another quick contract at 720 Greenwich

The Towers earn an impressive premium
Two weeks ago I posted about #6D at 720 Greenwich Street, as it went into contract within about three weeks of being listed (Oct 24: quick contract, long history of appreciation at 720 Greenwich).

That experience has been repeated in the building at #1J, which came to market in October 18 and is in contract as of this morning. Asking $1.45mm and $1,200/mo for “1,200 sq ft” (partially duplexed) with 18 foot vaulted ceilings and renovated kitchen. As with #6D mentioned two weeks ago, this seller must be very appreciative of the appreciation.

freshly minted?
Presumably, the chef’s kitchen and the “new” oak floors in #1J were added since this unit sold last – 19 months ago for $985k.

Presumably, the new contract price is at or near the ask, as an offer was accepted within a week, then it took a week to update as Contract Out, and until yesterday to update as In Contract. Nice work by Mary Combs and Suzanne Brose of Custom Brokers.

one of these little lofts left
Unit 4V is the only one of five still available for sale, as #1B and #3N both have contracts out. #4V Is on the market six weeks, asking $950k and $1,101/mo for “800 sq ft” that have been “meticulously renovated”. Open Houses Thursday 5:30 to 7 PM and Sunday noon to 1:30.

Richard Meier effect?
No offense intended, but this building does not strike me as a premium building. It was converted 20 years ago to a coop (from a warehouse?) and all the units are small – especially for lofts. The part-time doorman must have been a real plus when the building was freshly converted, and is a significant plus now (for people who like that sort of thing).

But I have to believe that the values have increased so much in an only OK coop building because of Richard Meier’s three buildings just to the west, and the impact those ridiculously uber developments have had on values.

© Sandy Mattingly 2007