81 White contract / far east Tribeca condo under $1,000/ft

it’s the block, Mars
At “1,982 sq ft” and asking (most recently) $1.75mm, #3E at 81 White Street looks like a bargain for a condo in a “classic Tribeca prewar loft building that was completely renovated in 2005”, doesn’t it? Particularly with the (oddly defensive) agent remark “the property is correctly priced”. Perhaps so, as it is in contract as of this week. But, but, but…

But it is not in what a lot of people consider “Tribeca”. (I had to look at the borders of the Tribeca East Historic District to verify that, yes, it is one of the easternmost lots in that District, being nearly at Lafayette.) While technically in Tribeca, this block feels more like the business / desolate civic center than like prime Tribeca.

Which is why it is priced below $1,000/ft, rather than at $1,200+/ft.

August 2005 new development sales
The building was a new conversion in 2005, with no amenities and two units per floor (6 stories). I don’t see any sales since the original sales (mostly in August 2005). The sales histories show they had a bit of difficulty – in a very hot market – figuring out The Market for this block. This unit was offered at $1.525mm in May 2004, then the price was changed (and a contract signed) in September 2004 off an asking price of $1.425mm; when they closed in the building in August 2005, the clearing price was $1.325mm.

The developer did better with #4E, which was bought to market later than #3E (February 205 vs. May 2004) at a much higher price ($1.895mm vs. $1.525mm, originally), though it is said to be slightly larger (“2,031 sq ft” vs. “1,982 sq ft”). It closed in August 2005 for $1.86mm.

#2E was offered in May 2004 at the same initial price of #3E ($1.525mm) and found a contract in January 2005 without a price change, although the closing price in August was a discount to $1.45mm.

Like #3E, #4E and #2E were sold through Halstead.

Curiously, #4W was marketed and sold in 2005 by PruDE, first in January for $1.495mm, then raised 3 weeks later to $1.795mm, from which a contract was signed in 5 weeks. That unit closed in August 2005 for that asking price. (Hope I haven’t lost you, yet; we’ll go to more current events….)

back to today…
More recently, the 2005-buyer-now-2007-seller had a little trouble finding the current market price as well. #3E was offered for sale in February 2007 for $2.1mm, then dropped to $1.995 in March, then to $1.795mm in July. That listing was marked Off the Market in mid-October, but brought back as New to Market a week later (same agent, same single picture) at the same price, then dropped to $1.75mm 6 weeks ago.

But now it is in contract and I look forward to discovering just how that peculiar listing claim (“the property is correctly priced”) turns out.

© Sandy Mattingly 2007