oh dear / 808 Broadway #2J is back

guessing a board turndown
#2J at 808 Broadway came to market in March at $1.25mm (maintenance is $1,500/mo) and after two little price drops found a buyer and a contract in early June off of $1.125mm.
But it is back to the market as of yesterday. Ten weeks between contract and BOM suggests a Board turndown rather than cold feet or short cash (though only the principals and the board really know). So I don’t think this is one of those deals that are falling victim to the change in the credit and mortgage markets – of which there certainly are some.
It has “1,100 sq ft” and a “zen-like 200 sq ft private outdoor space” (I get 364 sq ft from the 26 x 14 dimensions given). As configured, it has only one bedroom and only one bath. (They say it “easily transform[s]” to two bedrooms, but I ain’t buying that.)
I have seen a number of units in the Renwick, but haven’t had a buyer intrigued enough to buy here. It is on a very busy stretch of Broadway (11th and 12th Streets), but many lofts (like #2J) face away from Broadway and are legitimately quiet and peaceful, and it is right next to Grace Church. The building requires 25% down (a possible indicator of a more conservative approach) but does permit parents to buy for adult children (a definite indicator of a more liberal financial approach).
a busy board?
PH-C here (asking $1.895mm for “1,400 sq ft” and “500 sq ft” terrace) has been in contract for just about the same length of time (a week less than #2J was) and should be just about at the board approval stage.
#2F (asking $725k for “800 sq ft”) has also been in contract since June. We’ll see what happens with both of those.
I wonder what really happened with #2J…
Open House Sunday Aug 26 noon2 PM
© Sandy Mattingly 2007
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