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Manhattan Loft Guy

New York, New York

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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Manhattan Loft Guy

loft developer in default at 654 Broadway

Sep. 15, 2009
Categorized in: loft neighborhoods / NoHo
Not a pretty story reported in The Real Deal (last Friday, on line) about a Manhattan loft developer default, CIT Group sues for $12M at Noho condo site. I don't have a lot of any experience running numbers on a development project, but this seems like it

one less funny person at The Porter House

Aug. 28, 2009
Categorized in: Market Trends
I checked in at 66 Ninth Avenue (The Porter House) on August 16 (Porter House loft may be "beyond the beyond" but sells off a million, up 40% or down 25%) to tell a tale of Manhattan loft sellers who recently closed 40% above their November 2003 purchase

revisiting Trouble in Tribeca, while stopping in Soho

Aug. 27, 2009
Categorized in: Market Trends
Tagged with: closed, real deal, soho, tribeca
When I hit the Manhattan loft #3S at 155 Franklin Street (the Sugar Loaf) as a June 2009 sale 16% off the 2006 clearing price (August 5, 155 Franklin Street crashes past 2006 to close up 28% (since 2000)) I made a note-to-self to revisit The Real Deal Jul

(kinda) quick trip to closing, but a long trip off ask at 147 Waverly Place

Feb. 11, 2009
Categorized in: pricing analysis
velocity x magnitude = whiplash The speed at which the Wanna-Be-Seller adjusted the asking price for this Manhattan loft is remarkable, as is the magnitude: the $796,000 price reduction was a 40% "discount" off the asking price. Yowza. (How's that for p

looking for walk-aways by testing the hypothesis that buyers can't close / the lab at The Caledonia, 450 West 17 Street

Dec. 31, 2008
Categorized in: Market Trends
I started with The Caledonia at 450 West 17 Street because I happened to note a recent Manhattan loft closing there and was curious about the building as a laboratory to check The Stoler Hypothesis about walk-away buyers. The Caledonia turns out to be a t

facts v. hype / testing the thesis of "little or no sales activity"

Dec. 29, 2008
Categorized in: Market Trends
So ... it is hype to say that sales are taking place because the truth is that there's been little or no sales activity. Let me offer some more hype, then. Looking only at sales of Manhattan lofts (as in transactions reported as Sold & Closed), on average

disconnect: dumbest article ever? (not saying market is not tough, but ...)

Dec. 27, 2008
Categorized in: Market Trends
I would love to hear real data about the number of people who can't drag enough cash to a closing to take title, but in the meantime I will just stumble along with my Manhattan loft anecdotal stuff (about developments such as 15 East 26 Street as an excep

why so hard to count Manhattan residential real estate sales?

Apr. 15, 2008
Categorized in: Market Data - reports
I got so caught up in micro-'analysis' yesterday that I did not get around to considering the factors that make it so hard to get accurate numbers about something as 'simple' as counting the number of coops and condos in Manhattan that closed between Jan

REBNY's paltry portal launches Friday (yawn)

Sep. 25, 2007
It will have taken nearly a year for the Real Estate Board of New York (REBNY) to bring out its public portal for searching exclusive Manhattan rental and sales listings by the time this thing is introduced on Friday. (THX to Curbed for the reference to The Real Deal’s article yesterday.)
 
I am not going to go through the entire sordid history here (as I did on May 18 portal potted / REBNY website to limp out in September). Suffice it to say that The Real Deal's report that Bellmarc is not participating seems a bit like beating a dead horse.

REBNY vs. REBNY vs. REBNY / portal potties still percolating

Dec. 21, 2006
REBNY portal wars get curiouser and curiouser (nastier and nastier?) The much-discussed announcement by the Real Estate Board of New York to create an open web portal for members of the public to... [Read More]