80 Chambers Street loft takes a year to go from $3.5mm to $2.75mm in an efficient (gasp!) micro-market
at least it got a birthday present
When the Manhattan loft #15F at 80 Chambers Street sold on March 17 at $2.75mm that closing capped a marketing campaign that started on February 11, 2010 at $3.5mm. In exchange for the 21% discount from initial ask, I wonder if they had a birthday cake at the closing….
Here’s the full (long, but ultimately happy) history of the “3,241 sq ft” #15F, presented this time with price-per-foot data and with the neighbors who closed during the same time frame in italics:
|Feb 11, 2010||new to market||$3.5mm||$1,080/ft|
|Dec 13||new firm||$2.995mm||$924/ft|
|Jan 20, 2011||#10F||$2.8mm||$794/ft|
In this 13-month sequence of values from $767/ft to $942/ft, you see two things: #10D at $942/ft is an outlier, and the #15F clearing price of $848/ft is (apart from that outlier) at the top of a 5 item data set, essentially flat with the nearly identical #13F.
The three “F” sales are especially interesting. #13F and #10F are slightly larger versions of the footprint of #15F, with the same functionality of 3 bedrooms, office, 3 baths (hint: the living room and 2nd and 3rd bedrooms are shorter in #15F). I have only seen one of this trio, but my sense is that #13F has a slightly higher level of finishes than #15F, and #10F has still better finishes but not as dramatic views. I can accept that #10F would be relatively penalized for floor height.
To anthropromorphize The Market, it is fascinating that the hyper-local Manhattan loft market insisted that #15F come down to #13F’s level to sell, and that it found a contract five weeks after the #10F contract on December 27. Sometimes (only sometimes) The Market is efficient!
I am not going to agonize over #10D as a nearly +10% building outlier here, because (as you may have recently heard) The Market is only sometimes efficient.
© Sandy Mattingly 2011