Jun. 5, 2009 - 4 months to close, 4 years to zero out at 260 West Broadway

threading the needle to a quick sale, through the Way Back Machine
The Manhattan loft #5G at 260 West Broadway (the American Thread Building) slid through The Market this year, starting on January 8 and finishing on May 6. (Not as fast as the ten week close at 155 Hudson Street that I hit on May 28, but almost as quick as the 15 weeks to close at 644 Broadway that I hit for the second time on May 29, but PDQ for this market.)  I'd say they were well-priced for this market. I'd also say they were ready to deal ....

I have been waiting for the clearing price to hit public records since I noticed it as Sold & Closed 4 weeks ago (my original draft said "I'd say they were well-priced for this market"); it finally hit this week (leading me to add "I'd also say they were ready to deal" to that draft). The clearing price of $1.29mm is a healthy 19% off the asking price, and an anemic $35,000 lower than the price this May 2009 seller paid when buying in March 2005.

I would say that the low price has to do with the new-ish hotel blocking most of the north views (and probably light) on the 5th floor, except that #4G sold in July 2007 quickly (7 weeks to contract) for much more than #5G just did (#4G cleared at $1.775mm). So, I guess it was The Market (same old, same old). I have absolutely no idea what to make of the transfer of #9G in March 2008 at $2.3mm -- a price per foot that is radically higher than any other transfer I see in this building; neither StreetEasy nor our data-base has any record of a listing for that unit, and that is a very high price for the north view above the hotel. #9G is a large distraction, even a mystery (but i digress) ....

odd numbers
#5G was marketed as "1,500 sq ft", but #4G was marketed in 2007 as "1,450 sq ft" and #8G was marketed in 2004 as "1,400 sq ft". I believe that the condo's floor plan in the inter-firm data base from the Select Registry is taken from the official floor plan in the condo declaration; the "G" line is there said to be "1,420 sq ft" on floors 4 through 10. City records (per StreetEasy) shows this unit as "1,334 sq ft". Why oh why can't they get that right?

quirky numbers
Taxes and common charges for #5G in 2009 were $685/mo and $948/mo, respectively. Monthlies for #4G in 2007 were $766 and $1,312 (I wonder if that common charge included an assessment for the elevator replacement project); while way back in 2004, the monthlies for #8G were $663 and $975 (essentially the same as #5G this year). Assuming the numbers in the listings were correct (counting on agents is ... errr ... problematic), it appears that taxes went up and down in the last five years in this line, and that common charges (assessments aside) have been flat. That's roughly $1,600/mo for a "1,420 sq ft" condo with a doorman, common roof deck, and (pretty spartan) fitness room -- a relative bargain.

Props to the #5G sellers (and to their agent, PruDE's Lisa Sinclair) for biting the bullet in a biting market and doing what it takes for a quick deal.


© Sandy Mattingly 2009