sale at 454 West 46 Street strikes an off note, down 5% since 2004

paging Billy Joel

1. August 12, 2004:  $1.1mm
2. May 27, 2010:       $1.045mm (after "beautifully [sic] renovations")

That is a very unhelpful data point for neighboring shareholders.

That’s the history of one Manhattan loft in the storied Piano Factory, 454 West 46 Street #3AS. The loft is one of the duplexes so common in this funky early coop loft conversion in Hell’s Kitchen (it wasn’t "Clinton" when it was converted in 1982). "1,380 sq ft", with the single bedroom and a study upstairs. I am not sure how extensive the "beautifully [sic] renovations" in the broker babble were, as the prior listing description spoke narrowly of "2 renovated bathrooms" and a long-ago listing (2004) spoke of a "slate bathroom with Philipe Starke fixtures and jacuzzi".

No matter the scale of the "recent" renovations, the fact is that they did not help sell this loft, which had been offered for sale since March 2009 (asking $1.32mm to start) before switching firms (and prices), and actually selling on May 27. The seller was not happy to sell after (some) renovations, down $55,000 from the $1.1mm he paid in August 2004.

no campers are happy (except the newest?)
The neighbors are not happy at $727/ft for #3AS. #4DS closed in January at $877/ft ($1.35mm for "1,540 sq ft"), but that loft had several advantages over #3AS: it is a corner and a simplex; it has 2 real bedrooms; is "sun-filled"; and is "mint". All of which can explain the 20% premium for #4DS over #3AS, but the remaining shareholders would prefer not to have to explain, wouldn’t they?
 

© Sandy Mattingly 2010