drop, drop, dropping along at 95 Vandam / Soho loft under $1,000/ft
20/20 hindsight is priceless
#5R at 95 Vandam Street is said to be 2,264 sq ft of beautiful condo loft space. It came to market through Cyrus Greenspon at Sothebys last Labor Day at $2.475mm (and $1,379/mo in taxes and common charges), then dropped in October, January, and today, to $2.195mm. With three drops totaling $280k, that owner may be feeling some early summer stress.
Priceless hindsight wonders if this is death-by-small-price-drops for a listing that has a birthday coming up at the end of the summer. Shameless hindsight makes me wonder how The Market would have reacted had they dropped once by $300k last October.
how Soho is this edge of Soho?
I suspect the “issue” is the location on Vandam off Hudson (just down the block from the 1000 foot long UPS building on Greenwich St), which they try to deal with by emphasizing that the loft is both “quiet” and “private”. The layout is pretty terrific, nearly square with windows on two sides of a corner. Light looks decent (no better) and the buildings to the west and north seem to be built nearly to their lot lines, higher than this fifth floor. Ceilings look high enough for a loft. Plus it has the columns and beamed ceilings that some loft lovers fawn over. And a “gourmet” kitchen.
Greenspon mentions the very low monthly charges, but does not say what our inter-firm data base shows about this condo loft building: it appears to be self-managed (unless our data base is out of date) . If still the case, this is very unusual for a condo.
many pioneers still resident
I see no sales in this building since 2004, and only one other since 2000. This is a hard building in which to comp.
If you go, be sure to walk around the block towards UPS, and then down and around past the new Spring Street madness (Trump “Hotel” Condominium, included). Then report back, please.
© Sandy Mattingly 2007
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