view is worth (only) 3%, or $36/ft, at 9 Murray Street (approx)

unless that was a rounding error
The Manhattan loft #5NE at 9 Murray Street that sold in August is not a perfect match for the neighboring unit #11NE that sold in April, but the two units are very close siblings. The higher floor is larger (“2,302 sq ft” v. “1,1910 sq ft”) with a slightly different footprint and floor plan, but they are both in the northeast corner of the building; curiously, it is the smaller one that has more bedrooms (3 v. 2). The higher floor has terrific views (“[e]xpansive north and west city, sky and river views from wall of windows in open great room”), while the #5NE babble does not mention views (or even light) at all. I am surprised that the spread between the two sales was not greater than this:

  • #11NE April 5 $2.525mm $1,096/ft
  • #5NE Aug 9 $2.025mm $1,060/ft

I would have figured a much larger premium for the big views (including the river) in #11NE. I’d have been wrong.

The spread used to be smaller, and run in the opposite direction (though the 15 month gap in prior sales does not make for a smooth comparison, it is not likely there was a 10% appreciation in those 15 months):

  • #11NE Mar 4, 2003 $1,349,214 $586/ft
  • #5NE June 7, 2004 $1.245mm $652/ft

Did I mention that comping is hard?

© Sandy Mattingly 2011


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