new contract, much space, untold story at 249 W 29 : Manhattan Loft Guy

Manhattan Loft Guy

Sep. 18, 2007 - new contract, much space, untold story at 249 W 29

#2E at 249 West 29 Street has been an intriguing Manhattan loft listing since coming to market in May, but if you've waited to see it you've lost it, as it is now in a committed relationship ("contract signed" as of yesterday).

strong on the space-money continuum

You want space? "2,100 sq ft" and "1,750 sq ft" of outdoor space, low on a price-per-foot basis at $1.695mm asking and $2,235/mo. The listing drops hints that some work may be required to fully realize the value (outdoor space "can be converted" into a garden or entertaining space; loft has "charm and potential"; the "glass wall dramatically separating" the master bedroom from the living room may be more farce or tragedy than drama for some).

The space is your classic Long-and-Narrow (narrow being 23.5 feet) with four windows front and four back and all plumbing on one long wall. The outdoor space is on the second floor, so it may not exactly be bathed in light or have panoramic views.

The area around 29^th Street and Eighth Avenue is probably at the top of the preferred neighborhood list for very few people, but for someone who wants a lot of space for the money and some outdoor space, it is intriguing. (For one person, more than intriguing, but irresistible.)

8 million stories in the naked city

I always wonder about the Stuff that Happens to upset/change people's plans when I see a history like this one: the current sellers bought the place in December for $1.45mm (by then it had been on the market over a year, starting at $1.825mm, ending at $1.625mm). Within six months they are (emotionally) out of here, and put it on the market.

Speculation is easy in the complete absence of facts, but it may be a change in job or finances, some tragedy that tears at the fabric of a family, or that they simply hate the space or the neighborhood. No reason they'd be telling, of course, but a six month turn-around from closing to selling is ... curious.

The fact that they hung tough at the asking price ($1.675mm) for four months without a price change is more understandable when you realize what they paid for it six months earlier ($1.425mm). If they got close to ask, they will make some money even after two sets of closing and moving costs, but not a killing. They probably do not recommend the experience to their friends.

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Sep. 18, 2007 - new contract, much space, untold story at 249 W 29

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