new + flipping at 249 W 29 St
Eight million stories in the naked city, and sometimes people buy what they soon have to sell. Probably an interesting story there.
#2E at 249 W 29 St is newly for sale with June Gottlieb at Warburg. No floor plan or pix yet on the web, but at $1.675mm (maintenance of $2,235)for 2,100 sq ft of interior space and 1,750 sq ft of private terrace this is quite an opportunity for someone who needs outdoor space – even at 29th St and 8th Av.
“E” units in this building are Long-and-Narrow, with windows front and back. Terrace is likely to be in the back, facing north in the middle of the block. Direct sunlight may be limited to certain few “high sun” summer weeks.
The 11th floor is still for sale through Atco (since March), now at $2.6mm for 2,600 sq ft (started at $2.95mm). #3N sold in February this year, 1,600 sq ft for $1.42mm (with a 250sq ft terrace) so #2E sounds like a reasonable asking price, even on a low floor, based on these sales. Depending on what is outside the windows and the terrace, I suppose.
But what if the present owner closed in December for $1.45mm? (As Property Shark shows.) Then the asking price of $1.675mm seems a bit aggressive (if understandable). That sale took over a year (from October 2005 to the closing in December 2006, starting at $1.895mm.) These sellers are going to be hard-pressed to do much better than break even, but probably do not have to worry too much if they don’t get capital gains treatment….
© Sandy Mattingly 2007
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