hope falls eternal? 716 Bway is back : Manhattan Loft Guy

Manhattan Loft Guy

Sep. 19, 2007 - hope falls eternal? 716 Bway is back

seasonality is so macro

I am not a big believer in the common acceptance that seasonal tides are especially important in the Manhattan market, as the micro needs of Seller A or Buyer B are much more relevant than what The Entire Market Typically Does At This Time Of Year. Because there may be fewer sales at one point does not mean there are no sales. (d'oh)

But celebrating a new year in September is not exclusively a Jewish thing, as many people in the Manhattan market (sellers, buyers, agents even) view Labor Day as the beginning of a period in which to get serious. (Even in jittery times.)

Anecdotally, more apartments come to market just after Labor Day than in several earlier months. Especially at levels at which people need real money, August is perceived as a slow-if-not-dead month. Which is why you see lofts that take a breather before Labor Day, especially if they are a bit ... tired.

welcome back, did you get the birthday card?

Which is a long introduction to the fact that the 2d floor at 716 Broadway is back on the market as of yesterday, having been taken off the market temporarily on July 30. Welcome back.

how tired?

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.

It makes a lot of sense for this loft to have taken six weeks off to try to come back with a bit more freshness and energy. The new-to-market loft buyers may not be aware that this listing has already had a birthday; those that have seen it on the web but not in person may take the opportunity to reconsider it.

good and bad, Long-and-Narrow

This is a Long-and-Narrow with a lot of things going for it: 13 foot ceilings, the outdoor space, views of Washington Square one block to the west, "classic loft" elements (tin ceiling, exposed brick and pipes, fireplace). Did I mention the outdoor space?

It suffers from being on the second floor overlooking busy busy Broadway at what sometimes feels like the middle of NYU (though the 4 front windows are "sound-proof"). It suffers from being that classic Long-and-Narrow with a long way between the front and back windows (although it does have plumbing on both long sides). It probably suffers because it has had that birthday ("maturity" not being a virtue in a listing).

It probably suffers from a surfeit of dollars.

Apart from the outdoor space, the fireplace and their current layouts, the 2d floor is very similar to the 3^rd floor (only 1.5 baths but 2 real bedrooms and a brag-about-renovated-cook's kitchen on 3). The 3^rd floor sold in May 2006 for $1.85mm (pix and floor plan still available on the web), not so easily (4+ months between listing and contract). The 2d floor was brought to market six weeks later at a 50% premium.

how much is that theory in the window?

Of course, all lofts are 'unique', so there may be some theory to explain why the 2nd floor is more valuable than the 3^rd. But 50% is a lot of theory.

And sales in the building next door at 718 Broadway do not show a NYU-premium, at least not when I looked at rich comparable data there last November (more rich data and 'comps' / 718 Broadway sales history).

Can't tell if this seller wants to sell or just likes "selling"....

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Sep. 19, 2007 - hope falls eternal? 716 Bway is back

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