889 Broadway newly in contract : Manhattan Loft Guy

Manhattan Loft Guy

Aug. 31, 2007 - 889 Broadway newly in contract

The Gorham Silver building at 889 Broadway is one of the most handsome loft buildings in Flatiron. Unit 3A came to market in April at $2.85mm and is newly in contract off a price of $2.75mm as of yesterday. Nice way for the sellers (and buyers, I suppose) to go into a relaxing holiday weekend.

great layout

"2,400 sq ft" set up as 2 bedrooms + 2 baths in a not-quite-square foot print that has two long window sides "flooded with light", as they say). There is plumbing along both (dark) walls, so there is a lot of flexibility to this foot print. Perhaps they are simply shy, but they are not bragging about any finishes or appliances, either in text or pix.

some history

This unit traded in April 2005 at $2.4mm. As always with a relatively quick sale, I wonder if it is personal family life circumstances or a dissatisfaction with the loft or neighborhood that causes someone to move so quickly. #6B ("2,150 sq ft") sold in November 2005 for $2.2mm, while #5B sold in October 2005 for $1,786,300 in a transaction without REBNY agents, it seems.

low low low maintenance means ...?

The most interesting single number associated with the listing may be the maintenance: $853/mo, or under $0.40 per foot. We show this building as having 0% tax deductibility of maintenance, so my guess is that the artificially low maintenance is the result of Fishs Eddy paying rent to "coop" shareholders. In other words, this may not be a "cooperative housing association" that complies with IRS rules permitting shareholders to get the tax deductions associated with coops that do comply. See this one from January 16: IRS rules for coops / beware the 80/20 rule.

The difference in purchasing power between this maintenance and a maintenance of $1.00 per foot is about $250k. I wonder what they got.

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Nov. 11, 2009 - RE: 889 Broadway newly in contract

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