107 West 25 Street buyer discerns deal 15% off list, sits in lap of luxury

 

The Manhattan loft #5B at 107 West 25 Street closed on June 25 (the deed was just filed last week), the first loft to sell in this small building since 2007. Please raise your hand if you are surprised that values have changed in the building since 2007….

 

Sellers generated a contract within 9 weeks of coming to market in January by accepting 15% off their asking price of $1.15mm. That is a nice reaction to what The Market offered. The loft is said to be "1,200 sq ft" and in "triple mint" condition (indeed, the broker-babble hits a number of key key words: for a "discerning buyer with exquisite taste"; "luxury and design elements"; "perfect home"; "perfect space to entertain"; "lap of luxury"; "cook’s kitchen" — it is all exhausting).

 

The floor plan has some limits, however: only 1 bath; only 3 windows, all on one (narrow) side; so … only 1 (real) bedroom. (At [only] "1,200 sq ft", this loft is too small to be a One Bed Wonder; see Feb 24, 2007 What Is A 1 Bed Wonder?.)
 

The last sale in the building was October 2007. #4C was said to be "1,300 sq ft" in "newly renovated" condition that sounds equivalent to the lap-of-luxury in the just-sold #5B, although the #4C floor plan is much more efficient, with 2 real bedrooms. If they are equivalent in finishes, that is a spread of $1,076/ft vs. $812/ft in 21 months — looks like a 25% hit.