Manhattan Loft Guy

Sep. 10, 2006 - five falling prices / “price improvements” on five lofts

‘tis the season

There is a new market after Labor Day, or at least new energy. Both buyers and sellers are “back” from the summer, whether they have been physically elsewhere or not. Many sellers decide to change the market’s reaction to their lofts by dropping prices.

I picked out five examples.

105 Fifth Av #4A

This Brown Harris listing (Elaine Clayman) came out in March for $1.695mm; it just dropped last week to $1.575mm. It is a 1300 sq ft “exquisitely renovated” coop, facing Fifth Av from the fourth floor. I hate when they say “this will not last so call me today”, then forget to edit the listing after six months. Open house Tuesday 9.12 from 5 to 6 PM.

80 Chambers St #15D

This was new on August 13, but Stan Ponte at Stribling dropped the price last week $150k, to $1.645mm. This 1640 sq ft condo was converted in 2002, and carries taxes and common charges of $2,841/mo. This may be an unsold unit from the original offering. Does that kitchen look “lived in” to you??

258 Broadway #2A

This one is around the corner from 88 Chambers and came to market in June at $1.925mm. The post-Labor Day price is $1.75mm. It is 1750 sq ft, on the second floor “overlooking CityHallPark” (and the Broadway traffic), but the 11 custom but windows might take care of that noise. Either it is an unusual sales inducement, but someone there has stopped playing the piano, as “the best offer get s a free baby grand piano”! Offered through ThomasFalls at Warburg, with an open house Wednesday 9.13 from 6 – 7 PM.

471 Broadway #4

This unit offers a ton of space (2171 sq ft) and roof rights for a post-Labor Day price of $1.795mm (it started in March at $1.995mm). The major drawback? It is the top floor of a five story building without an elevator. And on Broadway 2 blocks above Canal St. Offered by Rebecca Edwardson of Warburg.

88 Laight St #2

Way west on Laight St (last block to the river), this is a new small (7 loft) building, dubbed the Glass Condominiums, that is a solar energy building. This 1677 sq ft unit came to market in January at $2.588mm. While it has not had a new Labor Day price, there were two price changes in July, bringing it to $1.95mm, which caught my eye. It has 17 ft ceilings and a wall of floor-to-ceilings windows (a lot of glass!) and (they say) Hudson River views, Details are accessible through the Project Real Estate website. Only the penthouse unit is in contract; the others are priced above $2.6mm. They must be testing the waters with the price drops on Unit 2, as #4 went up n price in July, #3 has its original price, while Units 5, 6 and 7 have had about $300k price drops.

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Sep. 10, 2006 - five falling prices / “price improvements” on five lofts

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