1200 Broadway loft closes near 2009 ask

timing is (not quite) everything
This story doesn’t get old (at least, not yet): a well-priced Manhattan loft sells after going into contract within a short time, at or near a price that failed in 2009. Today’s’ example is #5G at 1200 Broadway (Gilsey House), which had been listed for 6 months in early 2009 (brrr) at from $1.65mm to $1.499mm. They pulled back from the market until February 2 and found a contract by February 24 using that old (unsuccessful, then) $1.499mm. They closed on May 26 at $1.45mm (a mere 3% discount), so the sellers went from New Listing to Cash In Hand in just under 4 months. You’d think that seller would be pretty happy with that outcome.

Yes, Virginia, 2010 is a different market from 2009. But sorry, Charlie, that seller is not as happy as at least one (former) neighbor. First, the good news….

2009 prices with 2010 velocity
We have seen several examples of ‘bad’ 2009 prices that worked in 2010 recently, as well as examples of well-priced Manhattan lofts finding quick contracts. I know you don’t need them, but here are the basic links: my July 7 post, 12 examples of the (rapid) velocity of the Manhattan loft market, and my July 8 post, another sign that 2010 is not 2009, as 60 West 15 Street loft sells.

No Man’s Land is a bad nickname
The NY Post has the story (wrong, slightly) in yesterday’s Just Sold feature:

FLATIRON $1,450,000

1200 Broadway

Two-bedroom, two-bath loft co-op, 1,800 square feet, with 12-foot ceilings, Brazilian walnut floors, open kitchen with Sub-Zero refrigerator, marble and limestone bath, home office, three walk-in closets, Bosch washer/dryer, central AC and Empire State Building views; building features elevator and garage. Maintenance $1,966, 60 percent tax-deductible. Asking price $1,499,000, on market one week. Broker: Timothy Scott, The Corcoran Group

It was on the mrket before the contract for three weeks, not one; still PDQ.

Granted, this location, Broadway at East 29 St, is hard to classify as to neighborhood, but I would not consider it Flatiron; but then again, it is not really Madison Square (too far north), nor Murray Hill proper (too far west), nor quite Midtown (too far south). NoMaLa does not cut it, however, so let’s refer to this area as .. uhhh … Broadway and 29th Street.

(former) MLG fave, with recent sales

Not sure why, but I used to hit this building a lot, yet have not recently. In this historical note from July 24, 2007, Gilsey House ancient history (circa 1980), I cite three earlier Manhattan Loft Guy posts.

Maybe there is pent-up demand for the Gilsey House, as there have been three sales in the last few months, after only one in nearly 3 years.

In addition to this sale of #5G, #5B cleared at $1.65mm on April 5 and #3G closed on June 29 at $1.25mm. That is a rather large spread for 3 lofts in the same building closing within 60 days that are said to be "1,850 sq ft", "1,900 sq ft" and "2,000 sq ft", particularly with two having the same footprint.

comping is hard (again)
In terms of price, #3G is the runt of the litter. With 14 foot pressed-tin ceilings, they bragged about the space and the condition, in which "[r]emnants from the Victorian era and a first-class renovation blend seamlessly", but not about light or a view.

From the perspective of The (cold, cruel) Market, that first-class renovation does not compare to the same footprint (but very different floor plan) two floors higher, in #5G, marketed as a:

pin-drop quiet, modern loft home, renovated by interior designer Marc Schlesser, [that] speaks volumes to you with it’s soaring 12’ ceilings, huge windows that view The Empire State Building to the North and direct Western sunlight …

… with a long string of proper proper names. The #3G "first-class" renovation without view cleared at $1.25mm ($625/ft, including 2 lofted spaces), while the #5G Marc Schlesser space (plus, plus, plus) with Empire State views and west light traded at $1.45mm ($784/ft).

But, how then to explain the sale of #5B at $1.65mm ($868/ft at the "1,900 sq ft" in our data-base)? That listing description was more restrained than that of #5G (and perhaps even of #3G), claiming the Three Mints but no mention of a view. It came to market last September (as the nuclear winter had begun to thaw) and found a contract within 3 months.

  $/ft contract mints view light
#5B $868 Dec 4 yes no probably
#5G $784 Feb 25 yes ESB yes
#3G $625 April 16 yes no no

Did I mention that comping is hard? Or that The Market is both cold and cruel?

© Sandy Mattingly 2010



Tagged with: , , , , , , , , ,

Leave a Reply