Aug. 9, 2009 - 2005 + 10%? that might work

There's a lovely square loft newly available for sale in a prime Manhattan loft area that is asking about 10% more than the clearing price when it sold in June 2005. I think this is likely to be close enough that The Marketwill reward it with an offer off of this asking price.

square can be a problem
That square layout would be ideal if it had more than one exposure; as it is, it is somewhat challenging. It is big enough for several bedrooms, but as configured this one has a master "bedroom" with no windows (one very clever picture might lead you to overlook that detail until you were in the space). The layout challenge is compounded by the fact that all the plumbing is on the wall opposite the windows (this building has two lofts per floor, one in front, one in back, with all the plumbing running only up the center of the building). Thus, the master "bedroom" has a nearby bathroom en suite, but other lofts on this side of the building have a real master bedroom (with window) and en suite bath because they add a long closet, sitting room or dressing room between the bedroom and master bath.

The listing suggests that these lofts don't come to market very often, which is odd because this very loft sold in 2005 and more odd still because one in the same line sold this past Fall (after Lehman, but with a pre-Lehman contract). That loft seems to have been in similar condition to the new-to-market loft and fought The Market down from Spring to Fall, closing very close to the current asking price. If that loft and this one are sufficiently comparable (as appears to me), I'd expect this one to close at a discount to that one's October clearing price -- but a discount within the range of reasonablenegotiation.

I will keep it on my list, and hope to report that it traded without a dramatic price drop. Time, as always, tells; Manhattan Loft Guy just reports.