Why sales strong @ the Strand at 500 W 43rd Street
Started by ClintonBuyer
over 13 years ago
Posts: 82
Member since: Aug 2011
Discussion about
http://streeteasy.com/nyc/building/the-strand I previously looked at a couple of units in this bldg., made an offer on one--and I was outbid. I went back to look at another unit there a couple of weeks ago and sufficiently liked it. Thinking that maybe I should make an offer, I just checked its status on Streeteasy. It's already in contract! I think there were 5 or 6 units on the market in the... [more]
http://streeteasy.com/nyc/building/the-strand
I previously looked at a couple of units in this bldg., made an offer on one--and I was outbid.
I went back to look at another unit there a couple of weeks ago and sufficiently liked it. Thinking that maybe I should make an offer, I just checked its status on Streeteasy. It's already in contract! I think there were 5 or 6 units on the market in the bldg. a few weeks, ago, but Streeteasy shows that they have ALL gone into contract since. That's odd, right? But there's more.
Looking at the sales record, 2 of the 3 units recently closed went exactly at the asking price, with the 3rd one beling 4% below. It's not like these units were "well priced," either, because a bit over $1,000 pf seems to have been the pricing trend in this bldg. I find this quite odd in the current market.
Sale 07/02/2012 #23A $439,000 $439,000 Sold studio 1 bath 435 ft
Sale 06/01/2012 #24G $420,000 -4.3% $439,000 Sold studio 1 415 ft
Sale 06/01/2012 #5J $595,000 $595,000 Sold 1 bed 1 bath
Does anybody know what's going on with this bldg.? Why are they selling so fast? I am just puzzled by this...
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Response by front_porch
over 13 years ago
Posts: 5321
Member since: Mar 2008
I ended up living in the 50s rather than the 40s when I lived in Midtown West, but I love the Strand. I'd say the current spate of sales is a combination of the starter end of the market coming back as rents rise (so buy-to-rent looks more favorable, which has increasingly been the case for months) and the fact that a building with a very nice pool shows well in the late spring/summer.
Avg. ppsf for Midtown West condos is about $1200, and for Midtown West condo studios it's running about $1100, so at $1000/ppsf you're getting a 10% discount for the building's "1980s style" being out of favor. Plus two of those three units are view units, and it looks like their buyers didn't really even have to cough up a premium for that.
ali r.
DG Neary Realty
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Response by SunnyD
over 13 years ago
Posts: 107
Member since: Jul 2009
You liked the units enough to make an offer. Why is it surprisingg to you that others are doing the same? (Serious question)
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Response by SunnyD
over 13 years ago
Posts: 107
Member since: Jul 2009
Please, excuse my extra "g."
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Response by ClintonBuyer
over 13 years ago
Posts: 82
Member since: Aug 2011
Ali, thanks for your insightful response! That certainly makes sense--compared to the area bldgs. of similar "stature," the pricing there is reasonable. Also, the rooftop pool WAS one of the compelling features! [Oh, by the way, I spoke to my broker last night to set up some showings, and one of the units currently in contract apparently closed well above ask.]
SunnyD, I really liked several other places, too, but they are still sitting on the market--some for a few years. So, my taste, as impeccable as it might be, doesn't necessarily seem to dictate the market! And the question here isn't about the two units in which I was interested; it's the ENTIRE BLDG. Nowhere else have I seen all of the units move so quickly and consistently (even at Chelsea Stratus!)--at/around/above ask, no less.
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Response by aboutready
over 13 years ago
Posts: 16354
Member since: Oct 2007
My guess is that as it is an older, quite a bit so, building there wasn't nearly the level of investment/foreign buying and one may actually be able to get a mortgage without promising the first-born child. I've seen some firming up of prices in worldwide plaza, as well, which i suspect is for the same reason.
having said that, i hate the strand. and its location. it couldn't be further from where i personally would like to be. and i think the hell's kitchen food scene has stagnated terribly. it just seems sad, the new stuff doesn't seem at all to fit in with the new, and indeed it's often located on the fringes.
i lived in hell's kitchen back in the day for years. and many of the same restaurants are still there, pumping out what seemed like decent value at the time, but now just seems old.
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Response by aboutready
over 13 years ago
Posts: 16354
Member since: Oct 2007
btw, i totally realize that personal taste and preference is simply that. and i certainly wouldn't impose mine on anyone. i lived for years in one of the least popular locations in manhattan.
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Response by aboutready
over 13 years ago
Posts: 16354
Member since: Oct 2007
really bad sentence. i meant the new development doesn't seem to fit in at all with the old stuff. and indeed it's often located on the fringes.
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Response by ClintonBuyer
over 13 years ago
Posts: 82
Member since: Aug 2011
>My guess is that as it is an older, quite a bit so, building there wasn't nearly the level of
>investment/foreign buying and one may actually be able to get a mortgage without promising the
>first-born child.
Thanks for your input, aboutready, and I appreciate your comment about personal taste/preferences--because I, contrary to your perspective, find HK and its dining scene to be more appealing than they used to be, just a couple of years ago! Several of the new wave of restaurants, both international and domestic, opening up on and off 9th are quite good. Also, HK is far "cleaner" (wink, wink) than it used to be...but it's not nice of me to say that.
While I do believe the bldg. is actually far newer than the large majority of NYC residential bldgs., I agree that it is probably financially stable and, hence, financing shouldn't be too challenging. Thanks, again, for your post, aboutready.
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Response by aboutready
over 13 years ago
Posts: 16354
Member since: Oct 2007
By older I meant compared to the other condo buildings in the neighborhood. I'm in HK not irregularly. I've noticed a couple of new notable places to eat, although not many, but I haven't spent much time looking on the side streets. I'll have a look.
I lived in HK in the late '80's and again in the mid-90's. Yes, it is indeed much "cleaner."
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Response by nyc212
over 13 years ago
Posts: 484
Member since: Jul 2008
Another sale in this bldg., and it is above ask again. If most units are closing at or above ask, I wonder why the sellers/brokers don't price more ambitiously.
09/20/2012 #38C
$850,000 +6.4% Sold
1 bed 2 baths 765 ft²
I ended up living in the 50s rather than the 40s when I lived in Midtown West, but I love the Strand. I'd say the current spate of sales is a combination of the starter end of the market coming back as rents rise (so buy-to-rent looks more favorable, which has increasingly been the case for months) and the fact that a building with a very nice pool shows well in the late spring/summer.
Avg. ppsf for Midtown West condos is about $1200, and for Midtown West condo studios it's running about $1100, so at $1000/ppsf you're getting a 10% discount for the building's "1980s style" being out of favor. Plus two of those three units are view units, and it looks like their buyers didn't really even have to cough up a premium for that.
ali r.
DG Neary Realty
You liked the units enough to make an offer. Why is it surprisingg to you that others are doing the same? (Serious question)
Please, excuse my extra "g."
Ali, thanks for your insightful response! That certainly makes sense--compared to the area bldgs. of similar "stature," the pricing there is reasonable. Also, the rooftop pool WAS one of the compelling features! [Oh, by the way, I spoke to my broker last night to set up some showings, and one of the units currently in contract apparently closed well above ask.]
SunnyD, I really liked several other places, too, but they are still sitting on the market--some for a few years. So, my taste, as impeccable as it might be, doesn't necessarily seem to dictate the market! And the question here isn't about the two units in which I was interested; it's the ENTIRE BLDG. Nowhere else have I seen all of the units move so quickly and consistently (even at Chelsea Stratus!)--at/around/above ask, no less.
My guess is that as it is an older, quite a bit so, building there wasn't nearly the level of investment/foreign buying and one may actually be able to get a mortgage without promising the first-born child. I've seen some firming up of prices in worldwide plaza, as well, which i suspect is for the same reason.
having said that, i hate the strand. and its location. it couldn't be further from where i personally would like to be. and i think the hell's kitchen food scene has stagnated terribly. it just seems sad, the new stuff doesn't seem at all to fit in with the new, and indeed it's often located on the fringes.
i lived in hell's kitchen back in the day for years. and many of the same restaurants are still there, pumping out what seemed like decent value at the time, but now just seems old.
btw, i totally realize that personal taste and preference is simply that. and i certainly wouldn't impose mine on anyone. i lived for years in one of the least popular locations in manhattan.
really bad sentence. i meant the new development doesn't seem to fit in at all with the old stuff. and indeed it's often located on the fringes.
>My guess is that as it is an older, quite a bit so, building there wasn't nearly the level of
>investment/foreign buying and one may actually be able to get a mortgage without promising the
>first-born child.
Thanks for your input, aboutready, and I appreciate your comment about personal taste/preferences--because I, contrary to your perspective, find HK and its dining scene to be more appealing than they used to be, just a couple of years ago! Several of the new wave of restaurants, both international and domestic, opening up on and off 9th are quite good. Also, HK is far "cleaner" (wink, wink) than it used to be...but it's not nice of me to say that.
While I do believe the bldg. is actually far newer than the large majority of NYC residential bldgs., I agree that it is probably financially stable and, hence, financing shouldn't be too challenging. Thanks, again, for your post, aboutready.
By older I meant compared to the other condo buildings in the neighborhood. I'm in HK not irregularly. I've noticed a couple of new notable places to eat, although not many, but I haven't spent much time looking on the side streets. I'll have a look.
I lived in HK in the late '80's and again in the mid-90's. Yes, it is indeed much "cleaner."
Another sale in this bldg., and it is above ask again. If most units are closing at or above ask, I wonder why the sellers/brokers don't price more ambitiously.
09/20/2012 #38C
$850,000 +6.4% Sold
1 bed 2 baths 765 ft²