13 Jay Street closed but much appreciated

I hit 4th floor at 13 Jay Street (link won’t work any more) when it was new to market in October, then asking $2.495mm and $1,518/mo for "1,860 sq ft" (Oct 8, doubling up at 13 Jay / 4 year’s appreciation). At that time, there were

[n]o pix or floor plan yet on the web, but they are bragging about the kitchen (fully integrated??) and coffee bar (state of the art) but not about a triple mint renovation, or some such. Perhaps it is beautifully done (renovated), perhaps the pix will show beautiful finishes. But they are leading with the location on "one of TriBeCa’s sweetest, most treasured and sought after blocks".

So what, you say.

So … if they have not recently renovated, they are likely looking at a 100% price appreciation since buying this loft four years ago off an asking price of $1.15mm.

That’s a lot of appreciation…."

I also hit it in a November open house review, after the pix and floor plan were up, but only described it as "at 23 feet wide, there’s a classic Long-and-Narrow layout, with bedrooms at the rear (with the bathrooms) and a bonus glass-walled den up front".

It shows up today as Sold & Closed, which is not bad compared to the transfer documents being filed with the city on April 3, reflecting the clearing price of $2.175mm. Interesting that they never dropped the price in the 4 months it took to get to contract off that $2.495mm asking price. Yet the sellers accepted a price about 13% off their asking price. (They still got nearly $1,200/ft.)

The record of Dept of Building permits for the building shows nothing for the 4th floor in the last five years, so there may have been no significant renovation between the 2008 sellers having purchased about 4 years earlier for (probably) about half the price of their April sale.

A lot of appreciation, indeed.

© Sandy Mattingly 2008

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