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48 Great Jones goes to drama school / major price drop

Sandy MattinglyPosted on Posted in loft neighborhoods noho — No Comments ↓

this one is real
In going through my junk mail folder today (the place all those agent e-flyers about “exciting” new listings, “unique” apartments, “dramatic” price changes are supposed to go), my eye caught on two (out of 300+ since Sunday).

One headline was for a “dramatic” price reduction that turned out to be anything but (a $26k price drop off a listing price of $869k – feh!). That agent needs to get out more, live a little, experience some drama.

The other was a familiar address, as I blogged about the 2d floor at 48 Great Jones Street when it got the Curbed treatment back in August. The headline was “significant” price reduction. Tom Cooper at Sotheby’s did not lie.

7 figures is significant, it is dramatic, it is … large
This loft had been offered at $5.57mm, but dropped late last week to $4.495mm – that is $1,075,000.00 for those of you without handy access to a calculator.

I went through the long price history of this unit when I touched on it in August. Here is one excerpt from that earlier post:

This listing is relatively new with Sotheby’s, but not new to the market, as it is now on its third firm since June 2006. It started then at $6.85mm and bounced down to the $5.3mm that [Danielle] Wiedemann started it at in June this year before raising it to $5.57mm after four weeks on the market.
Even fully renovated lofts have not commanded much of a premium in this building. #3F was said to be “fully renovated” (with marketing pictures to back that up) when it closed in January at $2.4mm for its “2,700 sq ft”. #6R is now pushing for a premium, but that is described as “[m]asterfully renovated with no expense spared, [a] gorgeous triple-mint loft offer[ing] approximately 2600 square feet of unique luxury living“, and asking $3.125mm – barely $1,150/ft.


Dropping a million bucks off the price of a “4,100 sq ft” loft is a big step in the right direction, correcting the imbalance between this one (which has to need a lot of work) and #6R, which has not sold yet at $1,150/ft (asking $3.125mm for “2,600 sq ft”).

basta?
I tend to think that is still not enough of a spread, but I must applaud the heft of a seven-figure price drop.

(Curiosity here: Danielle Wiedemann had this listing at Sotheby’s; now it is Tom Cooper’s. Same listing number. Wonder what happened….)

© Sandy Mattingly 2007

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