11 West 20 Street #2 closes / did they get THAT??

Today’s new inter-firm list of Sold & Closed includes the Manhattan loft on the 2d floor at 11 West 20 Street, which is interesting (to me, at least) for a few reasons: (a) it can be either commercial or (when "re-zoned as of right") residential, (b) it seems to be an extremely minimal ‘white box’, (c) it took only 9 weeks to get a contract from the first offering in mid-March, and (d) the (successful) asking price of $2.5mm is $350k higher than two 2007 sales of fully finished units. Did they really get (close to) $2.5mm?? (No closing price yet that I can find.)

very flexible white box, indeed
The building history is accessible through StreetEasy, of course, here, where you can peak at the now-gone Halstead listing for the 2d floor. Talk about a flexible space … while there are only the traditional front-and-back windows, there are no interior columns in this roughly 27 x 88 foot space (wide enough for two real bedrooms in back). 13+ foot vaulted ceilings must only enhance the sense of open space.

a history of lower-priced mints
The 8th floor was said to be in "mint" condition when it sold in February 2007 at $2.15mm off an asking price of $2.25mm, while the 5ht floor was said to be in "triple mint" condition (not to mention, "magnificent") when it sold in January 2007 for the then-asking price of $2.125mm (reduced from the original $2.25mm asked). Number of mints aside, these two points seem pretty strong indications of value of fully finished lofts only a year and a half ago. Yet the 2d floor was successful asking $2.5mm for a loft that should require another $400k to $500k (using a $200/ft benchmark for this "2,200 sq ft" space).

coming back to market soon?
The 8th floor had been offered for sale since October at $2.85mm (in "spectacular" condition), a price that is more in line with a successful 2d floor sale off of $2.5mm (though still a hefty premium from its February 2007 trade at $2.25mm or the January 2007 very mint-y closing of the 5th floor). But that listing is no longer on PruDE’s site — though it has not been updated to the other firms as off the market. If #2 got close to $2.5mm, what should the 8th floor get?

Color me curious (about the clearing price of #2).

© Sandy Mattingly 2008

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