170 Fifth Avenue closes AT 2007 (maybe) : Manhattan Loft Guy

Manhattan Loft Guy

Aug. 13, 2009 - 170 Fifth Avenue closes AT 2007 (maybe)

isn't that cool?
There have been a series of Manhattan Loft Guy posts of late comparing 2009 clearing prices to 2005, or other prior sales. (This July 29 post canvassed quite a few, attack of the Killer Comp (when 2005 pricing does not help), and I have added several since then.) Generally speaking, 2009 has not done very well in this competition, so I was a little surprised to see a recent sale in which 2009 may have held its own against 2007.

If I am reading the listing descriptions and pictures correctly, the very recent sale of the Manhattan loft #5 at 170 Fifth Avenuefor $2.945mm was essentially flat since the February 2007 sale of #3 for $2,972,500. What has been preserved of the third floor listing is somewhat muted bragging, while the fifth floor listing is more enthusiastic, so maybe the fifth floor was nicer.

They certainly priced the fifth floor enthusiastically: at $3.85mm in October, before dropping to $3.695mm and to $3.195mm (in January and March), before finding a contract in June at that $2.945mm.

The third floor changed hands two years before that February 2007 sale (In March 2005), at $2.8mm, showing some appreciation from 2005 to 2007 (no surprise in that).

or was it 2005?

On the other hand (there's always another hand, isn't there?), the 7th floor did not sell over 6 months spanning this past New Year's. That last asking price of $3.195mm was just a smidge under the September 2005 clearing price of $3.23mm.

That loft was described in terms somewhat less glowing than the fifth floor but more grandly than the third floor, and it appears that The Market preferred the fifth floor to the seventh floor: they were priced at the same $3.195mm from February into May, at which point the seventh floor was taken off the market while the fifth floor was just two weeks away from a contract.

COUNTDOWN: 10 ... 9 ...

© Sandy Mattingly 2009

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