how to be happy selling for $1mm+ off at 43 West 64 Street
don’t cry for me Argentina
You’d be tempted to assume that a Manhattan loft seller with this listing history would not be happy:
to market April 28, 2008 at $3.85mm
price drop June 23 to $3.595mm
price drop October 17 to $2.95mm
price drop November 14 to $2.8mm
contract December 19
closed March 13 at $2.55mm
Don’t go there! Of course, I have no idea what this seller’s actual emotions are, but the fact that the March 2009 seller at $2.55mm was a buyer in the original conversion in February 2004 for $1,970,314 suggests that this seller may be a little chagrined at not getting anywhere near $4mm but should be happy with a 25% gain in five years.
This "penthouse" loft, #9D at 43 West 64 Street, is part of a Costas Kondylis warehouse conversion (remember when they used to brag about architects?). Classic Manhattan loft elements include 13 foot vaulted ceilings and large windows. This one was marketed as having Central Park views. There’s no shame in getting only $1,600/ft, is there?
heck of an effort
Of course, they were looking for a lot more than a 25% gain when they started, but I hope they were happy with that five year gain.
They spent 8 months not getting what they were asking for, ending last month a full one-third off from where they started 12 months ago, and 9% off their last asking price. Note the large move they made in October, post-Lehman. Note that they made another six-figure drop 4 weeks later. Note that they negotiated well below that last asking price within 4 weeks.
No kidding … these sellers may have started too high, and may have been stubborn through the Summer, but they adapted in October and got it done. No kidding … I hope they are happy. I am pretty sure they are relieved.
© Sandy Mattingly 2009
Tagged with: 1600ft, 2004, Central Park, Conversion, Discount, Kondylis, Negotiation, Views, West 64
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