big price bump on long + winding road at 704 Broadway

zigging and zagging for 32 months
Any $700k price increase on a loft should catch my eye; the more so if the loft has been on the market for a while.

The 2d floor at 704 Broadway is a big one: “5,000 sq ft” for (as of this weekend) $5.795mm and (only) $2,647/mo (condo), offered through Holly Parker of PruDE by a “developer who has thought of every luxury detail” and many exclamation points.

Yes, it does look very luxurious, and certainly is massive. But the most interesting thing to me (not having any buyer at the moment at this price point) is the history. (Are you sitting down?)

Feb 2005: $5.495mm
June 2005: $5.8mm
March 2006: $6.2mm
May 2006: $5.95mm
Dec 2006: $5.75mm
Feb 2007: $5.499mm
May 2007: $4.995mm
Oct 2007: $5.695mm

It is exhausting just reading that history; imagine Ms. Parker’s and the developer’s exhaustion in marketing….

No kidding – this place is lovely. 14 foot barrel-vaulted ceilings, “monumental Ionic” columns (presumably, cast iron), floating walls, 2 Viking stoves, etc, etc, etc. There are about 46 feet of huge windows overlooking Broadway, but with NYU buildings across the street it is not clear how much light there is.

In looking at city records, it is not clear whether “the developer” still owns it or not. This unit traded in September 2004 for $3.375mm (did it have the luxury then??); the 3d floor cleared in March 2006 for $5.93mm (no wonder they are frustrated on the 2d floor).

© Sandy Mattingly 2007