Manhattan Loft Guy

May. 9, 2007 - 158 W 23 � new + in contract

I mentioned the 3^rd floor unit at 158 W 23 St 158 W 23 St #3 in an open house review in March (the 1.6 open house tour), which is in contract this week after having been on the market since November. Perhaps emboldened by that success, the 5^th floor unit at 158 W 23 St is now for sale through the same agent, Stu Sussman at Core Group.

First, about the contract for the 3^rd floor. It took three modest price changes and six months to get the price from the original $1.65mm to the successful $1.559mm, but it was updated as “in contract” this past weekend. Here’s what I said about it in March in the open house review:

1,865 sq ft of classic Manhattan loft Long-and-Narrow type, but it has two side windows for a second “bedroom” (more a guest room, with French doors into the master bedroom and an [open?] doorway to the kitchen). Can’t see much from the pix and web other than the exposed brick, old-fashioned steam radiators, hardwood floors and high ceilings (11 ft??), and they ain’t bragging about the kitchens, baths or much of anything else.

They must feel that the market for this building has improved, as the 5^th floor is offered at $1.699mm (with the same monthlies as the 3^rd floor, $1,594) with – at this early point – even less “bragging” than the marketing for the 3^rd floor. There are no pictures, no floor plan, and no description whatsoever on the Core Group web site for this listing – just the indication that it is 1,865 sq ft and has 1 bathroom.

Sounds like a renovation project, unless more details and photos are coming soon. If so, that is a very aggressive approach – bringing out a renovation project three days after an (apparently) move-in condition unit went into contract, and bringing it out $150k over the move-in unit.

Perhaps there is more here than (currently) meets the eye.

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May. 9, 2007 - 158 W 23 � new + in contract

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