That a nice profit for buying in 2009. $1.35mm brand new vs the current sale of $2.55mm.

2 things, 330M: (1) sponsor got stuck by a contract signed in 2007 (at $2.15mm?) that buyer walked away from (sponsor kept 10%?), (2) then brought it back to market Jan 2009. Sponsor was willing to deal, having sold most units before Lehman bankruptcy, and buyer was willing to buy when few others were = big discount.

Walked through this on my blog yesterday: http://www.realtown.com/sandymattingly/blog/loft-neighborhoods-chelsea/more-developers-remorse-scooped-by-curbed-over-246-west-17-street-loft-resale-89-in-3-years/

sandy, great article. thanks.