closing in the Textile Building 66 Leonard Street

"gimme a 4!" … OK, then please give me a 3 (pretty please)
#10C at 66 Leonard Street was offered for sale in January 2007 at $4.295mm. Our listing history shows a contract signed in February last year but that must have fizzled (no deed was filed) and it was noted as Permanently Off the Market in October. The same agent brought it back to market this past January at that same price, then within six weeks of the March 28 price drop to $3.995mm they had a signed contract, with a closing noted as of last week.

No clearing price available yet, but it looks as though the change from a price starting with a $4… to a price starting with a $3… did the trick. Funny how simple it can be (in retrospect). Well, not so funny, in fact.

We’ll know more when the trading price is public, but at every Major Round Number there are buyers who will not cross a threshold. In this case, that appears to be what happened with this Manhattan loft and the $4mm threshold. That’s not to say that $300k is chicken feed, but 7% is hardly a huge discount. Depending (of course) on how close to $3.995mmthey actually got, this may simply be a case where a buyer would not even consider a "4" but went for the top of the "3"s. After all,the place had been on the market a long time in both 2007 and 2008 without a deal off of $4.295mm but got one within six weeks of the 7% solution.

lovely loft, BTW, with hefty monthlies
The space is said to be "2,914 sq ft", set up as 3 BRs + 3.5 baths, with 3 exposures. The common charges of $2,209/mo support a health club with steam room, a residents lounge and roof deck, and not only a doorman but a resident manager — a lot of overhead for a 44 unit building.The taxes of $2,518/mo support … the city. (The turn of the [last] century building was converted to condo in 1999, obviously without a tax abatement.)

your friend, and mine
Follow along with sales in this building through StreetEasy, here.

© Sandy Mattingly 2008

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