truer words dept / 211 West Broadway in quick contract, 150 Chambers no slouch

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checking exclamation points
Any time I see a listing description that says something like "act now!! won’t last!!!" I check the dates to see how apropos that remark is. (Sometimes it is embarrassing for the listing agent, who has not re-read the listing copy in 6 – 12 months.) Checking yesterday’s list of In Contract Manhattan lofts, I came across #5B at 211 West Broadway with just one exclamation point "This unique loft will not last!".

she tells truth
Vickey Barron of PruDE did not lie. It came to market on February 23 and is in contract within two weeks. They were asking $1.975mm and (only) $733/mo (condo) for "1,263 sq ft" that has not only been "renovated to perfection" but "without stripping … prewar details and charm".

This same unit sold 3 years ago for $1.215mm (just above the asking price), presumably before that prefect renovation (but with the details). Figure about $200/ft for that perfect renovation and the net cost was about $1.5mm. Then figure they got at or close to the current asking price for a 30% appreciation in 3 years. Not so bad. [update 12.14.08: the deed was filed on April 17, with a clearing price of $1.975mm; as I said "figure they got at or close to the current asking price"]

not stretching here, either
Then there’s PH-W at 150 Chambers Street, brought to market on February 11 by Diane Dickinson of Fox Residential — in contract as of yesterday. They were asking $2.1mm and $1,388/mo (condo) for "1,500 sq ft" plus a "400 sq ft" roof deck. This baby has new floors, renovated baths, a cooks kitchen, wood-burning fireplace, ceilings up to 14 feet, and that roof deck. Dickinson said "one of the best buys in Tribeca"; The Market agreed. [update 12.14.08: yes, The Market agreed, as the deed filed on June 12 was at $2.25mm]

[interesting that these two March contracts reflected a pretty vibrant market value for these two lofts, in what turned out to be a turning market overall]

© Sandy Mattingly 2008