116 West 14 Street closes at very old price / why so long?

recycled listing, very successful marketing

I hit on the Manhattan loft 2d floor at 116 West 14 Street when it was not-really-new-but-recycled to market at the beginning of the year (January 26, ‘new’ at 116 West 14 Street is recycled, green, pumped

). It closed recently, with a deed filed June 16 for $4.75mm.

I still think that January 26 has interesting commentary, but here’s the punchline: it came

market originally in June 2007 (taking only 6 weeks off the market before

switching

firms in January 2008) for $4mm. That original firm offered it at two higher prices ($4.5mm after one week in June, then up to $4.75 in July), then

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had it at $5mm from January until the contract was signed in 4 weeks.

The

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marketing was beautiful (you can see some of it on this

), but it is weird that The Market did not reward the first firm with a contract off of $4mm, $4.5mm or $4.75mm yet

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got $4.75mm (quickly!) while asking $5mm…. This looks like a beautiful renovation, indeed, but the living room overlooks 14

Street from the second floor.

Props to Sean Turner and Michelle Della

Peruta

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