95 Greene Street goes to war, closes up 8%


prone to reasonable pricing
It looks as thought there was a bidding war when the Manhattan loft #3F at 95 Greene Street sold on April 15 at $1.9mm, since the asking price had been $1.875mm. The loft is said to be "1,201 sq ft" in city records and was babbled enthusiastically, if not specifically. How high should loft ceilings be to qualify as "amazing"? Yes, those windows seem tall (how tall??) but not very wide, yet they are called "over-sized industrial windows". It is helpful to know that a closet is "fitted out [and] walk in", but there’s not much information transfer in calling a bedroom "glorious".

I shouldn’t quibble, as the listing sold very quickly: to market on January 27 (our data base; StreetEasy says February 3), in contract February 25, closed April 15. Babble or not, the marketing worked.

I often say that the original asking price is the most important part of any marketing campaign. Here, they asked $1.875mm; they got $1.9mm and a contract within four weeks.

can 4 weeks be a long time to contract?
I hit this very same unit when it was in contract the last time, in a February 1, 2008 post, contracts at 95 Greene show value + velocity + sloppy paperwork (when I was still commenting on active listings). The "velocity" part of that blog title refers to the fact that when it sold in 2008 it found a contract within 19 days (per StreeetEasy; our data base shows 2 days shorter).

It is rather remarkable that both the April 2008 sale and April 2010 sale of this loft were so quick. In addition, I am not sure how many lofts have twice been the subject of Manhattan Loft Guy posts when selling. (There can’t have been many.)

I see that I did some quibbling back in 2008 also:

well-priced lofts sell …
… quickly, of course.

This one was offered at $1.795mm and $1,066/mo (condo) for “1,300 sq ft” set up as 1 bedroom + 1.5 baths that is said to be “superbly appointed” and “oozes (!) relaxed sophistication”. At this velocity, expect that it went at or above ask.

Given this rapid success, it would be quibbling to note that one enters the loft right at the kitchen counter and that to create a 2d bedroom would forfeit the dining area and require re-jiggering of bedroom and bathroom entries. Mere quibbling, that.

pricey neighborhood
This loft building has pricing in a pretty nice per-foot neighborhood, as I noted in that February 1, 2008 post:

Even the $1.7mm asked for #3F [oops: ask was $1.775mm; clearing price was $1.7mm] puts this building in the price-per-foot neighborhood of the beautiful spaces at 100 Greene Street that are in contract, and that were featured in 100 Greene hits market comfortably, beautifully (November 7; another SteinbergSenequeir effort) and new at 100 Greene St / uber chic for uber bucks (March 13).

straightening the curve
Please look at the listing description ("[u]nique curved wall") and floor plan … do you see a curved wall? I don’t either. I do see an angled wall on the floor plan, and a picture that seems to be of a straight (angled) wall. How does an agent make that mistake? (Either the text is wrong, or the floor plan.)

© Sandy Mattingly 2010



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