flipping (down) at One York / is this the first resale?

the first resale a fire sale?
Looks to me as thoughthe Manhattan loft  #4F at 1 York Street (imaginatively known as One York) has been the first to flip, and it was not a happy Ozzie Smith flip. These April 9 sellers at $2.22mm were near-peak buyers in June 2008 at $2,596,537. While they got a "discount" from the then-asking price of $2.8mm, it is likely that the developer was not making closing cost concessions at that frothy time. So they have the double whammy of transfer taxes to pay on the way in and on the way out.

Ugly math ensues.

Even without considering their considerable closing cost expenses, these recent sellers took a nearly 15% hit on the sale. That’s a big OUCH.

8 million stories in the Naked City
Especially considering they never lived there (according to the listing), and that they started trying to sell December 31, 2008. I wonder why they never moved in. I wonder why they waited 5+ months to try to get out. I don’t wonder how they feel about missing the market (they feel rather poorly about that).

more persistent than enthusiastic
They started on December 31, 2008 at $2.85mm, not realizing that The Peak was behind them. Drips to $2.795mm, $2.695mm, $2.545mm and (finally) $2.495mm show a certain … lack of enthusiasm about meeting buyers where buyers were.

They held at $2.495mm for six months before finding a contract as of March 30, 15 months into a marketing campaign. OUCH

© Sandy Mattingly 2010


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