889 Broadway newly in contract
TheGorham Silver building at 889 Broadway is one of the most handsomeloft buildings in Flatiron. Unit 3Acame to market in April at $2.85mm and is newly in contract off aprice of $2.75mm as of yesterday. Nice way for the sellers (andbuyers, I suppose) to go into a relaxing holidayweekend.
“2,400 sq ft” set up as 2 bedrooms + 2 baths in anot-quite-square foot print that has two long window sides “floodedwith light”, as they say). There is plumbing along both (dark)walls, so there is a lot of flexibility to this foot print. Perhapsthey are simply shy, but they are not bragging about any finishesor appliances, either in text or pix.
Thisunit traded in April 2005 at $2.4mm. As always with a relativelyquick sale, I wonder if it is personal family life circumstances ora dissatisfaction with the loft or neighborhood that causes someoneto move so quickly. #6B (“2,150 sq ft”) sold in November 2005 for$2.2mm, while #5B sold in October 2005 for $1,786,300 in atransaction without REBNY agents, it seems.
low low low maintenance means…?
Themost interesting single number associated with the listing may bethe maintenance: $853/mo, or under $0.40 per foot. We show thisbuilding as having 0% tax deductibility of maintenance, so my guessis that the artificially low maintenance is the result of FishsEddy paying rent to “coop” shareholders. In other words, this maynot be a “cooperative housing association” that complies with IRSrules permitting shareholders to get the tax deductions associatedwith coops that do comply. See this one from January 16: IRS rules for coops / beware the 80/20rule.
Thedifference in purchasing power between this maintenance and amaintenance of $1.00 per foot is about $250k. I wonder what theygot.
©Sandy Mattingly 2007