Powered by RealTown Blogs

Manhattan Loft Guy

Jun. 20, 2013 - unsold 3 times at $1.795mm, 4 West 21 Street loft finally sells at $1.915mm

 

hard for StreetEasy to follow the bouncing ball

Different day, same (similar) story as yesterday. The folks who just sold the “1,518 sq ft” Manhattan loft #3D at 4 West 21 Street in Flatiron for $1.915mm made sporadic efforts to sell for years, not succeeding at the same (lower) price three times. That is, No Sale while asking $1.795mm for 5 months in 2009, 3 months in 2011, and 2 months in 2012, then Ka-ching! 7% higher than that stubbornly unsuccessful asking price. Not as dramatic as the bidding war I hit yesterday (June 19, unsold at $3mm in 2011, 110 West 25 Street loft goes to war to sell at $3.45mm), but perhaps that is only because the stubbornly unsuccessful asking price was way too high, instead of merely just out of reach.

The whole history of loft #3D has gotten tangled on StreetEasy (that seems to be happening
a lot lately, hasn’t it?), but here you go, starting with the amount paid when half the couple bought from the sponsor, and with * for dates or events taken from our listing system rather than StreetEasy:

Aug 16, 2006 sponsor sale $1,705,568
     
Feb 9, 2009 new to market $1.795mm
July 1 off the market  
     
Sept 16, 2011 new to market (FSBO) $1.795mm
Dec 13 hiatus  
Jan 26, 2012 back, with broker $1.795mm
Mar 21 off the market*  
Jan 30, 2013 new to market $1.975mm
Mar 24 contract*  
April 17 sold $1.915mm


That first period while they beat their head against The Market’s wall is most understandable: thin market, just beginning to thaw when they pulled back. The middle is probably one extended campaign, interrupted by a holiday break and the decision to engage a professional. The last,
successful!, campaign was not immediately successful, and did require a discount, but got them what they wanted (out) at a $200,000 (gross gain) over the buy in 2006. Keep that gain in mind, please.

The Market is (finally) smiling on this 2006 new development

My only other post about a sale in this building got into some market metaphysics, in positing that when a loft resale does not make sense compared to when it was purchased, one of these “market” transactions must be wrong. In my April 12, 2012, loft at 4 West 21 Street an outlier, closes 9% off 2006, I suggested that the sponsor (somehow; magically??) got above-market prices when selling in 2006, odd as that sounds, because the 2012 resale price of the “1,658 sq ft” loft #10B seemed like less of an outlier. For present purposes (in relation to the recent sale of loft #3D sale), that post is interesting for the analysis of other original owners selling at losses as late as a year ago, 6 years after their purchases.

The poster child for that group was loft
#11B, which took a nearly $300,000 hit when it sold on July 28, 2011. (See that post for another example, and for a “theory about new development froth”.) Since then, #12C sold June 15, 2012 still below what that seller paid when buying from the sponsor before #2C started the trend of selling at a (gross) gain over 2006 when it sold on January 18 this year, a trend that continued with #3D and with #7D on May 10. So far, #3D has shown the greatest improvement ($200,000, remember?) over the sponsor sales in 2006.

Presumably, all other resales should be above water here, at least unless (until?) the market dramatically changes in the opposite direction.

 

© Sandy Mattingly 2013

 

Comments (0) :: Post A Comment! :: Permanent Link
View more entries tagged with: , , , , , , , , ,

Write a Comment

Your Name:  RealTown Members: Click here to login
Your E-Mail: 
Your Website: 
Subject: 
Your Comment: 
Notifications: 
Privacy: 
Verification: 
To verify that you are a human and not a script, please enter the verification word from the image into the box on the right.
 

Sandy Mattingly is Manhattan Loft Guy; now with The Corcoran Group (http://corcoran.com/ ; but see the disclaimer at the bottom of the page), he can be reached most easily at Sandy@ManhattanLoftGuy.com or 917.902.2491, and followed on Twitter @ManhattnLoftGuy (note "mis-spelling"). After 7+ years, the blog has moved. Links here on RealTown will work for the foreseeable future, but new posts (and all the old content) has migrated to ManhattanLoftGuy.com.

Recent Posts

ch ch ch changes September 30, 2013
diversion is more of a (small) rant about Manhattan real estate "penthouses"
50 West 29 Street build-out loft sale not as simple as it looks
28 Laight Street 1-day loft sale looks like a whisper listing
room or light? Tribeca or Chelsea? 2 lofts sold above ask at $2.645 million have different charms


RSS Blog Feed

Categories

apartment types
bubble talk
caution: no real estate content
change is a constant
economic "analysis"
general weird stuff
In the news (me)
loft features / amenities
loft features / kitchens
loft features / outdoor space
loft features / "space"
loft features / views
lofts in 'other' neighborhoods
Loft neighborhoods / Chelsea
Loft neighborhoods/ East Village
Loft neighborhoods / Flatiron
loft neighborhoods / NoHo
Loft neighborhoods / SoHo
Loft neighborhoods / Tribeca
loft neighborhoods / West 30s
lofts outside New York??
loft style
Manhattan real estate business
Market Data - aggregators
Market Data - reports
Market Trends
Marketing Manhattan apartments
New York, New York, New York
On The Market
open houses
pricing analysis
The Process - buying an apartment
Psychology of the market
public art in Manhattan
schools
truth IS stranger...
what makes a loft a "loft"
internet and blogosphere
renovation opportunities + rewards
One Bed Wonders
new this week


Favorite Links

Manhattan Users Guide (be sure to search the archives)
The Gotham Center for NYC History
Matrix the Real Estate Economy
Hopstop (door-to-door subway instructions)
MTA subway site, including maps + schedules
NYC Dept of Education site
NY State Assn of Independent Schools (find private schools)
cul-cha!
the local TriBeCa newspaper
"the weekly newspaper of lower Manhattan"
Brooklyn, but a great blog
Patell & Waterman's History of New York
The Soho Memory Project by a long-time resident
Tribeca Commons, an economist considers history, development + more
NYC Past photo tumblr
Manhattan Loft Guy Facebook page (use dropdown menu for Timeline)
the MLG Master List of loft sales, to Nov 2008
Tribeca Citizen
Malcolm Carter
Brick Underground, "vertical living demystified"
Daytonian In Manhattan a tourist's wonder with a local's eye
Urban Digs (numbers, graphs & charts, oh my)
True Gotham (very) occasional front-line dispatches
DNA Info, local news via the inter-tubes
The Real Deal, our industry rag
Coop and Condo (a lawyer writes with a funny pen)
Crain's New York real estate
Tom Fletcher’s NYC Architecture
Jeremiah’s Vanishing New York
Architakes, one guy's take
Scouting New York (location guy with camera)
Forgotten NY
Soho Alliance
Soho Journal
Chelsea Now (area news)
the essential. if ephemeral, New York
The Broadsheet Daily (especially for BPC, FiDi and Tribeca residents)
The Atlantic Cities

Links

Home
View my profile
Archives
Email Me
Blog Manager