100 Reade Street sale is straight out of 2005 while wishing for 2008

which is when?
This "1,550 sq ft" Manhattan loft sold for $1.545mm: "Stunning bright est. 1550sf … in one of TriBeCa’s most desired land marked addresses. Grand dining/living room with open kitchen flooded with southern light is perfect for entertaining while the large master bedroom with bathroom complete with Jacuzzi tub provides for a quiet retreat. Central A/C and washer/dryer". (Not a lot of bragging about finishes.)

This "1,550 sq ft" Manhattan loft cleared at $1.59mm: "Great Family Condo with beautiful light all day. … master bath is marble with oversized drop in tub. California closets, many built ins and private storage in the basement. Spacious south facing living area with open kitchen and high ceilings. This is the top floor (no upstairs neighbors) and there is a great common roof deck just outside the door." It also has central air and a washer/dryer. (Not a lot of bragging about finishes.)

The first Manhattan loft is #5A at 100 Reade Street, which came to market in August 2008 (immediately pre-Lehman, for those who need that reminder) at $1.95mm and changed firms and prices (trying $1.8mm, $1.75mm, $1,7mm, $1.65mm) before finding a contract in May and a closing in June. That closing was June 23 and the price (as above) was $1.545mm. That is June 23, as in 2009, I must add.

The second loft is #6A at 100 Reade Street and it came to market in February at $1.6mm and sold at $1.59mm in August … 2005 — Two Thousand and Five, in the Common Era.

if 2009 = 2005, what of other years?
One can easily imagine how disappointed the #5A sellers were to have to time-travel back to 2005 to make a sale in 2009. With that empathy still fresh, now imagine how relived the downstairs neighbors in #2D were when they sold in September. First, here’s the description: "A grand dining/living room boasts excellent Southern light through 3 oversized windows. Open kitchen with Garland stove is perfect for entertaining. 3 quiet bedrooms facing North. Master bath complete with Jacuzzi tub. Central A/C and classic molding throughout. Washer/dryer." Aside from the Garland, it sounds awfully familiar, no? And it is also said to be "1,550 sq ft". They came to market in May 2008 and found a contract in August 2008 (remember Lehman!). That ask was $1.995mm.

That clearing price was $1.95mm — which is probably not all attributable to the Garland.

With the #2D sale fresh in the consciousness of the #5A sellers, now re-imagine how disappointed the #5A sellers were to have to time-travel back to 2005 to make a sale in 2009. That strains your powers of empathy, I’ll bet….

crash test dummies
At 100 Reade Street, The Market turned hard and fast. The #2D folks had a rather different experience from the #5A folks. It all depends on where they went and what they did with their money, of course, but the #2D folks had a pretty good head start on the #5A folks.

© Sandy Mattingly 2009


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