3 firms, 7 prices, 3+ years / patience paying off at 521 W 23

It went into contract last week. Whew!

It is said to be “1,800 sq ft”, 13 foot ceilings, an open cook’s kitchen, partial river views, stacks for a third bathroom, and $1,420 per month in taxes and common charges.

It has hard to know why this lingered, or why it sold now – it has been within a narrow range of the current asking price for nearly two years (as much as $30k higher or $46k lower than the current offering of $1.945mm). It is almost as if The Market got bored with it enough that someone just had to buy it…..

not a premium building, historically
The only thing to sell in this building in the last two years is #7R, the other unit on this floor, which sold for $1.6mm in August. That one is said to be “1,902 sq ft” using city records; #7F is only “1,650 sq ft” under those records.

High Line effect is split
This building was one of the early condo conversions in the pre-High Line area (west of Tenth Avenue); the High Line has always been there, of course, but it was not a draw until recent plans for the High Line park have been acted on. It is hard to believe that the High Line accounts for the premium for #7F over #7R, but perhaps the #7F seller took a big discount from the asking price.

After being on the market for 26 of the last 29 months, something had to give. (Buyers usually don’t give.)

© Sandy Mattingly 2007