716 Broadway has another birthday loft : Manhattan Loft Guy

Manhattan Loft Guy

Jan. 11, 2008 - 716 Broadway has another birthday loft

keeping it on the 2d floor
About twenty feet north of the 2d floor loft I hit on Wednesday (710 Broadway is slimmer after holiday break) in the greater NYU corridor known as Broadway, 2d floor at 716 Broadway is also on the market, also has a long history (including a birthday), and also has high ceilings and soundproofed windows.

I hit it in a riff about seasonality of the Manhattan real estate market on September 19 (hope falls eternal? 716 Bway is back; short story: The Market is seasonal, but that is a macro concept that is – IMO -- overblown).

This one has at least two things going for it over its toddler neighbor at 710 Broadway: a “500 sq ft” garden and direct views of Washington Square Park a short block to the west.

maturity in a listing is painful
Even in September it was a listing with a long history:

This is a... mature... listing. They misperceived The Market at the start, coming out in June 2006 at $2.95mm for "2,400 sq ft" (plus "500 sq ft" of outdoor space in the back) and $1,800/mo. An adjustment in October 2006 to $2.65mm (of a scale that should have gotten attention) has held, but has not (yet) been successful.

Other than that 10% drop in price 15 months ago, the seller has held firm.

comparisons abound
Compared to its 2d floor neighbor at 710 Broadway, this one has (in addition to the outdoor space and Washington Square views) probably a better set of finishes in essentially the same size, and $500k. Compared to the 3^rd floor at 716 Broadway, this one has more bathroom (2 vs. 1.5) and that outdoor space, but the 3^rd floor has a bragged-about kitchen. The 3^rd floor also sold – in May 2006 (6 weeks before the 2^nd floor came to market at $2.95mm) for $1.85mm.

Short story Is that neither the 2d floor loft at 716 Broadway nor the 2d floor loft at 710 Broadway has sold, after long marketing, in a market that was notoriously active. Perhaps they are waiting for The Market tide to float them off the rocks….

© Sandy Mattingly 2007

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Jan. 11, 2008 - 716 Broadway has another birthday loft

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