Caledonia has record day!

PH05

828 sq ft

01/05/2010Listed in StreetEasy, already in contract, by Related Sales at $16,300,000.

That's $19,685 per sq ft²

What's that do to a miller report?

http://streeteasy.com/nyc/sale/486957-condo-450-west-17th-street-chelsea-new-york

Ph07

Make 66% in just over a year.
StreetEasy History
10/24/2008Previously Listed in StreetEasy, already in contract, by Related Sales at $5,775,000.
03/17/2009Related Sales Listing sold.
03/17/2009Previous Sale recorded for $(insiders only)
01/05/2010Listed in StreetEasy, already in contract, by Related Sales at $8,645,000.

http://streeteasy.com/nyc/sale/486958-condo-450-west-17th-street-chelsea-new-york

Buy now or be priced out forever

kind of odd that the sponsor would be selling the same unit twice.

Not here, Related does handle resales, I viewed a resale there once that was being offered by Related.

If you'll take the time to notice, that PH listing has an erroneous extra 0. It was listed at $1.63million, not $16+mil. The Caledonia is nice. But, an 8-figure 1br?! I think not!

There was a bug in their data feed to us. They submitted corrections to us and we will have them up shortly.

And all is again right with the world. The only explanation that crossed my mind was a revolutionary style eminent domain takeover by the denizens of the project next door.

sunnyd
Yes I noticed. :)
But given the widespread articles quoting yesterday's Miller report on the state of the union, they all reported the "18% increase in psft from prior quarter"and it seems those who should notice things don't.

Streeteasy
Great. We rely on you guys for accurate info.

apt23
I expect Loft25 to be overun first.

sunnyd
OOPS my post was incomplete;
"But given the widespread articles quoting yesterday's Miller report on the state of the union, they all reported the "18% increase in psft from prior quarter" WHICH WAS INCORRECT and it seems those who should notice things don't."

Unfortunately it creates an atmosphere of questioning more of the data,and who is or not proofing the data.

1208 listed today for resale as well. 0/09 sale for $1,165,000. today, $1,495,000. no wonder so many are rushing to buy at the caledonia, the upside potential is so enormous.

I'm waiting for the corrections to comment further.

that was an elliman listing, not related sales.

Oh yes I see! No doubt, pricing influenced by Related's De beer like influence on the block and lots.

Ar: of course that is only an ask. $1800 psf for an apt on a difficult street is quite amazing. This could turn out to be the avenue of regret. I wonder how many really went into contract and at what price.

apt23, of course. i'm gearing up to do a thread on chelsea new developments. interesting.

Well a Related product will always command above the average pricing. Even on a bad block.

As I posted on another thread some time ago;
truthskr10
about 3 months ago
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"I saw an apartment at the Caledonia. Related has a smart formula. Lower floors are rentals with lower ceilings, higher floors are sales and are trickled out to the market.
THe agent was nice and had a "we are somewhat bulletproof" to the market air about him.
Their own little RE Hedge Fund.
They will be able to withstand the longest but won't be able to control individuals who already own and have to sell in their building."

Of course my last line is wrong evidenced by the Elliman listing. ;)

Aboutready
Looking forward to that! Chelsea should be a hot topic in the coming year. 245 Tenth is a building I'm interested in (interested in what happened not to live) as it was near completion but all ads pulled from the market. There were rumors of broker change but it's been too long now.

AR: Great. Can't wait for the thread. I think new developments key to this market on every level.
Truth: Re 245 Tenth. Talk about your shadow inventory. 2mil for one bedrooms. Good luck.

.

w67th, are you making a strange statement, or did the i-phone prove too challenging again?

I Was testing what is the minimum I could txt and get a reponse :)

and i fell for it. damn.

Sir Succinct

I hear the new Realated project on Lake Wobegon has sold out. Twice.