May. 28, 2009 - how to get cash in 10 weeks / negotiating to close at 155 Hudson Street

no secret formula
How's this for a lovely trajectory in a challenging market? The Manhattan loft #4N at 155 Hudson Street came to market on February 20 at the wrong price ($2.395mm) but they (apparently) really wanted to sell and they knew what to do: they dropped the price $145k (6%) after 30 days. To repeat, they (apparently) really wanted to sell and they knew what to do: so then they got a contract within two weeks by being flexible and, (very likely) through some hard bargaining. They closed April 30 at $1.95mm -- 13% off their last asking price, and about 19% off their original starting point on February 20.

NICE work, that. A tip of the Manhattan Loft Guy hat to the sellers and to PruDE's Ed Hardesty.

history did not help (much)
The loft is "2,241 sq ft" and was marketed as being in "absolute mint" condition, with your basic Viking, Miele, custom cabinets, dual wine coolers but there was a challenge: nothing in the building had traded hands in five years, though a couple had tried. The sellers of #4N were perceived by The Market to be very interested in actually selling, evidenced by the fact that they did sell (after a relatively modest price drop and a serious negotiation).

but there is some history (20% worth)
That prior sale was of #2N, which was said to be a "stunning, exquisitely designed custom loft". Assuming the implied comparability with #4N's condition, the #2N clearing price in June 2004 of $1,635,000 suggests that #4N appreciated about 20% in five years (net, of course) to get the $1.95mm at which it cleared last month. Nice data point.