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Manhattan Loft Guy

Jun. 5, 2007 - how the (something) have fallen … 251 W 19 St at 40% off

 
that’s 40% off original ‘asking’ price, of course, for #3C
This one is a real head-scratcher. SO much so I am wondering how I missed it before seeing there is an open house tonight from 5 – 6:30.
 
#3C at 251 W 19 St (a rather massive newly converted in 2002 to condominium loft building, with ten floors and 44 lofts) came to market in March through Elaine Clayman at BHS at $3.4mm. Four weeks later they dropped the price to $2.75mm. Five weeks after that they dropped again to $2.1mm, where they have held steady (so far) for a month.
 
step back and let that settle
That is one price drop of $650k followed by a second price drop of $650k.
 
Before getting to the merits of this loft or pricing, here’s more history.
 
DG Neary offered this unit for sale in 2006 for $3.495mm. While the inter-firm data base shows that DG Neary had a contract signed and “sold” the unit, I don’t see any official City record that such a deal actually closed.
 
Let’s look at the loft: said to be 1,822 sq ft, with 2 BRs, 3 baths, and a huge California bling-bling kitchen (bling-bling), but only two pix no the web. They are bragging about space, light, “towering” windows, “soaring” ceilings, and that (bling-bling) kitchen.
 
Simply no way for me to understand what has gone on with this loft’s pricing. The highest price for a loft I see in this building was the December 2005 sale of this unit, for $2.35mm, or $1,289/sq ft.
 
step back again, for that tidbit to settle in
More recent sales of smaller units have been both higher (per foot) and lower. The two higher units both closed last June: #10B, $1.65mm for 1,194 sq ft and #1C, $1.875mm for 1,341 sq ft. Three sales last year were at much lower price-per-foot: #7B a year ago for $1.235mm for 1,194 sq ft, #1E last September, $1.875mm for 1,797 sq ft; and #1F last August, $415mm for 1,763 sq ft.
 
Why did this unit close 18 months ago for more than is being asked for since May? Why was it offered at 50% premium over that December 2005 closed price??
 
Head-scratching, heard-scratching.
 
There are three other lofts in this building offered for sale, at higher prices.
 
#1C, which sold for $1.875mm last June, as noted above (1,341 sq ft) is again for sale at $2.295mm on an “ours alone” basis through DG Neary.
 
#3D is offered through PruDE’s Lida Drummond for $2.395mm (1,777 sq ft). Looks like more bling-bling than #3C.
 
#8D is offered through PruDE’s Leonard Steinberg, et al., for $2.795mm. (Much more bling-bling than #3C, as “words cannot describe…”.)
 
Final head-scratch for #3C [for today]: I am trying to remember the last time I saw a true Manhattan loft with a parquet floor….
 
© Sandy Mattingly 2007
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Jun. 5, 2007 - re: how the (something) have fallen … 251 W 19 St at 40% off

Posted by Anonymous
I heard that the bank is accepting the bids on this place and the PH at 121 WEST 19TH STREET. I think the owner got in over his/her head on the can't lose real estate game.
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Jun. 6, 2007 - re: how the (something) have fallen … 251 W 19 St at 40% off

Posted by Sandy Mattingly
Don't know about the bank being involved with #3C at 251 W 19 St, but if so they must have come on board recently. (No way a bank would have listed for $3.4mm a loft that traded at $2.35mm 18 months ago.) Your rumor may be the one way to make sense of the sell-at-loss price.
 
THX for stopping by.
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Jun. 6, 2007 - re: how the (something) have fallen … 251 W 19 St at 40% off

Posted by Sandy Mattingly
Anon -- I just took a look at PH-E at 121 W 19 St, The Lion’s Head penthouse you mentioned as also being rumored to be sold by (for?) the Bank. Hmmmm. Same agent, similar price history.
 
Came to market in January at $3.95mm, dropped in March to $3.75mm, and to $3.2mm three weeks ago. That is still over $1,500/ft for 2,071 sq ft (though it does include a terrace). Not many windows for three million bucks.
 
Open house tomorrow night from 5 – 6:30
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Jun. 18, 2007 - re: how the (something) have fallen … 251 W 19 St at 40% off

Posted by LoftLover
I was going to check this place out, but then heard that there is a foreclosure on the place, and the bank has some bids already and is not considering any more bids. So yeah looks like the bank is involved.
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Jun. 19, 2007 - re: how the (something) have fallen … 251 W 19 St at 40% off

Posted by Sandy Mattingly
There's an open house tomorrow evening 5 – 6:30. I have a later appointment not far from there, so I may stop by and nose about.
 
Interesting that #3D (with more bling-bling) has an accepted offer (no contract yet). Coincidence, or perhaps that is the one you heard about as not accepting any more offers LoftLover?? I will post a comment if I get to that open house....
 
#1C (the “ours alone” listing at DG Neary) has been taken off the market.
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Sandy Mattingly is Manhattan Loft Guy; now with The Corcoran Group, he can be reached most easily at Sandy@ManhattanLoftGuy.com or 917.902.2491. Since March 2006, this blog has addressed matters of interest to Manhattan coop or condo loft apartment dwellers, buyers, sellers, and others interested in New York City real estate.

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