waiting for the final number for Steiner sale / looks like a premium

#2D was quick, so probably close
Unit #2D at 257 West 17 Street (The Steiner Building) shows up today as Sold & Closed in our inter-firm data base, though not yet posted with a clearing price through ACRIS.

Here are the quick details, but this one is interesting for a couple of reasons. It is "1,889 sq ft" and is said to be both "stunning" and "gorgeous". It came to market in January at $2.895mm ($1,431/ft) and found a buyer in 7 weeks.

The footprint is a wonderful variation on a Long-and-Narrow Manhattan loft layout in that it is a little more squat and in that it has 60+ feet of south-facing windows, which is ample for a decent master suite and 2 other bedrooms with enough room (and 4 windows) left over for a well-proportioned living/dining room. Plumbing is all along the opposite long wall, enough for a 16 foot kitchen, laundry room and 2.5 baths.

In other words, this is a terrific layout for people who are frustrated over the classic Long-and-Narrow without side windows and with 2 bedrooms in the back. But that long run of windows sits about 12 feet off of (the rather busy) West 17 Street.

comps you can count on
How does this unit compare to recent sales in the building? Glad you asked….

The most recent sale is of #5B, on December 17. That "1,245 sq ft" that was fully renovated traded at the reduced ask of $1.615mm after taking nearly 5 months and 2 price drops ($1.789mm to start) to find the contract that closed. Need to use a calculator for that one: $1,297/ft.

#2A sold in September at $3.15mm for "2,579 sq ft" of "stunning, well-appointed" loft with a 650 sq ft terrace. That one took 3 months and two prices ($3.4mm and $3.25mm) to find a contract. That’s $1,221/ft, ignoring the terrace (obviously, no one ignores the terrace, but I hope you get the point). So far, #2D’s asking price looks like a bit of a stretch….

But then there’s #8C, which took 3 weeks to find a buyer in September 2006 and sold in December 2006 at $2.875mm, slightly above the asking price of $2.85mm. That was a "many times published" loft of "2,008 sq ft" (an "architectural masterwork", in fact). That sale matches exactly the asknig price for #2D, $1,431/ft.

the ‘net is your friend (and mine)
StreetEasy is a great source for information about current listings and past sales data, especially as it has at least a peak at the cached listings pages for closed sales (only Corcoran keeps the ‘old’ listing sheets on line after they close). For this building, click here for the StreetEasy trove. StreetEasy should have the clearing price for #2D on that page after the price hits ACRIS and get scrubbed by StreetEasy.

© Sandy Mattingly 2008