8 million stories / 236 W 26 for sale again

life sometimes gets in the way of real estate

Unit #1003 at 236 West 26 Street (The Capitol) is for sale for the second time this year. I wonder what happened to make an August buyer an October seller….

City records show this unit changed hands on August 16 for $1.8mm (off an asking price of $1.695mm, so there must have been competition there). It is for sale again since Oct 17 through Corcoran at $1.845mm (much less than a break-even price, netting expenses) and $1,347/mo, for “1,686 sq ft”.

another architect special
I am trying to remember if I have ever seen a loft described as “architect-ready” before; it Si an interesting locution. The meaning is clear: buy this baby above $1,000/ft and then put another $100k to $300k to fix it up. The kitchen and baths are said to be “renovated”, but the kitchen has a pretty strong do-it-yourself look to me.

building history
A large 7th floor unit sold in March for $2.75mm (above ask), with “2,717 sq ft” — but that one was beautifully done. My buyers who learned about Mick Jagger were just starting their search when they saw that one. (March 15: Jagger’s Law of Imperfect Lofts / Life is Compromise (sigh))

A small unit (“850 sq ft”) on the 11th floor sold in January for the $995k asking price.

Unit 1003 has the benefit of high floor views and is its own best comp. That said, repeating a sale above $1,000/ft for architect-ready space may be a bit of a stretch. Their best bet will be to find the people this seller evidently out-bid on her August closing.

Open House Sunday Oct 28 from 2 – 4 PM

(C) Sandy Mattingly 2007

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