price slashed at 80 Greene / addition by subtraction planned or happenstance?
$750k drop got my attention, but…
No matter the asking price, any price change of $750k will catch my eye. In the case of the 2d floor full floor loft at 80 Greene St offered by Gary Kabol and Lisa Maysonet at PruDE, the drop yesterday was from $4.95mm to $4.2mm.
This loft is marketed as a “clean slate” on a 45×80 floor plan, beginning on April 25. There are no interior photos, but the loft was almost certainly built out in some fashion as recently as last year.
Property Shark shows that this unit was sold just 15 months ago by someone who had lived there for many years for $3.225mm (seemingly, back to 1982). With only a tiny kitchen and one half bathroom plus additional plumbing and waste lines on the floor plan, this is indeed presented as a “clean slate”.
clean and flip?
Presumably, the current owners have cleaned the slate by demolishing whatever ‘improvements’ the prior long-time owner had fashioned. I wonder if they ever planned to live there and were forced to change plans. (A year seems an awfully long time to take for a demolition and scrubbing, if that was their intention when buying in April 2006.)
Take a second and review the math.
In April 2007 they sought to sell this ‘clean slate’ for $4.95mm after buying it (messy, presumably) for $3.225mm in April 2006. In round numbers, that would have been 50% appreciation, post-demolition.
But they didn’t get nearly $5mm so they are now looking to attract a buyer at only a million dollars more than they paid for it. That seems a tough row to hoe.
For a buyer to (a) buy at ask, then (b) put as little as $200/ft into a renovation / build-out, that is an investment of more than $1,400/ft and nearly $5mm. And the six windows in the back (with a taller building nearly to the lot line) are 80 feet from the six windows in the front.
Yes, space this large is hard to find. Yes, Greene Street is beautiful between Spring and Broome. And, yes, there is that wood burning fireplace that can be opened up (from the 2d floor in a 5-story building). But, but, but….
But if anyone is well familiar with the market for this building, it is Gary Kabol of PruDE – he represented the April 2006 seller, as well.
© Sandy Mattingly 2007
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