small loft at 476 Broadway closes at $1,107/ft, in normal range

current, but not “news”
The recent sale fo Manhattan loft #8M at 476 Broadway (October 20, at $1.44mm) probably falls into the dog-bites-man category, but we were just in this building last week to visit a pop-up contract (Oct 25, pop-up (mystery) contract for loft at 476 Broadway) so this sale caught my eye. Sometimes there is a story to tell, even in a dog-bites-man world.

At “1,300 sq ft”, #8M is one of the smaller lofts in this 22-unit condop. The layout is 2 bedrooms but only one bath, and the selling points are features (“designer” kitchen, central air) and light (“sun-drenched”, “glorious light”). It had a fairly quick summer campaign, new to market on June 22 at $1.6mm and in contract by August 19. The $1.44mm clearing price is precisely 90% of the ask.

a flurry?
This sale is the fourth fully residential loft to sell in the building since June, so there may be a bit of changing of the guard in this 22-unit building. Interesting (but still dog-bites-man), that all these sales have been within a reasonable range. There seems to have been a premium paid for the “phenomenal” views on the 11th floor, but otherwise #8M fits right in with this year’s sales:

#8M “1,300 sq ft” Oct 20 $1.44mm $1,107/ft
#11F “2,250 sq ft” Sept 28 $2.85mm $1,266/ft
#6F “2,350 sq ft” Aug 12 $2.5mm $1,063/ft
#8F “2,350 sq ft” June 24 $2.65mm $1,127/ft

The last sale of another small loft (for this building) was the “1,400 sq ft” #10M on July 29, 2009 for $1.5mm, or $1,057/ft. Comparing these two, #8M was marketed as though it had a higher level of finishes, while #10M was all about the (all caps, sorry) SUN, with a  faint implication that an upgrade might be in order. All in, it seems The Market treated both #8M and #10M rationally, even in relation to each other.

promises, promises
I don’t expect to be back to 476 Broadway for a while, but will look for something more dramatic next time I am tempted by the address.

© Sandy Mattingly 2010


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