new contract, old price at 160 Chambers

patience, Prudence, patience
Unit 3 at 160 Chambers Street has been on the market since March, starting at $1.635mm and dropping (mildly) to $1.575 six months ago. They held steady there and found a buyer off that price, as it shows up as “in contract” today.

The unit is said to be “1,500 sq ft” with maintenance of $1,500/mo. Interesting that this coop requires only 10% down. (This is certainly the only listing that I can remember in which the coop board is described as “delightful”.)

where will the elevator go?
This unit and building has been featured here before, as it is presently a walk-up but there are plans to add an elevator next Summer. See my post
on Aug 4 (elevator coming to 160 Chambers / NY Times On The Market) and the discussion there with reader VDH about how adding the elevator may disrupt the space.

Also interesting that they found a buyer by holding firm on the (asking) price for 6 months.

Also interesting that the building next door has a (somewhat) similar unit at a similar price, but shorter history.

parallels, parallels
As I said on Aug 26 (
back story / 158 Chambers is On the Market in NYT) when 158 Broadway #5 was featured in the NY Times:

Fascinating comparison between 160 Chambers St #3 and 158 Chambers St #5. Counting the mezzanine, 158 Chambers is larger (“1,800” v. “1,500” sq ft) and has the private roof deck and (in my eyes) has a more compelling “loft” look and feel. Maintenance is higher at 158 Chambers, but the price is lower. For now, it is one flight of stairs higher, but come next summer they may be riding an elevator at 160 Chambers. Fascinating….
But for the future elevator, I suspect that loft lovers will prefer 158 to 160, but let’s see what The (actual) Market does to these neighbors….
To wit: The Market snapped both of these units at about the same time. 158 Chambers St #5 went into contract less than two weeks ago (after 8 weeks on the market), with no (asking) price change.

Tune in in a few months to see where both of these units close.

(C) Sandy Mattingly 2007

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