Aug. 1, 2007 - more BOM pain / 176 Broadway is back
2 failed contracts, 1 recently failed deal = f-r-u-s-t-r-a-t-i-o-n
#4D at 176 Broadway is another one that has been on and off the market due to ‘deals’ that have not happened (another one was yesterday’s bad luck? 241 W 23 St back on market - again). It came to market in January ($1.1mm for “1,800 sq ft”), dropped to $995k in March and had a contract signed in April and another in June – neither of which worked out. They reached a ‘deal’ July 3, but it came back to the market this week.
Ouch.
Looks at courtyard but it is said to be “pin drop quiet”. My guess is that the price is a function of the lack of light and views, the need for a second bathroom (can be added; the stacks are there), and the probable need for updating the kitchen and baths (no pix, no bragging).
This building tends not to command high prices, especially if renovations are in order, but $611/ft is low, even by those standards. #15C, “sun-flooded” and with river views as it is, took seven months and three price drops to get into contract off an ask of $1.045mm and 1,600 sq ft.
It is still a ton of space for the money. Another opportunity to see it Sunday….
Open House Sunday 1 – 3
© Sandy Mattingly 2007
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Aug. 6, 2007 - re: more BOM pain / 176 Broadway is back |
| Posted by looking now |
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552 a sqft seems pretty cheap to me, whats wrong with this place? if i bought this i prolly wouldnt flip it but the chances of this appreciating in the near future looks pretty good? are the coop financials that poor or is the coop board a pain and screens buyers thoroughly or wont let sublets or something? is the location of this unit that bad that depressing the price is justified?
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Aug. 7, 2007 - re: more BOM pain / 176 Broadway is back |
| Posted by Sandy Mattingly |
176 Broadway is a weirdly Rodney Dangerfield building, which I have never understood. I don’t have any specific info about the coop financials or the Board, but they allow pets and (after a year) sublets, so they are not among the pickiest of coops.
The Market severely discounts this building, for sure, for sure. I suspect the location is off-putting for many. It is definitely not in a residential area, and it is definitely in the swirl of WTC rebuilding activity (noise, dust, traffic, general commotion). In fact, I am constantly surprised by the marketing of west-facing units in this building that fail to mention what is coming out those windows just two blocks away….
How severely does discount The Market this building? #9F is said to be “1,600 sq ft” (with a huge wrap terrace) and sold in May for $955k. #12F is said to be “1,200 sq ft” and sold the same month for $935k. #15C is said to be “1,600 sq ft” (and sunsets, but no WTC) sold in February for $1.02mm. #15A is also said to be “1,600 sq ft” (with west exposures, but no WTC) sold in December for $1.075mm. That’s four lofts in nine months at an average of $664 per sq ft.
In contrast, #4D is a low floor, overlooking a courtyard, and probably needs updating and a second bathroom. $611/ft seems a reasonable asking price. A bargain for people who love the neighborhood; unthinkable at any price for those who do not.
THX for stopping by, Looking Now. Any other questions? |
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on matters of interest to Manhattan coop or condo loft apartment dwellers, buyers, sellers, and others, especially about New York City real estate
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