into contract. “Only” 1,470 sq ft for the $2.695mm asking price ($1,813/mo taxes and CCs), but but but there’s a huge terrace (1,134 sq ft), wood-burning fireplace, and “pure loft grandeur”. The price bounced from $2.695mm to $2.595mm and back over eleven weeks, but it worked.
This unit sold for $1.73mm when the conversion was new in 2004.
The loft-in-a-weird location (735 E 9 Street, #4FW ; see my March 15 new at 9th + D / double secret probation above $1,100/ft) that was much discussed (pilloried?) on Curbed (April 6 Price Spotter and April 9 Big Reveal)went into contract two weeks ago (when I wasn’t paying attention). That took only took four weeks and one price drop (started at $1.4mm, dropped to $1.225mm). Said to be 1,215 sq ft (though it is hard to find them all on the floor plan) in a walk-up building, anything near the $1.225mm asking price is way more than I thought it would get. But the market is the market is the market …. Can’t wait for a closed price.
© Sandy Mattingly 2007
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Apr. 25, 2007 - real 2,500 sq ft at 20 E 20
Unlike 543 Broadway’s 2d floor, this one has windows on both narrow ends – and the “narrow” ends are not so narrow, at 36 feet across. With 72 feet in length (per Jerry Senter at Corcoran’s floor plan), this baby measures to 2,592 sq ft before taking out the stairwell and elevator. If the dimensions are legit, that is as close to “true” square footage as you are likely to see in a Manhattan coop.
The width makes it easy to have two bedrooms along one narrow wall. The kitchen and two bathrooms take up what looks like the entirety of the “wet” wall, so those facilities look to be maxed out. (Don’t think about adding even a powder room without a major re-do.)
Asking $2.995mm seems hardly out of line, given the size and “custom” kitchen and baths, while the maintenance is a paltry $1,150/mo. One interesting note about building finances is that this is an unusual loft coop that requires at least 35% down – which certainly implies a more stringent level of financial review than is true of many loft coops.
I don’t see any sales in this building for the last several years.
© Sandy Mattingly 2007
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Apr. 25, 2007 - wondering about the 1 Bed Wonder at 543 Broadway – how much for how big?
The 2d fl at 543 Broadway is new to the market this week, claiming to be “sprawling 2,500 sq ft” of “sexiness, charm and luxury” for $2.275mm ($1,550/mo maintenance). I can’t speak to the sex or charm, but the sprawl is a different matter.
This is a true 1 Bed Wonder (what is a One Bed Wonder?), as it is Long and Narrow, with windows only on one narrow side (over Broadway, on the second floor). There’s one bathroom, as configured, but it looks as though you could add a second along the long wall that has both the master bath and the kitchen.
Greg Leveridge of JC DeNiro gives the dimensions as 20’4” x 77’ for the main room and 20’4” x 13’4” for the bedroom (without taking anything away for the stair and elevator). That math gives me 1,833 sq ft. Maybe it’s really 24 feet wide (giving only 2,160 sq ft) or maybe it’s not really 2,500 sq ft.
Property Shark shows this same unit changed hands last August for $1.625mm (maybe the sex, charm or luxury was added afterwards). [see comment June 26, below, about prior sales data in Property Shark]
Open House Sunday 12 - 2
© Sandy Mattingly 2007
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Apr. 19, 2007 - drip campaigns / token price drops at 80 Warren and 66 Leonard
how does a small price drop change the market?
(Hint: not much)
I don’t know the specific history of 80 Warren St, but I know it is one of the first generation of Tribeca loft coop conversions (circa 1979) and that it is the combination of several (five?) adjoining buildings, so the layouts here are all over the lot.
In this case, they came to market in January at $2.15mm, then dropped to $1.995mm four weeks later. That change – across the $2mm threshold -- could have attracted new buyers, even though it was ‘only’ a change of $155k. But I don’t see new buyers waking up to this at $1.895mm unless they are new to the market. They should already have seen it at $1.995mm if it fits their other criteria.
last sale was a loooong one
A penthouse unit in the building closed in January 2007 at $1.9mm. Don’t know the condition, but it is said to be slightly larger than this one (at 1,740 sq ft) and has two large terraces (1,400 sq ft). I discussed that one when it was featured in the NY Times Residential Sales feature as a six-weeks-to-sale off $1.95mm listing (slippery sales data in NY Times at 80 Warren St). It had actually been for sale since July 2006 and started at $2.5mm
Hmmm factor
This unit sold three years ago off an ask of $1.15mm, after being marketed since September 2002 starting at $1.35mm. The listing agent then was at Corcoran: Tim Melzer. Apart from “brand new top of the line stainless appliances”, it does not appear (from the current listing description) as if there has been significant renovation from April 2004 until now, but maybe the baths are new also (he doesn’t say). Hmmmm….
another New Year’s listing, sitting
66 Leonard St is one of the few buildings that is marketed as having a roof deck barbecue, so I hope that it complies with the Fire Code.
Unit 3C is said to be 2,077 sq ft in an early (for Tribeca) full service condo (1999). Nothing coy going on, it is marketed as “loft perfection”. But it hasn’t found its buyer yet. Not at $2.795mm when it came out in January, and not (yet) at the new-this-week price of $2.695mm. Anybody out there think this will attract new buyers who were not interested at $2.795mm??
© Sandy Mattingly 2007
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