getting out of the Zinc with some of shirt, as 475 Greenwich flips

not much fun, or profit
The Manhattan "loft" #3A in the new building dubbed Zinc, 475 Greenwich Street (love the Tribeca pix and Talking Heads on the building’s website), sold in the first offering for $2.45mm and was immediately (10 days; they had to do some paperwork) put back on the market for $2.895mm. That did not work out too well….

The building is obviously brand new. This unit is "1,862 sq ft", set up as 3 bedrooms with the WOW of river views because of the angled streets at this edge of Tribeca.

is that handwriting on the wall?
They held at $2.895mm for 3 months, until — after Lehman — dropping to $2.425mm in October. When that drop — below the July purchase price — did not work either, they dropped again to $2.35mm in November. And sat.

And sat.

That price finally attracted a buyer and a contract in February, closing on May 14 at the uneven even number of $2,112,500. (Whenever I see a 7 figure purchase price that is hard to shorten I imagine someone just throwing up their hands, as in: all right dammit, here’s another $500 but that’s all I will move.) That’s 14% off the July 2008 purchase price (which looks like a February 2007 contract), for sellers who (probably) had to pay transfer taxes on the way in and out. But, they did get out….