2 closings at 36 West 15 Street / one was pushing it

pushy one off 10%, other off 6%
I hit the 11th floor at 36 West 15 Street (anonymously) on December 19 in a too pushy …? thread dialogue with Reader Jess (pushing on in Flatiron, but not as hard). Since it has now closed, I will insert actual prices (in addition to my original $/ft numbers) in what I noted then …
This loft sold 2 years ago [November 28, 2006] for $860/ft [$2mm], bragging then only about a new kitchen. The new listing is all about being newly renovated. I suspect that they did not spend $300/ft on a renovation, but never mind … it has not sold yet as the sum of (1) the 2006 purchase price and (2) $270/ft for renovation [$2.65mm]. It will be interesting — in a vulture kind of way — to see where this one ends up. As that reader suggests, I will keep an eye on it.
I did not want to confuse matters then by also talking about the 6th floor then-active listing, which was then recently in contract off an asking price of $2.35mm.  That one was described as "spectacular, sun-filled and stylish". with a "well-appointed" kitchen, "hand-crafted" den, and "huge spa-like" master bath. On this floor, the only exposures are north and south in this classically Long-and-Narrow loft. With one month off the market in the Summer, the 6th floor took 5 months to find a contract, 8 months to close at $2.2mm.
The 11th floor took only 2 months to sell for $2.395mm, 9.6% off the asking price of $2.65mm (reduced from $2.75mm). I’d love to know how low that original bid came in. One way to look at it is that they got the 2006 purchase price plus $160/ft for the renovation; another way to look at it is that they did pretty well getting that.
This loft was described much more enthusiastically (with more details) than the 6th floor, plus it has many, many more windows (4 exposures) with Empire State and Met Life views — usually premium items for a Manhattan loft. (StreetEasy has part of the listing here.) The Market thinks the (better finishes? and) additional windows and views are worth only $195k more than the north-south windows (and lesser renovation?) of the 6th floor. I’d have thought the spread would have been greater…. Perhaps the 6th floor sellers should be very happy where this ended up, vis-a-vis the 11th floor.
about those coop sizes (again)
Both lofts are full floor lofts in a building that Property Shark thinks is 25×103. Subtracting the elevator and stairwell, the 11th floor was marketed as "2,325 sq ft" but the same footprint on the 6th floor was said to be "2,100 sq ft". Feh.

See June 4, 2007  why can’t I find all my feet? / measuring square feet with same rulers, different lines for one of my rants about square feet.

© Sandy Mattingly 2009  




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