opportunity knocked at 60 West 15 St for $828/ft (and more), answered at $622/ft
the incredible vying architects + designers
The Manhattan loft on the 4th floor at 60 West 15 Street was marketed as a masterpiece (to be), with the interesting come-on that "architects and designers are vying to renovate" it. At "3,133 sq ft", there’s a lot of work for those architect and designers to do. The raw materials include three exposures, columns, brick and high ceilings.
While architects and designers might have been vying for a shot, they did not have any buyers with enough money to bring for quite a while, and the successful buyer brought many fewer dollars to the table than the sellers were asking for….
The inter-firm data-base has this price history:
August 2007 – July 2008 $2.95mm (they were selling soul then)
October 2008 $2.595mm (new firm; the "vying" begins)
January 2009 $2.295mm
March 2009 contract (there is a price drop just before the contract was signed; I don’t take that seriously)
May 28, 2009 closed at $1.95mm
how many figures to figure?
In seven-figure terms, that sale was $1,000,000 off the original asking price — exactly. In percentage terms, the close was 33% off the ask. In calendar terms, they sold nearly two years after they started.
My take away is that this loft was punished for being on the market for so long and for costing a lot of money to renovate. But even a $200/ft renovation on top of a $1.95mm purchase brings the whole thing in well under $900/ft.
© Sandy Mattingly 2009
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