if at first ... 543 Broadway back with fewer dollars : Manhattan Loft Guy

Manhattan Loft Guy

Mar. 31, 2008 - if at first ... 543 Broadway back with fewer dollars

upgraded with fewer dollars + feet
The 4th floor at 543 Broadway has a long sales history and -- as of today -- a new firm and price. Shawn Felker and Denise Joseph of PruDE are now marketing this "classic Soho loft!!" of "2,200+ sq ft" for $1.995mm. I hit it in its last round of marketing, on October 11 (bring architect + ton o’ money to 543 Bway (sound familiar?)), when they were asking $2.45mm and $1,500/mo. In addition to the price change, maintenance is now up to $1,550/mo and there has been some significant shrinkage: what is now "2,200+ sq ft" used to be billed as "2,600 sq ft".

They talk about "recent upgrades [that] make it in move in condition", but it is hard to see what those upgrades could be. (New shiny finish on the floor??) When i hit it in October, I said

this seems to have been used as an artist's live/work studio with one bathroom and only the 4 windows east in a space that might be 25 x 105 feet. (The floor plan is a trove of contradiction: the dimensions are given as 20'2" x 105' 8" but 2,430 sq ft, and notes there are 11 foot ceilings rather than the numbers claimed in the listing text.)

(Note that PruDE does not have a floor plan for this unit on the web, but maybe that will come in a day or two.) The PruDE pix are a little confusing, as the first 2 are the same living room (I am pretty sure) but taken at slightly different perspectives and with slightly different furniture / bookcase arrays (note how the art placement on the walls is the same). Based on the former floor plan, the 4 windows in the first 2 PruDE pix are the only windows in the place. And there is still only 1 bathroom. "However this Loft could easily be redesigned to create a magnificent entertaining space for that hip buyer wanting to live in the center of it all!!" So they say.

critical feedback from The Market?
My guess is that the sellers realized The Market did not like the old price, The Market felt the space was smaller than previously advertised, and The Market may have suggested some (minor?) upgrades were needed. Whatever was done as upgrades did not take very long, as it was Temporarily Off the Market for only 2 weeks before coming back today with a new firm.

2d floor is gone
I mentioned in October that the 2d floor (in much better condition than the 4th floor) was then in contract off and asking price of $1.895mm after starting in April 2007 at $2.275mm. That has since closed at that new asking price -- $1.895mm. The nicer-but-lower-and-cheaper 2d floor could not have helped sell the 4 th floor, so maybe they will do better at a new price and without that nearby competition. (Comps are comps, however.)

© Sandy Mattingly 2008

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Mar. 31, 2008 - if at first ... 543 Broadway back with fewer dollars

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