808 Broadway seller bites painful bullet, closes off 15% since 2006

nuclear winter poster child
I don’t know if there is a better example of the change in The Market that occurred after Lehman filed for bankruptcy protection in September 2008 and the Fall 2009 thaw in The Market than the Manhattan loft #2M at 808 Broadway, which closed on June 7 at $720k.

While this clearing price is a 15% discount from the last time this loft changed hands (July 2006, $849k), the more interesting thing about the recent sale is that it did not sell last year, despite (eventually) hitting a price at which it should have sold last year. Then, after taking a few months off, it came back above the prior asking price yet found a contract within a month.

Let’s look at the detailed history:

This is one of those high-ceiling-with-mezzanine lofts, like the ones I hit on June 11, neighboring lofted lofts sell at 12 East 14 Street, 9 East 13 Street. But with only 12 foot ceilings here few people will comfortably straighten up when they get upstairs (just looking at the lofted photo is bad for my posture). The mezzanine aside, the footprint is a standard 1 bedroom layout for a short-and-narrow loft, with the single bathroom having two entrances.

But (again) the most interesting thing is the listing history here. The contract in March this year at $720k suggests that it should have sold last September or October when it was offered for $725k, or — more likely — that the combination of then being a tired listing and The Market still being a bit sluggish post-Lehman prevented this loft from selling last year. Taking nearly 4 months off the market turned out to be the right move, even coming back to market higher than where they left it worked out.

down and out down the hall
The last time i was in this building (the handsome Renwick) was for #2J, which I hit on January 3, 2008, this time may be a charm for 808 Broadway / another contract, after it went into contract (again). Ouch. It appears that that loft still has not sold, despite being marketed for nearly two years from 2007 into 2009 (and with two contracts having been signed), and then again having been marketed for 4 months more recently.

The footprint of #2J looks similar to #2M (there’s no mezzanine in #2J) and #2J may be in a more refined condition. But the #2M clearing price cannot be viewed by the #2J owner as good news.

© Sandy Mattingly 2010