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

love to hear this story….
Unit 7F at 521 West 23 Street came to the market with PruDE in June 2004 for $1.775mm. Since then, it has been off the market in March and April of 2006 and August in 2007. It has been offered by PruDE, Corcoran (same agent, changed firms), PruDE again, and (finally) Pam d’Arc at Stribling. It was offered for $2.15mm in October 2005 and has had four price changes since then, settling at $1.945mm the last two months.

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

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