42 West 15 St closes where it couldn't in 2008

weird but true
The most intriguing thing about the recent closing of the Manhattan loft on the 2nd floor at 42 West 15 Street is not that the March 15 clearing price of $1.675mm was $24,000 off of where it previously sold in December 2006. No, the most intriguing thing about the recent sale is that it did not sell when it was offered for sale within  reasonable negotiating range of $1.675mm throughout 2008.

what happened in 2008?
I know that The Peak occurred in early 2008, followed by the Fall of the House of Lehman around Labor Day. I mean: what happened to this loft in 2008??

This loft came to market on January 9, 2008 and was taken off the market on December 18. They started at $1.799mm, dropped $50k in July, and dropped another $50k 3 weeks after Lehman’s bankruptcy and the ensuing freeze. I have to believe that any of these prices could have attracted the same bid that succeeded in 2010 at $1.675mm.

Did the sellers turn down a bid that might have gotten them out in 2008 around $1.675mm? I have to believe they did not, but that puts my two ‘beliefs’ in conflict.

lovely Long-and-Narrow with porcelain floors(!)
This baby has classic Manhattan loft features: the Long-and-Narrow footprint (this one has 3 windows on one long side); high ceilings (12 ft); barrel vaults. It also suffers from the classic Long-and-Narrow challenges: the three large windows in the front are all in the master bedroom, so provide no light to the living area; there’s only one window in the kitchen (facing into the block) so can’t bring much light into any ‘public’ space (the second bath gets two windows!); the "office / bedroom" won’t have a window unless the new buyer puts one in.

Comparing the listing descriptions, floor plans and photos from the 2008 (unsuccessful) listing and from when it just sold,, that "brand new" kitchen was around in 2008, with proper proper names in place, though it looks as though it may have been remodeled just a bit in between.

another thing that happened in 2008
The 7th floor sold in July 2008 for $1.85mm as a "no listing associated with this closing" deal. That had to frustrate the 2nd floor seller who couldn’t sell in 2008 at $1.799mm, $1.749mm, or $1.699mm.

what happened in 2009?
Within two weeks of the 2nd floor coming back to the market in December 2009 at $1.699mm, the 6th floor went into contract. That must have been a game changer for the 2nd floor, as that contract was at $1.97mm after having been on the market only 30 days at $1.995mm. (It closed on February 11.) This small building has some beautiful lofts in it. The babble on the 6th floor is very enthusiastic; I will quote only a little:

A perfect blend of living and entertaining space in a style that is warm and inviting while achieving a livable industrial chic.

"[L]ivable industrial chic" is a nice locution, isn’t it?

a theory
Armed with that comp, the 2nd floor found a contract by January 15. While I can’t think of any other reason that they were able to sell the 2nd floor in 2010 when they could not sell in 2008, I am still confused about why the strong comp in 2008 didn’t accomplish the same thing back then. Perhaps because the 7th floor was not publicly marketed, so was distrusted by The Market.

Perhaps.

© Sandy Mattingly 2010