small loft sale at 252 Seventh Avenue is another double-sided bold name transaction
once more into The Merc
The New York Observer has the news about a recent sale of a small loft at the Chelsea Mercantile, sold by a photographer to an HBO executive. (I have heard of one half of these bolds, this time.) As usual, I am less interested in the names and more interested in the numbers. The key number in the June 6 sale of the “1,001 sq ft” Manhattan loft #7N at 252 Seventh Avenue at $1.295mm is the spread between that sale and the price the photographer paid on October 3, 2008, $1.2mm. That 2008 sale was post-Peak and even post-Lehman, although the contract had to have been signed before Lehman’s bankruptcy filing. It may have been a private sale or a well-marketed FSBO; there’s no way to tell from our listing system or from StreetEasy, so there is no way to tell if that represented fair value at the time without doing more work than I am willing to do this morning about the late 2008 micro-market at The Merc. (Sue me.)
east light, no view
We do have a way to put the recent sale at $1,295/ft within the 2012 micro-market at The Merc, of course, as I have done a series of posts about the ways that views (or their lack) sharply influence values here, ranging from courtyard “views” around $1,040/ft to Statue of Liberty views at $1,730/ft. Loft #7N looks at neither pole, but boasts of an “Eastern exposure [that] fills the apartment with sunlight from 4 extra-large Thermopane tilt-and-turn windows”. Note that it says nothing about what is outside those windows, beyond light, but that is the 12-story 245 Seventh Avenue across the street from the Merc in the lead picture.
Probably the most interesting comparable sale for #7N at $1,295/ft was #4J at $1,283/ft on November 1, 2011, a sale I hit in my November 22, 2011,uber-renovated (?) loft at Chelsea Mercantile sells 7% above Peak. That one is actually a 1-bedroom + home office, as opposed to #7N as just a home office, and boasts more about light (“sunblasted“) than views, like #7N. As that title says, #4J was uber-renovated (the locution is from the babble, not from me).Yet the sunblasted+uber-4J sold for a tiny bit less than the filled-with-light 7N.
With #7N having gone quickly (to market February 28, full-price contract by April 6), I suspect that either the photographer drove a hard bargain or the HBO executive really wanted the space. Either way, strong sales price for #7N.
if NYO wrote babble
An agent could strip out the specific person in favor of a more generic description, but this approach to drafting broker babble is certainly bold:
The airy, open layout looks perfect for Ms. Nevins. Modern and no-nonsense, it’s just the kind of place we’d picture a woman who is sometimes referred to as the “de Medici of Television” for her stalwart support of non-fiction filmmakers.
“Modern and no nonsense”! I don’t think I have the courage, but with the right seller, maybe ….
© Sandy Mattingly 2012