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
April 8   #12C $810k $767/ft
May 5     $3.25mm $1,003/ft
May 21   #13F $3mm $851/ft
July 6   #10D $1.54mm $942/ft
July 16     $3.1mm $956/ft
Oct 13   #14C $840k $795/ft
Nov 10 hiatus      
Dec 13 new firm   $2.995mm $924/ft
Jan 20, 2011   #10F $2.8mm $794/ft
Feb 1 contract      
Mar 16 sold   $2.75mm $848/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


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