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bidding war erupts VERY late, as 49 Warren St gut job closes

Sandy MattinglyPosted on Posted in renovation opportunities and rew — No Comments ↓



caution: follow all StreetEasy links
This one is weird…. I began this post in my mind with a headline like "pricing it VERY right at 49 Warren Street" because the StreetEasy listing associated with the closed sale of this loft on July 29 begins on June 6 at $1.3mm, with an apparent contract on June 20 and a clearing price of $1.375mm. That would have been very quick work, pretty much figuring out The Market exactly.

late night TV
But wait, there’s more! There’s another listing associated with this Manhattan loft, showing that the loft has really been on the market with the same agent since September and took three price drops from $1,852,200 (huh??) to get to $1.3mm before that agent (and this listing) changed firms.

It is "1,510 sq ft"" of bring-your-architect space in a Long-and-Narrow footprint, with the suggestion that "platforms and internal walls can come down". How primitive is it? "No heating system but ductwork done." (Haven’t seen that level of primitive in many years!)
 
fun with funny numbers
Once they figured out after 5 months that the very odd asking price of $1,852,200 was not going to work, they dropped in February to $1.485mm, in March to $1.385mm, and in April to $1.3mm. From there it took another month to reach an agreement, but in that month it looks as though a bidding war broke out.

Someone who evidently had not made an offer off of the $1.385mm asking price in March or April ended up agreeing to pay $1.375mm four weeks after the price had been dropped to $1.3mm. I bet that the seller was (pleasantly!) surprised.
 
Figuring a rough ballpark number of $200/ft to do a complete build out of this "1,510 sq ft" space, these buyers will (eventually) have a lovely loft with high tin ceilings in an old saddle factory for a bit under $1,100/ft. Maybe a loft as lovely as the neighbors in #4E, who paid $1.9mm last December for a "spectacular" loft with central air on the identical footprint to #3E. (#4E previously traded in January 2005 at $1.26mm, presumably before being made "spectacular".)


© Sandy Mattingly 2009

 
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  1. Chelsea penthouse loft at 240 West 23 Street takes million dollar hit (or, was it a 44% hit?) | Manhattan Loft Guy says:
    March 18, 2016 at 3:05 pm

    […] August 10, 2009, bidding war erupts VERY late, as 49 Warren St gut job closes, about a loft that sold above the fourth asking […]

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