Jun. 29, 2009 - what a difference a year (and a view) makes, as 161 Grand Street closes

then v. now, spectacular v. move-in, view v. not-so-much
The Manhattan loft #4B at 161 Grand Street closed last week for $1.71mm after a relatively brief (successful) campaign. This "1,831 sq ft" "beautiful and spacious" loft was marketed as being in "move-in" condition -- a relatively modest description for a unit with marble baths and "top of the line" kitchen, but that is what they said.

They started to market January 15, asking $1.9mm, dropped to $1.795mm on St. Patrick's Day and found the contract 2 months later that closed last week. The $1.71mm clearing price represents exactly 10% off their January starting point, and $934/ft, all of which are pretty reasonable seller outcomes these days.

This relatively modest description and relatively modest price contrasts significantly with the July 2008 sale of #9A. That "1,800 sq ft" loft was billed as "spectacular", with a "magnificent" entertaining space, chefs kitchen and "extraordinary" skyline views (including of the Police Building, just down the street). The Market loved that loft, as it cleared in July 2008 at $2.75mm, having come to market in April at $2.9mm and finding a a contract in 2 months. That computes to $1,500/ft.

is it The View, Mars?
I can only speculate about the difference between these two sales of similar sized Manhattan lofts in the same building 11 months and seven figures apart. #4B claimed "great city views east and west", but 60 or more feet higher #9A had those "extraordinary" views. The #4B layout is too stubby to be a Long-and-Narrow, but presents only 7 windows, while the corner layout of #9A has not only twice the windows (15) but each room has at least one long wall of windows (the corner LR / dining space has two). I have to guess that #9A's finishes were to some degree at a higher level, but it is hard to imagine that difference was terribly significant in light of the proper proper names invoked at #4B. The obvious calendar differences between contracts reached in June 2008 and May 2009 are significant, but June 2008 was already post-peak (though pre-Lehman).

Why was #9A 50% more valuable than #4B? Using a (generous) ballpark of 20% as the local market decline for a non-prime loft micro-nabe (sorry, Police fans) and 5% for the finishes, it has got to be the layout, the windows and the views that account for the largest part of the #4B vs. #9A differential. At this order of magnitude, somebody paid $500k for a better layout with more windows and great views. Interesting....

Jun. 29, 2009 - RE: what a difference a year (and a view) makes, as 161 Grand Street closes

sandy - just want to add that the other factor is how deep the seller's pockets are, and how unique they perceive the property is.  sometimes when you combine these two, you may have an interesting case like this.  9a buyer appears to have deep pockets (this is likely a pied a terre). 

Nov. 11, 2009 - RE: what a difference a year (and a view) makes, as 161 Grand Street closes

Nov. 16, 2009 - RE: what a difference a year (and a view) makes, as 161 Grand Street closes

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