can a white box feel pain?
When I reviewed #4E at 137 Duane Street in a June 28 open house review (bring architect +/or vision to open houses Sunday July 1) I wondered whether the sponsor was (a) stubborn or (b) negotiable. No need to wonder (as much, at least).
This unit has been marketed through Charles Hawkins at Halstead since last Labor Day as a bring-your-architect ‘white box’ special at the (precise) price of $2,079,600 – until today. It is now available for $1.725mm – indicating $350k worth of much more motivated (less stubborn but maybe still negotiable?) developer. This unit is said to be “1,733 sq ft”, has common charges and taxes that are only $1,392/mo, and is one of five still available in this 8 unit building. (Curiously, some units are sold “as is” but not as white boxes….)
The contracts are for #2D (“1,494 sq ft”, asking $1,792,800), #3B (“2424 sq ft”, asking $2,908,800) and #2E (“2,973 sq ft”, asking $3,567,600). Only the two second floor units were white boxes; #3B was sold with walls, kitchen and bathrooms. Those buyers may be feeling just a bit of remorse these days – enough to check their contract outs.
Two white boxes are still for sale at their original prices from a year ago: #4C is a little one – only “823 sq ft”, offered at $987,600 and #3A (“5,498 sq ft” for the original $6,597,600). Unit #2A (“2,251 sq ft” for $2,701,200) is sold “as is” but is not a white box. The ‘done’ Penthouse (“4,920 sq ft” plus two terraces with “1,700 sq ft”) has been marked down to $7.995mm from the original $8.364mm.
After flogging at these prices for a year, the price drop at #4E may indicate the sponsor is getting ready to reduce other prices in the building, or may be getting ready to change marketing plans (or personnel).
© Sandy Mattingly 2007
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