13 Jay Street closed but much appreciated : Manhattan Loft Guy

Manhattan Loft Guy

Apr. 15, 2008 - 13 Jay Street closed but much appreciated

I hit 4^th floor at 13 Jay Street (link won't work any more) when it was new to market in October, then asking $2.495mm and $1,518/mo for "1,860 sq ft" (Oct 8, doubling up at 13 Jay / 4 year’s appreciation). At that time, there were

[n]o pix or floor plan yet on the web, but they are bragging about the kitchen (fully integrated??) and coffee bar (state of the art) but not about a triple mint renovation, or some such. Perhaps it is beautifully done (renovated), perhaps the pix will show beautiful finishes. But they are leading with the location on "one of TriBeCa's sweetest, most treasured and sought after blocks".

So what, you say.

So … if they have not recently renovated, they are likely looking at a 100% price appreciation since buying this loft four years ago off an asking price of $1.15mm.

That's a lot of appreciation...."

I also hit it in a November open house review, after the pix and floor plan were up, but only described it as "at 23 feet wide, there's a classic Long-and-Narrow layout, with bedrooms at the rear (with the bathrooms) and a bonus glass-walled den up front".

It shows up today as Sold & Closed, which is not bad compared to the transfer documents being filed with the city on April 3, reflecting the clearing price of $2.175mm. Interesting that they never dropped the price in the 4 months it took to get to contract off that $2.495mm asking price. Yet the sellers accepted a price about 13% off their asking price. (They still got nearly $1,200/ft.)

The record of Dept of Building permits for the building shows nothing for the 4th floor in the last five years, so there may have been no significant renovation between the 2008 sellers having purchased about 4 years earlier for (probably) about half the price of their April sale.

A lot of appreciation, indeed.

© Sandy Mattingly 2008

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View more entries tagged with: Jay, Appreciation, Closed, Renovation, Longandnarrow

Apr. 15, 2008 - RE: 13 Jay Street closed but much appreciated

Posted by hst

The first post under the new regime. I'd say it works: still informative and satisfying. It will be interesting to see what you see as you start looking more systematically at *closed* properties. Like the 13% gap between ask and close, which is intriguing and suggestive in its own way. New data / impressions may emerge out of this enforced post-closing blogging. glad to hear the old voice back.

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Apr. 15, 2008 - RE: 13 Jay Street closed but much appreciated

Posted by Sandy Mattingly

THX for paying such close attention, hst. Yes, I was aware when writing this that this is The First of the *new* style posts. With luck, I can be informative about a building by reference to closed sales, in a way that can be helpful for people who discover the new listings. Let’s see where it goes.

On this one, I’d love to know what the negotiation dynamic was, with these sellers having held ‘firm’ at $2.495mm and ending up ‘somewhere in the middle’ at $2.175mm. First bid could well have been $2mm flat. And THX for weighing in on last Wednesday's post.

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Apr. 15, 2008 - 13 Jay Street closed but much appreciated

Apr. 15, 2008 - RE: 13 Jay Street closed but much appreciated

Apr. 15, 2008 - RE: 13 Jay Street closed but much appreciated

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