one year to a lovely sale at Atalanta, 25 N. Moore Street, two years after lovely buy


NY Post scoops inter-firm data base
Today’s Just Sold feature in the NY Post includes a Manhattan loft closed sale that has not yet been updated in the inter-firm data base, which is the kind of record-keeping sloppiness tolerated by REBNY that screws up data tracking. In other words, whenever the listing agent gets around to updating the inter-firm data base, this sale will show up (late) in my weekly review of new lsitings and closed sales in the last seven days. Arrgghhhh.

but that’s not the point
The real news here is that the Manhattan loft Unit 2A at The Atalanta, 25 N. Moore Street, closed with a deed filed on September 8. Here’s the description from the Post (likely cribbed from the agent for the buyer, since the [unmentioned] seller’s agent was Gabrielle Frank of Halstead):

TRIBECA $3,100,000

25 N. Moore St.

Prewar one-bedroom, two-bath condo, 2,800 square feet, with 10 original columns, 70-foot-long living area, stainless-steel kitchen appliances, walk-in closet, master bath with double sinks and sunken whirlpool, washer/dryer and central AC; Atalanta building features doorman, roof deck and storage. Common charges $1,353, taxes $1,655. Asking price $3,300,000, on market 51 weeks. Broker: Sharon McGrail, Bond New York

Our database shows this came to market September 23, 2007 at $3.3mm and twice had accepted offers that fell through (in December and April) before getting the signed contract in June that just closed.

steady seller made out VERY well
Through all that marketing the seller held firm in price at $3.3mm and ended up with a sale at 94% of the list price. Not a bad deal for that long a wait.

How much of "not a bad deal"? Considering that the September 2008 seller at $3.1mm bought in September 2006 for $2.3mm, I’d say that is a pretty sweet deal, indeed.

I don’t get that September 2006 purchase price — $821/ft — so I wonder if that was some kind of distress deal. The September 2006 seller was an LLC, and city records show a lis pendens as early as 2002, but that price is rather low, even for a second floor unit with a less than ideal layout (windows only on the south wall). In contrast, the unit next door that has windows on the south and east sides (#2B) is much smaller, at "2,045 sq ft", but sold in September 2007 (not everything at Atalanta happens in Sptember, it just seems that way) for $3mm — $1,466/ft.

Nonetheless, the #2A seller was (a) stubborn at holding to the asking price for nine months and (b) well compensated in grossing more than 130% of his two year purchase price.


© Sandy Mattingly 2008


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