241 W 23 St is back / 3 strikes, not out, at $752/ft : Manhattan Loft Guy

Manhattan Loft Guy

May. 14, 2007 - 241 W 23 St is back / 3 strikes, not out, at $752/ft

241 W 23 St #5B still for sale, but why? There are not many opportunities to get 2,000 sq ft of “the very definition of a ‘Classic Loft’” in Chelsea (on 23^rd St, but still – this line looks into the block and should be quiet). This unit is said to be 2,000 sq ft for ‘only’ $1.55mm (maintenance a bit hefty without a doorman at $2,015/mo).

a bridesmaid, not a bride

It has been on the market since September, starting at $1.65mm, briefly at $1.599mm and has been at $1.55mm since January. The seller has been through the ringer, with an accepted offer (and contract out) for four days in January, another in February for two and a half weeks, then a contract signed in March. Alas, that fell through also, and it is back to the market as of last week.

$752 per square feet. Why is the market so cold for this one?

37 feet wide with two sides of windows, but the nearly square layout may feel a bit chopped up (no ‘flow’?). There’s a 23x16 master bedroom with an extravagant 9x12 closet, a small 2d bedroom at 11x9, and a den at 14x12 and an office at 11x9, with a huge master bath almost exactly in the middle of the room. The main living area, at 12 feet deep, is certainly a good size for an apartment, but the proportions (37 feet wide) may make it feel cramped (as the pictures suggest) for a loft.

Fans of PruDE’s Bob Manzari and Bonnie McCartney from Curbed.com will smile at the flower arrangement that shows up in the kitchen island and the living room coffee table and the dining room and (possibly) in the 2d bedroom.

no love for the building

The fact is The Market has never loved this building. Unit 3B is smaller than #5B (1,800 sq ft) and traded in February at $1.41mm after a year on the market. That was said to be triple mint, with a chef’s kitchen and “exquisite” bathroom renovations.

Unit 6B traded a year earlier at $1.4mm. This one was also said to be mint with a new chef’s kitchen, and was newly architect designed. This one is said to be 1,850 sq ft (same layout as #3B it seems, but not as large as the #5B foot print, oddly enough).

In a building that clears sales at under $800/ft, my guess is that #5B presents as a renovation project with too many dollars attached. #5B is not marketed as a triple (or even single) mint unit, just as a ‘classic loft’. Buyers who come expecting to ‘move right in’ may be disappointed. Somebody has been disappointed – with three accepted offers but no closing since September, that’s for sure.

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Sandy Mattingly is Manhattan Loft Guy; now with The Corcoran Group, he can be reached most easily at Sandy@ManhattanLoftGuy.com or 917.902.2491. Since March 2006, this blog has addressed matters of interest to Manhattan coop or condo loft apartment dwellers, buyers, sellers, and others interested in New York City real estate.

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May. 14, 2007 - 241 W 23 St is back / 3 strikes, not out, at $752/ft

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