If You Can Demonstrate Market Movement With Comps: Downtown Edition

134 Suffolk St. #134-D

I mentioned this one 4 months ago when the asking price had fallen 9% below its own mid-2005 sale price. It closed an additional 7% below its last ask.

Recorded Sales:
06/11/2009 #134-D $650,000
07/18/2005 #134-D $765,000

http://www.streeteasy.com/nyc/building/130-suffolk-street-manhattan

555 West 23rd #N9F. Ask falls below the original 2006 sale from developer to current owner.

The text of the listing has some hard core CAPITAL LETTERS and exclamation points!!!!!!, so it has that going for it, which is nice.
http://www.streeteasy.com/nyc/sale/391103-condo-555-west-23rd-street-chelsea-new-york

05/15/2006 Previous Sale recorded for $1,230,000.
03/11/2009 Listed in StreetEasy by Prudential Elliman at $1,295,000.
07/13/2009 Price decreased by 8% to $1,195,000.

61 Jane Street, C line. 18C sold 3% above a priced-to-move asking price after only a month on the market. Looks like a 2005-ish price, although the floor plan may not be identical to lower floor C line. Very close though. Price is 24% below the peak comp, 4C, which looks like it benefitted from an interesting reno that made great use (at least on paper) of the space.

http://www.streeteasy.com/nyc/sale/400335-coop-61-jane-street-west-village-new-york
07/01/2009 #18C $825,000 +3.2% $799,000
08/23/2007 #4C $1,085,000 -1.4% $1,100,000
05/15/2006 #7C $899,000
04/05/2006 #15C $900,000
10/27/2005 #11C $810,000

61 Jane, C line again.

Next up, #6C, which listed after 18C closed. The opening ask is an early 2006 price.
http://www.streeteasy.com/nyc/sale/436914-coop-61-jane-street-west-village-new-york
07/13/2009 Listed in StreetEasy by Corcoran at $895,000.

Below mid-2004 closing price.

http://www.streeteasy.com/nyc/sale/366570-condo-270-west-17th-street-chelsea-new-york
07/28/2004 Previous Sale recorded for $1,035,000.
11/20/2008 Listed in StreetEasy by Prudential Elliman at $1,249,000.
01/27/2009 Price decreased by 5% to $1,190,000.
03/22/2009 Price decreased by 16% to $999,000.
04/09/2009 Listing entered contract.
04/28/2009 Re-listed by Prudential Elliman.
05/22/2009 Listing entered contract.
07/14/2009 Listing sold.
07/14/2009 Sale recorded for $985,000.
07/24/2009 Listing sold.

109 Greene Street - several interesting, and conflciting data points

First, two same unit resales provide "before and after" photos of market movement

#5A sells in the summer of 2008 for 59% above the original mid-2005 sale
08/25/2008 #5A $2,875,000
05/12/2005 #5A $1,810,000

#2B closed one day after #5A in 2005, resold a year later for a 25% gain and then sold again last month 13% below the 2006 sale and only 9% above the 2005 sale.
06/22/2009 #2B $2,365,000 -14.0% $2,750,000 ↓
07/27/2006 #2B $2,710,000
05/13/2005 #2B $2,175,000

...but on the other hand, #4B also sold this spring way above 2005 basis and provides an alternative "after" photo.
05/18/2009 #4B $3,695,000
05/12/2005 #4B $2,500,000

Movement at the Porter House - 66 Ninth Avenue 3W

I think there are variances in the apartments in this building, but I think these are similar units. The lower floor W lines are certainly all similarly sized.
3W closed 7% below 2006 lower floor closing price.
A price chopper at almost 50% off original ask of $4.2M. A sort of lowball at 14% off final ask of 2.495.
Also, a 23% decline from peak in this building, what I think was, a similar unit one floor up in 2008.

From the original description, they were going in for a premium due to their finishes. It doesn't look like they got it.

Recorded Sales | Previous Listings
03/24/2006 #2W $2,300,000 | $2,300,000 2 beds 2.5 baths 1,950 ft²
07/03/2008 #4W $2,787,500 | $2,850,000 2 beds 2 baths 1,942 ft²
06/23/2009 #3W $2,150,000 | $2,495,000 2 beds 2.5 baths 2,000 ft²

The third floor of 43 West 21st Street closed on 7/24 for $1.5MM. May contract, asking $1.795MM. The same apartment sold in mid-2005 for $1.775MM, so that's a drop of 15+% from a pre-peak price.
http://www.streeteasy.com/nyc/building/43-west-21-street-manhattan
Monthlies are a little high for a building with no services, but it's a cool apartment for $750/SF.

A short sale at Millennium Tower (30 West Street) wipes out not only the owners' 10% downpayment, but also the entire 10% second mortgage and probably - after commissions and expenses - a significant chunk of the first lien too.
--------Recorded Sales----------|--------Previous Listings----------
07/29/2009 #27C .. $ 987,000 -19.4% |↓ $1,225,000 2 beds 2 baths 1,150 ft²
03/26/2007 #27C $1,197,500
http://www.streeteasy.com/nyc/building/30-west-street-new_york

101 West 23rd Street #5C. Chelsea studio now 7% below 2004 same-unit sale.
11/02/2004 Previous Sale recorded for $215,000.
05/01/2009 Listed in StreetEasy by Prudential Elliman at $249,000.
06/06/2009 Price decreased by 2% to $244,000.
06/16/2009 Price increased by 23% to $299,000.
07/13/2009 Price decreased by 27% to $219,000.
08/06/2009 Price decreased by 9% to $199,000.
http://www.prudentialelliman.com/Listings.aspx?ListingID=1112685
Not sure what the price increase was supposed to achieve. Probably safe to say it didn't.

Oooooh. ' No stop till 2001'. Beastie boys.

"Not sure what the price increase was supposed to achieve."

See my 288 West St story in another thread.

one thing which we leave out in discussions of "what year will prices go back to?" is that one thing which occurred in the boom was that "bad buildings" (Coops with not so great financial situations) got discounted MUCH less at the peak than they had been discounted in the past. This is an example of such a building. What will be even more interesting is if we see more market drops across the board, some of these buildings may go back to their prior "untouchable" status, in which case you will see prices fall MUCH more in those buildings than the market.

http://www.streeteasy.com/nyc/sale/347764-coop-69-west-9th-street-greenwich-village-new-york?email=true
01/23/2009 Price decreased by 7% to $1,300,000.
02/07/2009 Price decreased by 15% to $1,100,000.
07/16/2009 Price decreased by 2% to $1,075,000.
08/08/2009 Price decreased by 7% to $999,999.

Seller is definitely selling the corner, general village location and Jefferson Market Library view

and ignoring needed renovation, late 50s post-war, busy street both at 9th and 6th ave, PATH train under the building, high maintenance despite owning the parking garage, non-prominent broker.

252 Seventh Avenue (Chelsea Mercantile)
--------Recorded Sales----------|--------Previous Listings----------
07/30/2009 #14E $1,450,000 +0.0% | . $1,450,000 Sold 2 beds 2 baths 1,267 ft²
06/27/2007 #16E $1,960,000 -1.8% |↓ $1,995,000 Sold 2 beds 2 baths 1,267 ft²

Late May contract. Condition of 14E appears fine.

If I'm remembering correctly, the 16th floor is the "break floor" where you clear the building across 7th Ave to the East, whereas 14 you get sky and the top floor of the building across.

Thanks, 30yrs. The old Met Life Building is very pretty. Maybe not $500K pretty, but definitely pretty.

GGArizona - i've seen that apt at 69 west 9th.
you are spot on. the owner is ignoring a HUGE renovation that needs to be done.
nothing salvageable in the whole apartment, needs complete gut renovation.
owner won't negotiate from here.

i saw 14E at the mercantile. it was in good condition. it faces north and does not clear the building across the street. no met life view from either apt.

121 West 19th Street (Lion's Head) #10G: Same-unit resale. June contract, down 12.5% from early 2007. Still up 5.3% from 2006.
06/29/2006 Previous Sale recorded for $1,995,000.
02/13/2007 Previous Sale recorded for $2,400,000.
03/11/2009 Listed in StreetEasy by Core Group Marketing at $2,500,000.
04/16/2009 Price decreased by 5% to $2,375,000.
06/13/2009 Listing entered contract.
08/05/2009 Sale recorded for $2,100,000.
http://www.streeteasy.com/nyc/sale/391056-condo-121-west-19th-street-chelsea-new-york

West: On the Lion's Head 2006 transaction, that's likely a mid-2005 contract price, though. The place sold out in two months on the market as of August 2005.

#200 Mercer St. #2B. Same-unit resale of a 1,900 sq.ft. loft co-op. Down 39% from the sellers' 2007 acquisition price.
06/25/2007 Previous Sale recorded for $1,900,000.
10/03/2008 Listed in StreetEasy by Corcoran at $1,995,000.
11/11/2008 Price decreased by 4% to $1,920,000.
01/12/2009 Price decreased by 22% to $1,495,000.
02/17/2009 Price decreased by 7% to $1,395,000.
05/16/2009 Listing entered contract.
08/05/2009 Sale recorded for $1,160,000.
http://www.streeteasy.com/nyc/sale/355120-coop-200-mercer-street-noho-new-york

SkinnyNsweet: Good point about the original sale at 121 West 19th.

http://www.streeteasy.com/nyc/talk/discussion/7980-sale-at-200-mercer-street-2b

Prime W Vill/MeatPacking chop:

http://www.streeteasy.com/nyc/sale/231337-condo-345-west-13th-street-west-village-new-york

$5.2mm orig listing ---> sold for $3mm. Seller paid $3.875 million in Dec. 2005

05/07/2008 Listed in StreetEasy by Meisel Real Estate at $5,200,000.
05/21/2008 Price decreased by 4% to $4,995,000.
06/12/2008 Price decreased by 3% to $4,850,000.
07/24/2008 Delisted temporarily.
09/13/2008 Re-listed by Meisel Real Estate.
04/02/2009 Price decreased by 23% to $3,750,000.
06/19/2009 Listing entered contract.
06/30/2009 Sale recorded for $(insiders only)

original (1999) sale was about $1,150,000. but also 3F sold for $3,700,000 4/18/2007, so you have to wonder why 5F went for $3.875 million in Dec. 2005??

Two recent ones:

114 Spring #2 (same unit sale, -23% from 2006 closing)
http://www.streeteasy.com/nyc/closing/906788
07/28/2009 #2 $1,392,000
05/15/2006 #2 $1,808,333

170 Fifth #5 (looks like 2004 level price)
http://www.streeteasy.com/nyc/closing/905574
07/21/2009 #5 $2,945,000
02/06/2007 #3 $2,972,500
09/08/2005 #7 $3,230,000
03/14/2005 #3 $2,800,000
02/01/2005 #2 $2,725,000
04/19/2004 #8 $2,392,887

How is 170 5th 2004 pricing? Looks more like '06-'07 pricing. Not really much of a decline thought there might be significant differences in apartments, but then none of that was pointed out.

Oops, my mistake!

AvUWS - you are right, I had transposed the #s in my head when I was looking at comps, thinking $2.495 instead of $2.945. Wishful thinking on my part!

That being said, #5 (being the home of a well known interior designer) was very DONE. #7 was taken off the market, will be interesting to see if it goes back on.

170 has and will always be a little tough to comp out because the unit were sold almost raw and each owner did substantially different renovations.

I think I did the last commercial lease transaction in that building before they decided to go residential condo. the owner wanted to stiff me by paying a low commission, so I agreed as long as he paid me all on lease signing (as opposed to 3 pieces over about 1.5 years). Joke was on him: tenant didn't last that long.

1 5th Ave, 5K, looks like a 2004 price to me.

09/12/2007 Listed in StreetEasy by Halstead Property at $749,000.
01/11/2008 Price decreased by 3% to $729,000.
05/18/2008 Price decreased by 3% to $710,000.
07/22/2008 Price decreased by 2% to $695,000.
09/18/2008 Delisted temporarily.
02/19/2009 Re-listed by Halstead Property.
02/19/2009 Price decreased by 15% to $590,000.
04/03/2009 Listing entered contract.
08/19/2009 Sale recorded for $532,500.

another downtown unit goes below selling price. about 10% below mid-2005 price.

http://www.streeteasy.com/nyc/sale/363180-coop-205-east-10th-street-east-village-new-york
08/17/2005 Previous Sale recorded for $475,000.
11/06/2008 Listed in StreetEasy by Prudential Elliman at $535,000.
12/04/2008 Price decreased by 3% to $520,000.
02/03/2009 Price decreased by 4% to $499,000.
03/23/2009 Price decreased by 10% to $450,000.
05/04/2009 Listing is no longer available.
05/21/2009 Re-listed by Prudential Elliman.
06/19/2009 Listing entered contract.
08/18/2009 Listing sold.
08/18/2009 Sale recorded for $430,000.

"1 5th Ave, 5K, looks like a 2004 price to me."

maybe worset:
6K Sold $590,000 10/06/2004

Another rough same-unit resale at Millennium Tower (30 West Street): 25% below the original purchase price. The late owner paid cash in 2007 out of the profits from a contemporaneous sale, so the estate was free to deal.
--------- Recorded Sales --------- | --------- Previous Listings ---------
08/13/2009 #14B .. $ 999,900 -25.9% |↓ $1,349,000 2 beds 2.5 baths 1,404 ft² (not on SE)
03/02/2007 #14B $1,340,000 .......... |
http://www.streeteasy.com/nyc/building/30-west-street-new_york

Speaking of the Millennium Tower, #10G has been gripping lesson in due diligence. The unit lost any traction it had in the market when a school started rising between it and its sunny Hudson River views. Now the view is of 2nd graders eating lunch. That the unit fetched as much as $900k is actually testament to ... something.

this is a very confusing listing. but from what i can tell, the finished loft went for $900k, and the unfinished unit went for $1,050,000, down from $1,200,000 from early 2006.

http://www.streeteasy.com/nyc/sale/196892-coop-138-duane-street-tribeca-new-york

04/19/2006 Previous Sale recorded for $1,200,000.
03/21/2008 Listed in StreetEasy by Corcoran at $1,595,000.
05/10/2008 Listing is no longer available.
06/16/2008 Re-listed by Corcoran.
06/16/2008 Price decreased by 15% to $1,350,000.
08/02/2008 Delisted temporarily.
11/18/2008 Later Listed in StreetEasy by Prudential Elliman at $1,200,000.
02/05/2009 Later Listed in StreetEasy by Prudential Elliman at $1,250,000.
08/04/2009 Prudential Elliman Listing sold. Last priced at $995,000.
08/04/2009 Sale recorded for $900,000.
08/19/2009 Prudential Elliman Listing sold. Last priced at $1,100,000.
08/19/2009 Sale recorded for $1,050,000.

http://www.streeteasy.com/nyc/sale/147767-condo-304-spring-street-soho-new-york

10/27/2007 Listed in StreetEasy by Halstead Property at $9,250,000.
04/15/2008 Price decreased by 3% to $8,995,000.
05/29/2008 Price decreased by 8% to $8,250,000.
08/27/2008 Listing entered contract.
01/17/2009 Re-listed by Halstead Property.
01/17/2009 Price decreased by 18% to $6,750,000.
03/04/2009 Price decreased by 26% to $4,995,000.
06/26/2009 Listing entered contract.
08/31/2009 Listing sold.

I am told this actually closed closer to $4,000,000

back to data... how refreshing. what's that 55% off first ask? LMAO....

this IS chinatown, but this is a new price level for me in my downtown ramblings. no floorplan, appears to be a b or c unit. no idea of floor but seems bright. looks to be renovated, kitchen at least. claims 2000 sf, maint. less than $1 psf, $1,350,000. seems to be blowing under all comps, stribling ad says hasn't been on the market in 30 years.

http://www.streeteasy.com/nyc/sale/450219-coop-366-broadway-chinatown-new-york

someone tell falco, i think the new listings have started arriving. set out the crudites.

justobeserving

Looks like 304 spring PH10 closed at 4.5mil.
Acris had trouble with the unit #.
It can happen often with penthouse addresses, in this case you look up the lot# for unit 9 and increase the lot # for your search one up when they are full floor apartments.
This one is block 00594 and lot 1615.

aboutready
Looks like a fire sale on the block

http://www.streeteasy.com/nyc/building/356-broadway-manhattan

the just discussed brevoort east. 10F sold for $722k in late '04. this was an estate sale, but looks like some renovations might have been done to effect a sale. jr.4.

http://www.streeteasy.com/nyc/sale/349934-coop-20-east-9th-street-greenwich-village-new-york

09/18/2008 Listed in StreetEasy by Prudential Elliman at $995,000.
10/13/2008 Price decreased by 10% to $895,000.
12/12/2008 Price decreased by 11% to $795,000.
02/22/2009 Price decreased by 8% to $729,000.
05/07/2009 Price decreased by 4% to $699,000.
06/03/2009 Listing entered contract.
08/26/2009 Listing sold.
08/26/2009 Sale recorded for $658,000.

Can't compare 356 to 366 Broadway. I went to the 356 Broadway open house and saw both 2C and 2D. They are horrible apartments and need a complete gut renovation. The second floors have a ceiling height of about 5 ft. The agent said it's possible to redo the ceiling and get it almost to 6ft. So these units really shouldn't be configured as two floors. Also the floor boards are loose and uneven. Generally the units also just look horrible.

366 looks like a nice building. don't know it personally.

early 2005ish pricing at the atalanta.

http://www.streeteasy.com/nyc/sale/344777-condo-25-north-moore-street-tribeca-new-york
08/27/2008 Listed in StreetEasy by Brown Harris Stevens at $3,500,000.
01/22/2009 Price decreased by 14% to $2,995,000.
04/06/2009 Price decreased by 6% to $2,820,000.
07/10/2009 Listing entered contract.
08/03/2009 Listing is no longer available.
08/20/2009 Listing sold.
08/20/2009 Sale recorded for $2,492,000.

Sorry - am not an insider, so I don't have the full data on prior sale, but the pricing trend alone tells a story:

http://www.streeteasy.com/nyc/sale/246306-condo-31-east-28th-street-midtown-south-new-york
05/21/2008 Listed in StreetEasy by Brown Harris Stevens at $5,800,000.
05/23/2008 Price increased by 1% to $5,850,000.
09/17/2008 Price decreased by 2% to $5,750,000.
11/07/2008 Price decreased by 14% to $4,950,000.
05/17/2009 Price decreased by 15% to $4,190,000.
07/03/2009 Price decreased by 5% to $3,995,000.

The units look amazing but, uh-oh, prior buyers must have had their blinders on when it comes to the neighborhood. This is a pretty lousy street IMHO (especially at night), although convenient to subway.

366 Broadway is an interesting building in that it could not be "done" today. Today, you have to get a CofO in place before you can sell units, either Coop or Condo. 366 may be the last conversion by Zuberry Associates where they just took a loft building and cut it up into units without putting in kitchens, baths, etc. at 366, many units still has the desks, cubicles, etc in them.

356 Broadway could not be more different in that it was a developed (made into apartments) CONDO, and a low rise (6 floors vs 366's 12).

has = had

31 E 28, 7EW bought as 7E and 7W combined price of 4,667,500 May 2007

25 North Moore 12b original price 1,746,500 August of 2002

20 East 9th St 7F sold 1/17/2007 for $965,000.00

that's a pretty big drop for 1 floor and 2.5 years.

30 yrs. is there any way we can coordinate these efforts. you have more knowledge. i research and cut and paste. but the two together would be awesome and a much better presentation.

and for the 20 e 9th, i had a nice earlier comp. $722k in '04.

It's not a contest. I'm sorry if you think I'm trying to "top" you. I'm just adding extra info when I see it. like for the 20 E 9th, I wasn't trying to say your comp wasn't good, I was just trying to "bookend" it by showing the other end.

30yrs, this is kind of sad. i'm sorry if you think of me in that way.

it's just look at the page. i list. you list. you have information, often better than mine, but it's half way down the page from my info, or mine is halfway down from yours. people won't pull those together. visually it's not effective.

i'm not out for credit, i'm into transparency. you know the market that i'm interested in so well, and have more info than i do.

i have asked your opinion on a particular listing twice in the last 48 hours. i've also asked a general question or two as well.

my comp was different than yours. very much so, if i do believe.

but i guess the answer to my question is no.

My apologies, I'm really not looking to argue with you, denigrate your info, your opinions or anything like that. I just throw out extra info when I have it. If I missed the questions, I'm not ignoring you, it's just gotten to the point where I ignore whole threads here these days when they seem to be tediously going over the same ground, purely argumentative, and some other reasons. It may seem like I look at everything on SE, but that really is not the case. It is also getting rather tiresome being called names by idiots who simply hate brokers and have no clue about what they are talking about when I give actual RE advice.

I promise to look right here for the questions you have (although that may lead to some weird thread drift, at least you know I'll have seen them and I'll know what you are referring to).

no apologies necessary, truly. you don't HAVE to do anything. i just thought that you felt i had some preconceived notions. it's not a contest with me, although i'd be dishonest if i didn't admit that a shockingly low sale didn't set my heart a pitter-patter.

and you're being utterly silly, on some levels. i get far more abuse personally than you do generally for being a broker. not that you should have to defend yourself or take such abuse. but i shouldn't have to defend myself either, and i'm silly enough to do it almost all day long. OK, no model, but i think there's room for real discussion of the model on SE.

30yrs_RE_20_in_REO: Thanks for the 31 E 38th previous sale info.

So, looks like asking price is now down 15% from May 2007 sale price.

If I've learned one thing from this decade's RE cycle in Manhattan, it's this: in boom times, people overlook (or go into denial about) pretty glaringly negative factors about their street or unit, and justify it by saying to themselves, "but I'm in (or near) a great neighborhood!"

But then, when the crash occurs, it's like they wake up from a dream, and by the hard light of day see reality: they walk out their front door and stare at an ugly parking lot, with a ratty 24-hour McDonalds on the corner. (As is the case with 31 E 28th)

haven't checked in with the merc recently. O line just went into '04 pricing. 17O sold for $2.1 late '04.

http://www.streeteasy.com/nyc/sale/368724-condo-252-seventh-avenue-chelsea-new-york
12/04/2008 Listed in StreetEasy by Halstead Property at $2,450,000.
03/05/2009 Price decreased by 6% to $2,295,000.
03/14/2009 Price decreased by 13% to $1,995,000.
05/07/2009 Listing entered contract.
08/04/2009 Listing sold.
08/04/2009 Sale recorded for $1,850,000.

anotherguy; 100% agreed.

aboutready - buyers of the merc O line were already in the building. they sold their smaller unit (and quickly i might add) - i saw 16O - views were OK, but nice light. 17O is absolutely the right comparison - 15th and below are different, and upstairs is the PH.

I've been in 366 B'way before, it's actually not a bad building - back then it was known as Collect Pond House. Some very strange layouts - I remember a loft which had wall to wall industrial carpeting!

Anyone see 876 B'way, 3rd floor? Needed work but the drop from the 4th floor sale (which was fully renovated) is eye opening.

04/29/2009 Listed in StreetEasy by Prudential Elliman at $1,995,000.
06/04/2009 Listing entered contract.
08/21/2009 Sale recorded for $1,950,000.

4th floor comp (renovated though)
07/11/2006 #4 $3,150,000 (closed)

Also 255 Hudson B line looks to be off 19% from peak.

10B 08/03/2009 Sale recorded for $1,410,000 (rental tenant in place)
6B 05/08/2007 Sale recorded for $1,725,000
8B 12/08/2006 Sale recorded for $1,735,000
4B 10/06/2006 Sale recorded for $1,654,656
3B 09/27/2006 Sale recorded for $1,527,375

anotherguy - i did see units in the parkwood when they first hit the market, the finishes are beautiful, bathrooms were absolutely gorgeous, but you are so right... shall we say "bubble goggles"?

Hey AR - don't give the "presentation" of threads another thought! Thanks for all your input.

http://en.wikipedia.org/wiki/Patchwork

Fell on this one by accident. Looks like maybe it was a short sale?

251 west 19th st.
3C was bought in '06 for 2,350,000.
1822 sq ft.
Then the owner mortgaged 2,115,000 of it. (yes the disaster that was countrywide mortg)

Bought 8/13/09 for 1,210,000!!!

http://www.streeteasy.com/nyc/sale/72443-condo-251-west-19th-street-chelsea-new-york

block 00769 lot 1314

StreetEasy History
06/16/2004Previous Sale recorded for $(insiders only)
12/07/2005Previous Sale recorded for $(insiders only)
03/10/2007Listed in StreetEasy by Brown Harris Stevens at $3,400,000.
04/09/2007Price decreased by 19% to $2,750,000.
05/15/2007Price decreased by 24% to $2,100,000.
07/02/2007Price increased by 7% to $2,240,000.
09/18/2007Price increased by 7% to $2,400,000.
06/22/2009Sale recorded for $(insiders only)
08/12/2009Listing is no longer available.

truthskr, that last buyer was BONY, i believe.

Yes I see that. So what happened here exactly?
They bought the bad paper?
I see a lien of common charges.

I am not a lawyer and I'm sure I'm missing something here but I see a deed transfer for 1,210,000.
It looks like half the paper on this apartment was wrote off.

Here is the ACRIS link to the transfer. Very interesting, although I can't say I understand everyone's role. What seems clear is that the mortgage was in a mortgage-backed security vehicle on which US Bank acted as trustee, and that in this capacity US Bank foreclosed on the 2006 buyer and auctioned off the property. The buyer, BONY as aboutready points out, was not acting for itself but instead as trustee of a different securitization vehicle, this one for home equity loans. Note that there were two mortgages recorded at the time of purchase. My guess is the following: The first lien ended up in the US Bank vehicle and the HELOC ended up in the BONY vehicle. After the default, the HE lender had to basically buy the property for the value of the first mortgage in order to get the first lien lender out and then be able to sell the property to recover (some of) the value of the HE/second lien loan. If this is sort of correct, expect to see the new owner sell the apartment soon to recover what it can from the mess. The next sale (i.e., real sale, not just payoff of the first lien) will tell you how the second lien made out.
http://a836-acris.nyc.gov/Scripts/DocSearch.dll/ViewImage?Doc_ID=2009072100304001

sidelinesitter, thanks for the explanation. i've spent the last year or so teaching myself macro, but i'm not close to being there with these sorts of transactional details. although i do recognize distress.

this is getting interesting. and not from just a vulture standpoint. i find it fascinating to see this work itself through the systems, various and varied as they are.

As sidelinesitter points out, there were 2 mortgages for around $1 million each. Whatever it was, this wasn't a sale for 1,210,000, it was a taking by a lender and we won't know what the "real" sale is till it actually comes on the market and sells.

ar - agreed re: interesting to watch the pig get worked through the snake. As I was going through this, I was thinking to myself, "This is what the paper trail for a foreclosure looks like. Get used to it."

sideline,
great post, so now we learn the alchemy of the trip down.

Having been watching this stuff for the past 20 years........ you ain't seen nuthin' yet.

30yrs well i agree. maybe i have a flexible mind? a terrible thing to waste?

40 East 9th Street (Sheridan) #10LM: Same-unit resale, down 20.3% from 2008 closing.
03/29/2008 Previously Listed in StreetEasy by Corcoran at $2,400,000.
08/05/2008 Corcoran Listing sold. Last priced at $2,100,000.
08/05/2008 Previous Sale recorded for $2,105,000.
11/06/2008 Listed in StreetEasy by Halstead Property at $1,995,000.
01/14/2009 Price decreased by 5% to $1,895,000.
03/06/2009 Price decreased by 2% to $1,850,000.
03/27/2009 Price decreased by 3% to $1,795,000.
05/28/2009 Price decreased by 6% to $1,695,000.
06/20/2009 Listing entered contract.
09/02/2009 Sale recorded for $1,673,812.

http://www.streeteasy.com/nyc/sale/363160-coop-40-east-9th-street-greenwich-village-new-york

I looked at #10LM 40 East 9th. Owner lived in building and purchased #10LM to combine. Months later, before remodel he died. Wife wanted quick sale.

I knew I could count on 30yrs for some light on this and thank you too sidelinesitter.

Gonna read through those docs on acris more thoroughly and then respond. I saw the two mortgages and realized that the 1.2 must have been paper taken over for one of the notes with accrued interest and penalty. But what threw me is it looks and smells like a deed transfer. The other docs don't seem to clarify but I will read them more carefully. I guess that's what title reports are for. :)

NYCDreamer - At 40 East 9th, you're right: it was a terrible situation in every way. Future sellers in the building may try to spin that sale as unique; but the fact is, #10LM was on the market for over seven months. Wells Fargo might have dictated that odd closing price, but the market had plenty of time to render its verdict, and seems to have done so.

Back to 251 west 19th 3C

We have 2 country wide mortgages, 1st one is 30yrs 1,000,000 on 12/7/05.
2nd mortgage same time for 1,115,000 subordinate to the first.
Though these mortgages were filed 6 months later, 6/9/06.

Around 1 year later we have an assignment of mortgage 7/12/07 to U.S Bank National Assoc.
the first loan for 1,000,000.

1/31/2008 lien of common charges which to that point was 11,687.44 and for future accruing non payments.
6/22/2009 is a referee's deed on behalf of US National Bank and looks like a foreclosure on the first loan bought by Bank of NY highest bidder for 1,210,000.

So Bank of NY is in at 622 per sq ft. They are relatively safe. No one is buying paper #2.

Looks like a real mess, she used to be in apartment 1c and used that sale to buy 3c. 1c has a lien of common charges as well on 2/22/08.
Same lending players and mess.

I'd say "owners" of 1c and 3c are Bonnie and Clyde.

block 00769 lot 1303

no other B line sales to compare with this, but C and D lines are roughly the same size as B. lower floor C and D apartments sold in mid-2004 for $2.5 and $2.61 million.

http://www.streeteasy.com/nyc/sale/440827-condo-79-laight-street-tribeca-new-york

07/29/2009 Listed in StreetEasy, already in contract, by Halstead Property at $2,700,000.
08/31/2009 Listing sold.
08/31/2009 Sale recorded for $2,600,000.

Apartment 18J, $1.39mil. 19J sold for $1.575 in 09/06. i can't believe this building got that expensive.
http://www.streeteasy.com/nyc/sale/405387-condo-280-park-avenue-south-flatiron-new-york

http://www.streeteasy.com/nyc/sale/391124-coop-260-west-21st-street-chelsea-new-york
08/25/2005 Previous Sale recorded for $405,000.
03/11/2009 Listed in StreetEasy by Corcoran at $425,000.
05/23/2009 Listing entered contract.
08/27/2009 Listing sold.
08/27/2009 Sale recorded for $412,500.
09/11/2009 Listing sold.

And not to mention the open houses planned through October.

Open Houses:
Sun, Sep 13 (12:00 - 2:00) SAVE to open house planner
Sun, Sep 20 (12:00 - 2:00) SAVE to open house planner
Sun, Sep 27 (12:00 - 2:00) SAVE to open house planner
Sun, Oct 04 (12:00 - 2:00) SAVE to open house planner

I don't know, this may relay lack of confidence in their asking but I could be wrong.

oops wrong thread....fridays

riverhouse is lowering the value of the units it previously sold. 14A sold for $1,640,000 in 11/08.

http://www.streeteasy.com/nyc/sale/266170-condo-1-river-terrace-battery-park-city-new-york
05/29/2008 Listed in StreetEasy by Corcoran at $1,730,000.
08/30/2008 Listing is no longer available.
09/27/2008 Re-listed by Corcoran.
03/04/2009 Listing is no longer available.
07/30/2009 Listing entered contract.
08/27/2009 Sale recorded for $1,450,000.
09/05/2009 Listing sold.

gramercy starck is doing the same. 14M sold for $2mil in 11/08.

http://www.streeteasy.com/nyc/sale/359108-condo-340-east-23rd-street-gramercy-park-new-york

06/12/2008 Also Listed in StreetEasy by Gramercy Starck at $2,215,000.
10/21/2008 Listed in StreetEasy by Prudential Elliman at $2,215,000.
12/25/2008 Price decreased by 11% to $1,980,000.
02/19/2009 Price decreased by 5% to $1,880,000.
03/17/2009 Gramercy Starck Listing is no longer available.
06/19/2009 Listing entered contract.
08/26/2009 Listing sold.
08/26/2009 Sale recorded for $1,600,000.
09/04/2009 Listing sold.

LMAO.. you are on fire aboutready! LMAO, $400K wipe out in a year.... keep buying lemmings.. I need this stale inventory cleared out ....

Sorry to keep weaving the 251 West 19th discussion into the comps, but one more point:

"So Bank of NY is in at 622 per sq ft. They are relatively safe. No one is buying paper #2."

The point is that the securitization vehicle of which BONY is trustee (NB: bondholder money, not BONY's money) holds the second mortgage (i.e, they don't need to BUY paper #2 - they already OWN it). The vehicle was in for $1,115,000 (plus any accrued and unpaid interest, but let's go with the $1,115,000 for now), or $612 psf, when they made the second lien loan. Now they have paid $1,210,000 cash money to discharge the first mortage and own the property free and clear of prior liens, so they are in for $2,325,000, or $1,276 psf. On that number, I'm not so sure they are relatively safe.

sidelinesitter, no problem. someone mentioned that my comps often aren't really comps at all because they've been in yorkville or some such. so i decided to do an in-depth review of MY preferred neighborhoods, which i haven't done for a couple of months.

shocking. truly shocking. and hugely fun.

sideliner
No apologies please, I think this is going to be an interesting case to follow and possibly first of many.
I think the point I am missing is.... where the second note is referenced or hooked.
The assignment of mortgage (and later sale/foreclosure of was clearly on the first mortgage. I looked for any reference to that second note.
That second note either in dollar amount or doc ref # is nowhere I could find after the initial mortgage. From all I read it looked like they bought the first note only.
I don't see the assignment of the second anywhere,or in essence ownership of that note after countrywide.

I will read them again.It is friday and I won't be chiming in 'til monday.

I don't think it was assigned. Look in the first paragraph of the deed for the transfer (in the ACRIS link that I posted). The onwer of the second is CWHEQ, Inc Revolving Home Equity Loan... and the address is at BofA on Charlotte. I think that the CWHE in CWHEQ is Countrywide Home Equity. BofA bought Countrywide. A Countrywide securitization vehicle holds the paper. I think that's it.

this is an interesting one. somewhere in there a renovation appears to have been done.

http://www.streeteasy.com/nyc/sale/349663-condo-505-greenwich-street-soho-new-york
01/13/2005 Previous Sale recorded for $970,000.
12/21/2005 Previous Sale recorded for $1,450,000.
09/17/2008 Listed in StreetEasy by Corcoran at $1,850,000.
09/29/2008 Price decreased by 5% to $1,750,000.
09/30/2008 Price increased by 3% to $1,795,000.
12/01/2008 Price decreased by 6% to $1,695,000.
01/29/2009 Price increased by 6% to $1,799,000.
02/20/2009 Price decreased by 3% to $1,750,000.
03/13/2009 Price decreased by 9% to $1,600,000.
03/14/2009 Price decreased by 0% to $1,595,000.
03/17/2009 Price decreased by 6% to $1,495,000.
05/29/2009 Listing entered contract.
08/25/2009 Listing sold.
08/25/2009 Sale recorded for $1,450,000.

5B sold for $475k in 02/05. 4B has been renovated. did go quickly, however.

http://www.streeteasy.com/nyc/sale/432449-coop-507-east-12th-street-east-village-new-york
06/25/2009 Listed in StreetEasy by Halstead Property at $425,000.
07/24/2009 Listing entered contract.
08/25/2009 Listing sold.
08/25/2009 Sale recorded for $425,000.

I see what your saying sideliner but what gets me is the language and references later.
In the paragraph WITNESSETH it only references the mortgage CRFN # ending in 432.
The second mortgage should also be acknowledged then including CRFN # ending in 433.

11D sold for $335k in 06/06.

http://www.streeteasy.com/nyc/sale/374026-coop-145-east-15th-street-gramercy-park-new-york
01/12/2009 Listed in StreetEasy by Corcoran at $360,000.
03/21/2009 Price decreased by 8% to $330,000.
05/11/2009 Listing entered contract.
08/25/2009 Listing sold.
08/25/2009 Sale recorded for $315,000.

And thanks for putting up with me sideliner, I want to be less dumb for the next one.

AR,
The greenwich place is very interesting. I actually think they did quite well. they covered that 12/2005 price for a place that has that cookie cutter theme with a super bathroom. All in all, not that exciting for 1.4M+. I would have bet a lower price...am I stuck in the past?

ar, you are on fire..you clearly have an appetite for all this and will be fed quite well
sls...post of the month...cant wait to see what bony does with this place -- someone may end up stealing it from bony -- i will be watching for it to come on the market -- nice to see all this data --starting to feel like the next wave of nausea is well upon the market -- YAY!!

falco, early new construction i believe. i haven't looked into it, i don't know if the earlier sale represented purchase from sponsor, which could date the contract back further.

popular building. it's been crazy down here. 3B sold for $1.775 in 02/08, and 4B sold for $1.8 in 01/08.

GO PIGS--through the snakes!!

be@william. first, unit 12A

04/30/2007 Listed in StreetEasy by Corcoran at $1,152,000.
05/21/2007 Price increased by 0% to $1,155,000.
06/26/2007 Listing is no longer available.
11/01/2007 Re-listed by Corcoran.
11/01/2007 Price increased by 1% to $1,167,000.
12/24/2007 Listing is no longer available.
07/23/2008 Listing sold.
07/23/2008 Sale recorded for $1,158,000.

now, 14A
05/14/2007 Listed in StreetEasy by Corcoran at $1,162,000.
05/31/2007 Listing is no longer available.
07/04/2007 Listing entered contract.
08/02/2007 Listing is no longer available.
06/04/2008 Re-listed by Corcoran.
06/04/2008 Price increased by 1% to $1,177,000.
02/18/2009 Price decreased by 11% to $1,050,000.
06/19/2009 Listing entered contract.
08/24/2009 Listing sold.
08/24/2009 Sale recorded for $905,000.
09/04/2009 Listing sold.

both sponsor sales, btw.