74 Fifth contract : Manhattan Loft Guy

Manhattan Loft Guy

Jun. 27, 2007 - 74 Fifth contract

I featured 74 Fifth Avenue #4Bin an open house review 7 weeks ago, which started a dialogue with LoftLover, who had gone to that open house and bid (unsuccessfully). As s/he said just last night, the “area and building [are] very good”, and many Manhattan loft buyers agree. That unit went into contract four weeks after coming to market in April.

Now the larger #10A is shown as in contract this morning, just three weeks after coming to market. #10A is said to be 2,400 sq ft and was offered through Richard Orenstein at Halstead for $2.995mm (and $2,237/mo) – rather a different price point than #4B (“1,900 sq ft” offered at $1.895mm). Huge difference in light in this high corner unit than the 4^th floor unit (check out the kitchen pix).

This contract leaves #8A as the only unit available for sale in this 38 unit building. This unit has been offered for $2.85mm through the PruDE team of Steinberg, Senequier and Murphy since April 29. I can’t tell from the marketing if they mean t imply that it needs some work or if it only needs your personal decorating touch (“awaits your touch to transform it into a collector-quality residence of distinction”), but it will probably find its market price soon, with #4B and #10A recently in contract.

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Jun. 27, 2007 - re: 74 Fifth contract

Posted by Anonymous

I saw both 8A and 10A. The open house at 10A had almost 35 people through on the first day and I'm told produced multiple offers. In addition to being two floors higher, 10A's internals are at least a couple hundred thousand nicer than 8A, so I'd expect them to come off the current price at 8A before a deal is stuck.

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Jun. 27, 2007 - re: 74 Fifth contract

Posted by Sandy Mattingly

Agreed, Anon, assuming #8A seller really wants to sell and does not have an unrealistic sense of what any 8A ‘improvements’ are worth (which is why I said “it will probably find its market price soon”). The people who probably have the best sense of what 8A is worth are the unsuccessful bidders for #10A, I would think – at least some of whom are likely to be interested in #8A.

If #8A does not get a deal soon, with the momentum of #10A fading, I suspect it will be a while. THX for stopping by.

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Jun. 27, 2007 - 74 Fifth contract

Jun. 27, 2007 - re: 74 Fifth contract

Jun. 27, 2007 - re: 74 Fifth contract

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