since that $458/ft loft sale at 144 West 27 Street …

3 bigger (normal?) deals
In case anyone thought that this morning’s launch of an occasional new feature (OYAToMLG a new occasional feature / Shakespeare at 144 West 27 Street loft edition) means that you won’t get a new bit of Manhattan Loft Guy musings today, fear not! While none is very recent (except in a New York Post kind of way), there have been 3 lofts sold in that building since the dramatically unfortunate sale of #5R at $458/ft on October 7, 2009. Let’s start by saying that the contrast is (say it with me) dramatic.

The Post-recent sale was #7F on December 20 for $2.72mm, or $906/ft for “3,000 sq ft” that have been “[m]eticulously designed and beautifully appointed with quality prewar details”. That enjoyed a brief marketing campaign, from a launch on August 30 to a contract by October 13 at a modest discount of 6% off the $2.89mm ask.

The slightly smaller (“2,700 sq ft”) #2F was in similar condition (“Exquisite Architect Designed creation”, “Triple Mint Condition!!!”) when it sold on September 3 at $2.475mm ($916/ft). In fact, given the similarity with #7F, I bet that the upstairs folks were disappointed not to have done better than #2F. After all, the higher floor clears the building to the north, permitting the classic city view (and much more light?) that is lacking on the 2nd floor. But at least they traded within spitting distance of each other. (Not also that #2F closed 6 months ago essentially flat with the prior trade on December 4, 2006, at $2.44mm.)

a fascinating game of what if?
In the context of the Shakespearean tragedy of #5R selling at $458/ft on October 7, 2009, the neighboring loft that I featured in my October 7, 2010, the puzzle of pop-up contracts, signed long after Off The Market at 144 West 27 Street and 24 East 21 Street lofts, is rather … provocative.

You will recall that #5R was on the market for rather a long time before taking a significant discount off an already heavily discounted asking price. It overlapped at its painful finale with #9R, which had been offered at $2.2mm and $2.295mm from June into November 2009, then was pulled form the market. That “2,700 sq ft” loft was said to be “[a]bsolutely fabulous” on a higher floor than even #7F and enjoyed a corner footprint.

The pair of #5R and #9R could have been featured in one of my disappointed-seller-conundrum posts (a series begun with my November 15 post), as they took opposite approaches to market rejection in Summer 2009. #5R persevered, and got creamed ($458/ft!). #9R tactically retreated to await a better day and — without even having been put back on the market — negotiated the deal at a premium to the last ask that closed at $2,428,700 on July 22, 2010.

Note two things about that $940/ft clearing price: (1) how well it compares to #2F ($916/ft) and #7F ($906/ft); and (2) errr … well … (there’s no gentle way to put it) … how far it is (they all are) from #5R at $458/ft in October 2009.

Now you see why I got all dramatic (really!) in that post one year ago today. That baby got abso-friggin-lutely slaughtered. Did I mention that the 2009 market was dangerously thin for some sellers?

© Sandy Mattingly 2011