dog bites man + 90 Franklin Street loft sells off only 6% since 2007

weren’t we just here?
If it seems like only yesterday that Manhattan Loft Guy was at the 2000 Tribeca condo loft conversion Franklin Tower, 90 Franklin Street, you need to slow down. It was actually way back on June 24 that I wondered whether one set of unique buyers overpaid for loft #10N at $1,306/ft. One of the data points that I hit then to address that question was the near-Peak sale of the “2,633 sq ft” #3S on October 4, 2007 for $3.3mm ($1,253/ft). I was sitting on a pending sale when I wrote that post (sorry, folks, but I don’t talk about active listings; long story there), but that listing is no longer active: #3S just sold (again) at $3.1mm, on June 15 at $1,177/ft.

That sale emphasizes that the #10N buyer very likely did overpay; this is not “news” as I had come to that provisional conclusion already. Nor is it “news” that #3S sold at very different prices just before The Peak and in June 2011, but it is a data point.

condition = similar (perhaps better)
As I mentioned in that June 24 post, #3S was marketed four years ago as “[f]abulously chic”; this year’s campaign dubbed it an “amazingly realized and fully renovated loft [that] combines the finest in craftsmanship, functionality and design”. It is possible that the loft has had one upgrade since 2007: the recent broker babble claims “newly installed wide plank Brazilian Cherrywood flooring ”, a detail that I do not see in any prior listing description; if that floor is new, that is not a dramatic improvement in condition and, in any event, the fact is that the market value was $1,253/ft going into The Peak yet only $1,177/ft in the current market.

OK, perhaps the recent sale of #3S is news: that drop of 6% is rather modest, considering that the October 2007 baseline was set within two quarters of The Peak. Not news calling for fireworks, but of some interest.

Happy Fourth! Remember: do not hold … light it and throw it!

© Sandy Mattingly 2011


Tagged with: , , , , , , , , ,

Leave a Reply