If You Can Demonstrate Market Movement With Comps: Downtown Edition

Ya, maybe if Setai boy read it he'd have a greater appreciation for aboutready's work.

i've been remiss. comps are hard work, so few units have appropriate ones readily available. just for you jasonkyle. unit 5C, also a good chopper candidate. 6C sold for $1.26 in 12/04 (don't know condition) and $1.525 in 06/06. it's currently on the market for $1.65 down from $1.79.

5C was renovated, very. 6C is extremely yellow. this seems like distress to me.

http://www.streeteasy.com/nyc/sale/388714-coop-105-fifth-avenue-flatiron-new-york
03/19/2008 Previously Listed in StreetEasy by Eychner Associates at $2,100,000.
02/20/2009 Delisted by Eychner Associates. Last priced at $1,550,000.
03/03/2009 Listed in StreetEasy by Halstead Property at $1,295,000.
06/30/2009 Price decreased by 17% to $1,075,000.
08/16/2009 Listing entered contract.
10/08/2009 Listing sold.
10/08/2009 Sale recorded for $1,020,161.

jk: I assume you saw west81's posting about the Brevoort and Stewart House in the other thread?

30years: thank you i did see them. that is what made me think this one had been gone too long. those prices are coming down nicely in the post war village buildings.

aboutready, thanks for everything you do! this board wouldn't be the same without you.

If 5C sold for $1.02M, what hope is there for 6C? The decor is pretty heinous, that can't help.

i missed this one. also available for rent at $7250. with 20% down roughly $10k a month to buy. if they get asking they will be doing very well. but 4C is on the market for $1.395, down from an initial ask (as unit 4CC) of $1.99, so i don't foresee much hope for 5C. oddly, i don't see any record of the initial sale of 4C. 5C also closed in the first few months of closings, likely an earlier contract signing date. there were three closed deals this summer in the building, for $883-around $1000 psf. this unit is listed as 1245 sf.

http://www.streeteasy.com/nyc/sale/445350-condop-4-west-21st-street-flatiron-new-york
08/21/2006 Previous Sale recorded for $1,525,000.
08/21/2006 Previous Sale recorded for $1,552,831.
08/16/2009 Listed in StreetEasy by Prudential Elliman at $1,550,000.

another one i missed. this building shows 50 recorded sales, one combo and one resale, so 50 sponsor-sold units. unless i'm counting incorrectly i see 17 floors with 4 apartments per floor, or 68 units. that's quite a few unsold units, if i'm right, for a building that started closings in 03/08.

http://www.streeteasy.com/nyc/sale/360601-condo-240-park-avenue-south-flatiron-new-york
10/13/2006 Previously Listed in StreetEasy by Prudential Elliman at $1,280,000.
04/11/2008 Previous Sale recorded for $1,230,000.
05/20/2008 Prudential Elliman Listing sold. Last priced at $1,550,000.
10/29/2008 Listed in StreetEasy by Halstead Property at $1,480,000.
11/06/2008 Price decreased by 2% to $1,450,000.
11/17/2008 Price decreased by 4% to $1,399,000.
11/22/2008 Price decreased by 4% to $1,350,000.
12/05/2008 Price decreased by 4% to $1,295,000.
01/03/2009 Price decreased by 2% to $1,275,000.
01/23/2009 Price decreased by 2% to $1,250,000.
02/20/2009 Price decreased by 5% to $1,190,000.
04/25/2009 Listing entered contract.
06/26/2009 Listing sold.
06/26/2009 Sale recorded for $990,000.

i wonder what these sellers will get. put the unit on the market before they even closed. over 200 days on the market, creeping down toward original sales price.

http://www.streeteasy.com/nyc/sale/399287-condo-240-park-avenue-south-flatiron-new-york
11/18/2006 Previously Listed in StreetEasy by Prudential Elliman at $2,250,000.
04/07/2008 Previous Sale recorded for $2,250,000.
04/25/2008 Prudential Elliman Listing sold. Last priced at $2,540,000.
04/03/2009 Listed in StreetEasy by Prudential Elliman at $2,650,000.
07/02/2009 Price decreased by 6% to $2,495,000.
09/29/2009 Price decreased by 5% to $2,375,000.

sorry, i read the year wrong for that last unit. my bad.

http://www.streeteasy.com/nyc/sale/412695-coop-318-west-15th-street-chelsea-new-york
12/28/2004 Previous Sale recorded for $406,000.
05/12/2009 Listed in StreetEasy by Prudential Elliman at $425,000.
07/23/2009 Price decreased by 2% to $415,000.
09/15/2009 Listing entered contract.
10/30/2009 Listing sold.
10/30/2009 Sale recorded for $395,000.

be@william. there are so many comps here it makes your head spin. one A line sale came in rather high. not so 10H, which sold for $620 psf. there are a lot of h line sales, i'll just select 9H because it's only one floor away, which closed for $859k in 07/08. but this be, unlike the one in brooklyn, seems almost sold out.

http://www.streeteasy.com/nyc/sale/97213-condo-90-william-financial-district-new-york/
08/10/2007 Listed in StreetEasy by Corcoran at $869,000.
02/17/2009 Price decreased by 15% to $740,000.
05/11/2009 Listing entered contract.
10/27/2009 Listing sold.
10/27/2009 Sale recorded for $680,000.
11/07/2009 Listing sold.

nice finds abouteady. 240 Park sellers were lucky to get out only 240k down. i just can't believe what they paid for that small, mediocre apartment.

4 West 21st St, 4C
sold on Jul 21, 2006 for $1,510,000

Manhattan, NY 10010
Single Residential Coop Unit

Year Built: 2005
Building Stories: 17
Zoning: Elevator Cooperative
Boro-block-lot: 1-822-45

thanks hr. haven't done this in awhile, and i'm still at home with the flu, so i thought why not.

this one is one to notice. 3 hanover square, 14G. just closed for $349k. 17G, listed at 960sf, closed for $805k in 06/08. 11G, $755k, 11/07. no listing for 14G so i can't confirm they are the same size and/or condition, but 14G is between the two.

seller? wells fargo.

thanks, apt_boy. too lazy to keep switching b/t the systems.

3J sold for $1.25 07/07. 2J appears renovated from the look of the kitchen, but it's very cluttered.

http://www.streeteasy.com/nyc/sale/351118-condo-14-prince-street-nolita-new-york
09/23/2008 Listed in StreetEasy by DG Neary Realty at $1,299,000.
01/15/2009 Price decreased by 6% to $1,225,000.
03/20/2009 Price decreased by 10% to $1,100,000.
04/24/2009 Price decreased by 9% to $999,000.
07/01/2009 Listing entered contract.
10/23/2009 Sale recorded for $955,000.

here's a village pre-war that sold for above its 2005 price, but it appears they did a major renovation.

http://www.streeteasy.com/nyc/sale/395211-coop-41-fifth-avenue-greenwich-village-new-york
11/09/2005 Previous Sale recorded for $870,000.
03/26/2009 Listed in StreetEasy by Sotheby's International Realty, Inc. at $1,015,000.
08/03/2009 Listing entered contract.
10/22/2009 Listing sold.
10/22/2009 Sale recorded for $925,000.

this unit looks decently renovated. 8D sold for $817k 07/08. 16D sold for $700k 05/07.

http://www.streeteasy.com/nyc/sale/389956-coop-142-east-16th-street-gramercy-park-new-york
03/06/2009 Listed in StreetEasy by Prudential Elliman at $658,000.
06/16/2009 Price decreased by 7% to $615,000.
07/09/2009 Price decreased by 5% to $585,000.
07/30/2009 Listing entered contract.
10/21/2009 Listing sold.
10/21/2009 Sale recorded for $545,000.
11/07/2009 Listing sold.

3K, 2K sold for $527,680 in 09/04.

http://www.streeteasy.com/nyc/sale/432790-coop-300-west-23rd-street-chelsea-new-york
06/27/2009 Listed in StreetEasy by Brown Harris Stevens at $540,000.
08/03/2009 Listing entered contract.
10/19/2009 Listing sold.
10/19/2009 Sale recorded for $530,000.
10/23/2009 Price decreased by 2% to $530,000.

chelsea onyx, one of the earliest closings, so contract may have been signed quite a bit earlier. another it could have been worse story. but take a look at the other listings in the building.

http://www.streeteasy.com/nyc/sale/239033-condo-261-west-28th-street-chelsea-new-york
11/28/2007 Previous Sale recorded for $1,275,000.
05/17/2008 Listed in StreetEasy, already sold, by Core Group Marketing at $1,275,000.
07/17/2009 Later Listed in StreetEasy by DG Neary Realty at $1,175,000.
09/11/2009 DG Neary Realty Listing entered contract.
10/19/2009 Sale recorded for $1,147,000.

7D sold for $1.175 in 07/05, 9D for $1.325 in 07/07.

http://www.streeteasy.com/nyc/sale/436577-coop-33-greenwich-avenue-greenwich-village-new-york
07/10/2009 Listed in StreetEasy by Halstead Property at $1,295,000.
07/30/2009 Later Listed in StreetEasy by Prudential Elliman at $1,249,000.
08/04/2009 Listing is no longer available.
10/16/2009 Prudential Elliman Listing sold.
10/16/2009 Sale recorded for $1,125,000.

this is a fun one, a comp, a chopper and a lowball. 7D sold for $3.2mm 08/07.

http://www.streeteasy.com/nyc/sale/343920-condo-40-bond-street-noho-new-york
11/29/2007 Previously Listed in StreetEasy by Corcoran at $3,500,000.
07/02/2008 Corcoran Listing sold.
08/22/2008 Listed in StreetEasy by Core Group Marketing at $3,500,000.
01/08/2009 Price decreased by 29% to $2,500,000.
10/08/2009 Listing entered contract.
10/16/2009 Listing sold.
10/16/2009 Sale recorded for $2,000,000.

feel better AR...

thanks liz. it's so beautiful out that i'm a bit irritated, but i'm on the mend and tomorrow i'm out and about, if it kills me. finally.

here's a short sale.
http://www.streeteasy.com/nyc/sale/364504-condo-251-west-19th-street-chelsea-new-york
07/07/2005 Previous Sale recorded for $1,200,000.
06/27/2006 Previous Sale recorded for $1,875,000.
07/07/2007 Also Listed in StreetEasy by Corcoran at $1,975,000.
11/08/2008 Listed in StreetEasy by Corcoran at $1,250,000.
01/06/2009 Price decreased by 12% to $1,100,000.
04/16/2009 Corcoran Listing is no longer available. Last priced at $1,250,000.
05/21/2009 Price decreased by 10% to $990,000.
07/14/2009 Listing entered contract.
10/13/2009 Listing sold.
10/13/2009 Sale recorded for $900,000.
10/28/2009 Listing sold.

http://www.streeteasy.com/nyc/sale/31072-coop-543-broadway-soho-new-york

10/09, $1.65mm; $2.15mm, 05/07. the link above is the older listing. which is why the $1.65mm doesn't show up, because it was recorded as 9 FL rather than 9.

this is kind of harsh. #6 closes for $2.593mm in 07/09. #8 closes for $2mm in 10/09. the joys of new construction.

http://www.streeteasy.com/nyc/building/52-east-4-street-new_york

there are no real comps here, but 1E, which is listed as only 1450sf, sold for $1.33mm in 01/06. the floor plan for 2E is really hard to read, and seems to include cellar space which doesn't make sense to me (actually i just figured it out, duh, the owners of 2E were the purchasers of 1E and combined), but it is clearly quite large.

http://www.streeteasy.com/nyc/sale/90376-coop-233-west-26th-street-chelsea-new-york
05/31/2007 Listed in StreetEasy by Corcoran at $3,395,000.
06/26/2007 Price decreased by 6% to $3,200,000.
08/19/2007 Listing is no longer available.
09/01/2007 Re-listed by Corcoran.
11/27/2007 Listing is no longer available.
04/28/2009 Later Listed in StreetEasy by Sotheby's International Realty, Inc. at $2,300,000.
09/24/2009 Sotheby's International Realty, Inc. Listing sold.
09/24/2009 Sale recorded for $1,925,000.

sold for $1.55mm 09/09. sold for $1,987,500 09/05.

http://www.streeteasy.com/nyc/sale/359532-condo-252-west-30th-street-chelsea-new-york
10/23/2008 Listed in StreetEasy by Corcoran at $2,300,000.
12/02/2008 Price decreased by 13% to $1,995,000.
03/03/2009 Price decreased by 11% to $1,775,000.
07/13/2009 Price decreased by 5% to $1,695,000.
08/19/2009 Listing entered contract.
09/24/2009 Listing is no longer available.

8F now on the market for $1,000,000. 6F sold for $1,480,000 early '06.

http://www.streeteasy.com/nyc/sale/475308-coop-176-broadway-financial-district-new-york

Wow (comments applies to last 5 days of aboutready posts, both collectively and in most cases individually. How about that first post Lehman trade at 40 Bond, for example).

Is downtown just coming apart at the seams? With this many trades across so many buildings and including a short sale, REO sale by bank, etc., this looks like wholesale repricing across the area. Is that too dramatic a conclusion?

sls, trying very hard to take my personal bias out of this answer. but i will say that asking prices are still usually extremely high, very little is trading, i'm starting to see undercutting within buildings, and deals that are getting done won't generally be making anyone who needs to sell feel warm and fuzzy. there's still a ton of product, also. many buildings have units that are coming back on (modern23, one york, etc.).

prime tribeca is holding up better, as well as central/west village. i expect chelsea and even flatiron/union square/east village to be an absolute shit show sometime in the who knows when future. and i just can't even comment about fidi.

i agree with that assessment. everything is down, but traditional quality in the prime areas is holding up at least somewhat better. some of these comps are just bizarre. what genius paid $2 million for an apartment at 252 West 30th Street in 2005? It's just crazy.

Asking prices are still mostly out of control, but even there the ice is cracking. Thanks for keeping on top of this aboutready.

this isn't the best of comp, because i believe the lofts clear the neighboring building at the 5th floor and this is the 4th. also, they chose to have a huge kitchen at the expense of the width of the LR, which i'm not sure i'd agree with. no pictures of the kitchen, so it's probably dated, but this doesn't seem to be a wreck in any way. unit 4R, offered at $1.7mm, 1950ish (listed) sf, extremely reasonable maintenance of $1746.

http://www.streeteasy.com/nyc/sale/478602-coop-112-east-19th-street-gramercy-park-new-york

7R sold for $2,625,000 09/06 (no floor plan available, fyi); 11R sold 08/08 for $3,050,000 08/08, appears to be same layout.

61 Jane Street, #6C. Not as exciting at what aboutready has been posting lately, but there aren't so many trades in prime West Village so I thought I'd post it. 22% below 2007 peak comp and comparable to 2005/2006 prices. I would note that 4C is the same space but a different layout that looks like a really nice use of the space to carve out a small 2nd br / den. Just looking at the floor plans, it looks like it's worth a bit of a premium.

http://www.streeteasy.com/nyc/sale/436914-coop-61-jane-street-west-village-new-york
11/02/2009 #6C $845,000 (listing claims "pristine condition")
07/01/2009 #18C $825,000 (NB: Estate sale. Sold above 799K ask)
08/23/2007 #4C $1,085,000
04/05/2006 #15C $900,000
05/15/2006 #7C $899,000
10/27/2005 #11C $810,000

i was gonna check east 19th street out but it's already off the market supposedly. even though yesterday they had an open house scheduled for tomorrow

http://www.streeteasy.com/nyc/sale/368543-condo-120-greenwich-street-financial-district-new-york

03/28/2006 Previously Listed in StreetEasy by Prudential Elliman at $698,250.
09/15/2006 Prudential Elliman Listing sold.
09/15/2006 Previous Sale recorded for $710,994.
12/03/2008 Listed in StreetEasy by Corcoran at $775,000.
01/14/2009 Price decreased by 6% to $725,000.
02/03/2009 Price decreased by 7% to $675,000.
05/11/2009 Price decreased by 4% to $649,000.
07/31/2009 Listing entered contract.
08/31/2009 Listing is no longer available.
11/10/2009 Listing sold.
11/10/2009 Sale recorded for $612,000.

still closer to '06 pricing than '04.

http://www.streeteasy.com/nyc/sale/441190-coop-199-east-7th-street-east-village-new-york
06/14/2004 Previous Sale recorded for $345,000.
08/09/2006 Previously Listed in StreetEasy by Prudential Elliman at $545,000.
11/16/2006 Prudential Elliman Listing sold.
11/16/2006 Previous Sale recorded for $525,000.
07/31/2009 Listed in StreetEasy by Corcoran at $475,000.
09/08/2009 Listing entered contract.
11/06/2009 Listing sold.
11/06/2009 Sale recorded for $465,000.
11/18/2009 Listing sold.

the '07 sale was likely an '06 contract signing.

http://www.streeteasy.com/nyc/sale/464288-condo-161-duane-street-tribeca-new-york
04/19/2006 Previously Listed in StreetEasy by Corcoran at $2,825,000.
05/04/2007 Corcoran Listing sold.
05/04/2007 Previous Sale recorded for $2,800,000.
02/02/2008 Previously Listed in StreetEasy by Brown Harris Stevens at $3,400,000.
02/20/2008 Brown Harris Stevens Listing is no longer available. Last priced at $3,200,000.
09/19/2009 Listed in StreetEasy by Brown Harris Stevens at $2,800,000.
10/27/2009 Listing entered contract.
11/04/2009 Sale recorded for $2,400,000.
11/09/2009 Listing is no longer available.
11/10/2009 Listing sold.

has this one been discussed? i can't find it. the most recent purchase was BONY/Mellon. it's now back on the market at about 20% less than the '05 sale price. the '04 sale appears to be from the sponsor.

http://www.streeteasy.com/nyc/sale/72443-condo-251-west-19th-street-chelsea-new-york
06/16/2004 Previous Sale recorded for $1,201,280.
12/07/2005 Previous Sale recorded for $2,350,000.
03/10/2007 Listed in StreetEasy by Brown Harris Stevens at $3,400,000.
04/09/2007 Price decreased by 19% to $2,750,000.
05/15/2007 Price decreased by 24% to $2,100,000.
07/02/2007 Price increased by 7% to $2,240,000.
09/18/2007 Price increased by 7% to $2,400,000.
06/22/2009 Sale recorded for $1,210,000.
08/12/2009 Listing is no longer available.
10/01/2009 Currently Listed in StreetEasy by Gumley Haft Kleier at $1,794,900.

same building, sponsor just sold 5B for $828k. sponsor sold 7B for $737,722 05/04. 7B later (05/06) sold for $1,235,000.

don't know if sponsor sold unfinished, condition, etc.

160 7th Ave, #1214. sold 10/09 for $219,000. seller was Chase Home Financial. #1114 sold for $438,000 08/08.

http://www.streeteasy.com/nyc/closing/933733

things seem to be closing much faster these days.

http://www.streeteasy.com/nyc/sale/394125-coop-474-greenwich-street-tribeca-new-york
11/03/2005 Previously Listed in StreetEasy by Prudential Elliman at $1,695,000.
03/27/2006 Prudential Elliman Listing sold. Last priced at $1,595,000.
03/27/2006 Previous Sale recorded for $1,525,000.
03/13/2007 Previously Listed in StreetEasy by Brown Harris Stevens at $1,775,000.
08/04/2007 Brown Harris Stevens Listing is no longer available. Last priced at $1,675,000.
09/05/2007 Previously Listed in StreetEasy by Corcoran at $1,575,000.
11/17/2007 Corcoran Listing is no longer available.
03/22/2009 Listed in StreetEasy by Prudential Elliman at $1,450,000.
04/08/2009 Price decreased by 4% to $1,395,000.
06/02/2009 Listing is no longer available.
09/10/2009 Re-listed by Prudential Elliman.
09/22/2009 Listing entered contract.
11/16/2009 Listing sold.
11/16/2009 Sale recorded for $1,275,000.

sold 11/16 for $3.9mm. bought for $4.285mm 12/06. not too bad, except sales in this building began 04/05, this was one of the initial closings.

http://www.streeteasy.com/nyc/sale/371793-coop-50-gramercy-park-north-gramercy-park-new-york

12/23/2008 Listed in StreetEasy by Corcoran at $5,995,000.
02/18/2009 Price decreased by 10% to $5,395,000.
04/01/2009 Price decreased by 7% to $4,995,000.
06/18/2009 Listing is no longer available.
07/13/2009 Re-listed by Corcoran.
07/13/2009 Price decreased by 12% to $4,395,000.
09/06/2009 Price decreased by 9% to $3,995,000.
10/01/2009 Listing entered contract.
11/18/2009 Listing is no longer available.

this one sold for just a bit over its mid-2005 price. not too terrible, unless the current owners did the renovation, which i suspect they did.

http://www.streeteasy.com/nyc/sale/415735-coop-61-irving-place-gramercy-park-new-york
07/13/2005 Previous Sale recorded for $1,150,000.
05/28/2009 Listed in StreetEasy by Prudential Elliman at $1,250,000.
11/16/2009 Listing sold.
11/16/2009 Sale recorded for $1,200,000.

66 Leonard, unit 2E. no listing for either sale. sold for $2,301,750 11/09. sold for $2,950,000 06/05.

http://www.streeteasy.com/nyc/closing/935325

this was one of the very early sales in the building, so the contract date may have been earlier.

ugly.

http://www.streeteasy.com/nyc/sale/408006-condo-20-west-street-financial-district-new-york
06/06/2006 Previous Sale recorded for $525,000.
05/01/2009 Listed in StreetEasy by Columbus NY Real Estate at $489,000.
05/14/2009 Price decreased by 3% to $475,000.
07/17/2009 Price decreased by 6% to $445,000.
11/09/2009 Listing sold.
11/09/2009 Sale recorded for $407,500.

this one probably needs some work. no way to tell condition of 7D which sold for $615k in 01/06.

http://www.streeteasy.com/nyc/sale/413830-coop-201-east-21st-street-gramercy-park-new-york
05/15/2009 Listed in StreetEasy by Corcoran at $575,000.
08/11/2009 Listing entered contract.
11/05/2009 Listing sold.
11/05/2009 Sale recorded for $520,000.

thanks aboutready!

wouldn't feel too sorry for sellers of 2E @66 Leonard. They were busy movin on up,
to the east side (though not a deluxe apartment in the sky).

http://www.streeteasy.com/nyc/closing/919611

Thanks sls...

50 Pine Street #11N

http://www.streeteasy.com/nyc/sale/360621-condo-50-pine-street-financial-district-new-york

04/07/2006 Previous Sale recorded for $1,751,000.

10/29/2008Listed by Prudential Elliman at $1,750,000.
12/01/2008Price decreased by 3% to $1,695,000.
01/27/2009Price decreased by 6% to $1,595,000.
03/11/2009Price decreased by 9% to $1,450,000.
04/25/2009Listing is no longer available.
05/04/2009Re-listed by Prudential Elliman.
07/13/2009Price decreased by 4% to $1,399,000.
08/06/2009Listing entered contract.
10/28/2009Listing sold.
10/28/2009Sale recorded for $1,246,000

jess, yes it seems they could afford the loss.

http://www.streeteasy.com/nyc/sale/468241-condo-344-west-23rd-street-chelsea-new-york
10/28/2005 Previous Sale recorded for $1,230,000.
05/18/2006 Previously Listed by Corcoran at $1,375,000.
05/16/2007 Corcoran Listing is no longer available. Last priced at $1,310,000.
10/02/2009 Listed by Citi-Habitats at $980,000.

AR: on that 344 West 23rd I think some of the issue was overpayment on the buy end as much as market contraction today.

dunno, 30yrs. 1E sold early '04, just about the same size so i presume also a first floor duplex arrangement, for $1,050,000. prices did rise fairly significantly from early '04 to late '05. although i still think they overpaid for the space, i'm not sure they overpaid THAT much for the market, such as it was.

237 Lafayette Street #8W: Same-unit resale, 11.7% below 2005 basis.
07/22/2005 Previous Sale recorded for $2,300,000.
10/04/2006 Previously Listed by Citi-Habitats at $2,800,000.
11/06/2007 Previously Listed by Citi-Habitats at $2,675,000.
11/06/2007 Citi-Habitats Listing is no longer available. Last priced at $2,575,000.
04/26/2008 Citi-Habitats Listing is no longer available.
11/20/2008 Previously Listed by Citi-Habitats at $2,550,000.
01/11/2009 Listed by Citi-Habitats at $2,550,000.
01/11/2009 Citi-Habitats Listing is no longer available.
02/27/2009 Price decreased by 8% to $2,350,000.
03/07/2009 Price decreased by 2% to $2,300,000.
07/02/2009 Price decreased by 9% to $2,100,000.
08/30/2009 Price decreased by 17% to $1,750,000.
10/01/2009 Listing entered contract.
11/12/2009 Sale recorded for $2,030,000.
Note that the final ask of $1.75MM was the minimum bid in a September sealed-bid process. The gimmick worked reasonably well.
http://www.streeteasy.com/nyc/sale/373778-coop-237-lafayette-street-nolita-new-york

But if I remember correctly 1E faces South while 1B faces North onto 23rd St right at street level.

The percentage of Common interest for 1B in the original Offering Plan was 2.9759% while 1E was 4.4683.

When they say the "garden area" for 1B, I'm almost positive they are talking about the "garden level" - or basement, but no actual garden, whereas I believe 1E actually has a 700SF private outdoor garden (I believe this is also shown in the Offering Plan).

In the original sales, the transfer tax for 1E was $1,272 8/29/84; for 1B, $906 8/31/84.

This, plus my memory, leads me to believe that the 2004 sale of 1E can not be used to justify a sale price of #1,230,000 in 2005.

well, paid it they did. i'd never buy such a space, in a building where most units are small and a few are outliers.

i'd guess it reflects an effort to find something that could work as a three bedroom at a time when the prices for three bedrooms were going through the roof. and i don't know that there would have been many options at less than $900 psf in late 2005 for three bedroom units in chelsea, so even though this is a challenged property, it might not have seemed an unreasonable price. but that's just my guess. welcome back.

Well, if what you are saying is that at the height of boom markets, people convince themselves that things are something which they aren't in order to justify paying an inflated asking price because they CAN'T reach the number for a real version of what they are looking for, then I would agree. And, in particular, that it is very common in layouts like this one: building has mostly smaller units but a bunch of first floor plus "rec room" turned into 2,3 or 4 bedroom units. I can think of many buildings where this occurred not just recently, but I've seen it on the second or third time around in the business cycle. Also funny is that a bunch of them are on 23rd St.

But it still means it was a "bad buy" in that the prices on these units are often too high even at the top, and they often stay on the market for significant amounts of time even when the market is such that average "time on market" is 36 seconds. One of the worst examples I saw of this was at 200 Mercer St (which goes thru to Broadway). There was an apartment with a large amount of it's space under ground, and even the above ground part faced Broadway at street level. I used to joke that the apartment was worth it because you saved money on subway fare because you didn't have to go thru the turnstile since the bottom part of the unit was IN THE SUBWAY.

I don't know 30 years, I'm sure someone tried to market the place on Mercer as "convienent to subway" or "easy transportation access". We missed you. Your knowledge and insight are a true gift to SE and anyone that says otherwise is missing the point of this community. Happy Thanksgiving.

insanity all around. and it's spread to harlem, hell's kitchen, in terms of the lower level space, big time. i agree that it was a bad buy. i think a lot of purchases were "bad buys" but i get your point that some were relatively worse.

okay, all, i'm opening myself back up for abuse here. that sponsor unit sale that couldn't possibly have been arms-length? well the sponsor seems to have just done it again. any theories?

http://www.streeteasy.com/nyc/closing/941826

205 third ave, 7T, $350k. 11T (resale) sold for $700k 09/09. perhaps somebody needs some cash?

8T $695,0000 06/09/2009
4T $782,071 03/04/2008
9T $840,056 10/02/2007

7T never listed for sale.

How can you think it's anything else than a non-arms length transaction?

AR my understanding is that some of the units in that building (205 Third) have been renovated and some are in original condition. That could account for at least some of large pricing variations. I saw an apartment in that building in 2007. Not updated although perhaps not circa 1961, jr 4 for just under $1MM with a balcony facing 3rd Avenue. That was one of the first places I looked at and I remember being very depressed that that was what my budget would allow me. Fortunately, I realized that even for those heady days that particular apartment was GROSSLY OVERPRICED.

30yrs, exactly. that's why i'm asking. the sponsor did something similar a couple of months ago. why? this was a building where the sponsor had been advertising availabilities, and it seemed like it was in the larger numbers.

btw, i'm seeing this left and right in sponsor units. i haven't been listing them because it's not generally worth the shit you get, but this is a second time in the same building.

liz, i agree with you. and i noted for the last sponsor sale that maybe that could've had some impact on the price. but i was told that under no circumstances could the last sponsor sale have been arms length, and now i'm being told the same again.

in terms of never being listed for sale, the building has a website for sales. nothing is listed as currently available, but it is still extant. i'll go buy in the next few days to see if there's any advertising still up.

Why? I could think of any number of reasons: he died and his estate/heirs are trying to liquidate. He is bleeding cash somewhere else and really needs money. He think the market is going to totally collapse and it will be forever and a half before he'll be able to get these prices again.

The buyer of 7T was a tenant figure in 205 Third's long history of litigation. Too tangled to sort out, or rather for me to, but the sale may have had something to do with that.

Same-unit resale at One Fifth: http://streeteasy.com/nyc/sale/342692-coop-1-fifth-avenue-greenwich-village-new-york

03/09/2006 Previous Sale recorded for $2,750,000.
08/16/2008 Listed by Ann Weintraub at $4,950,000.
12/01/2008 Price decreased by 8% to $4,550,000.
02/17/2009 Price decreased by 12% to $4,000,000.
03/23/2009 Price decreased by 4% to $3,850,000.
05/04/2009 Price decreased by 9% to $3,500,000.
09/14/2009 Price decreased by 6% to $3,275,000.
10/07/2009 Listing entered contract.
12/16/2009 Sale recorded for $3,175,000.

Don't know whether all the renovations were by this seller or the 2006 seller (http://streeteasy.com/nyc/sale/5415-coop-1-fifth-avenue-greenwich-village-new-york)

Same-unit resale in Fitzroy TH, at a chunk below 2006 price: http://streeteasy.com/nyc/sale/472259-coop-442-west-23rd-street-chelsea-new-york

05/10/2006 Previously Listed in StreetEasy, but temporarily delisted, by Corcoran at $1,125,000.
08/15/2006 Sale recorded for $1,100,000 (not on SE)
08/26/2006 Corcoran Listing is no longer available.
10/19/2009 Listed by Corcoran at $1,150,000.
11/21/2009 Listing entered contract.
12/22/2009 Sale recorded for $1,040,000.

http://streeteasy.com/nyc/sale/345999-coop-31-west-12th-street-greenwich-village-new-york
10/06/2005 Previous Sale recorded for $2,395,000.
09/04/2008 Listed by Brown Harris Stevens at $3,350,000.
10/17/2008 Price decreased by 3% to $3,249,000.
11/18/2008 Price decreased by 8% to $2,995,000.
01/13/2009 Price decreased by 8% to $2,750,000.
04/22/2009 Price decreased by 3% to $2,675,000.
12/04/2009 Listing entered contract.
12/22/2009 Listing is no longer available.
12/22/2009 Sale recorded for $2,380,000.

flatish from early 2005
http://streeteasy.com/nyc/sale/391154-coop-10-west-15th-street-chelsea-new-york
04/26/2005 Previous Sale recorded for $630,000.
03/11/2009 Listed by Halstead Property at $725,000.
07/07/2009 Price decreased by 4% to $699,000.
09/23/2009 Listing entered contract.
12/22/2009 Listing sold.
12/22/2009 Sale recorded for $642,500.

one of the earlier closings in a pre-war conversion. i don't recall when they started sales in this building, so this could reflect an earlier contract date.

http://streeteasy.com/nyc/sale/429255-condo-260-park-ave-south-flatiron-new-york

05/12/2006 Previous Sale recorded for $1,550,000.
06/16/2009 Listed by Corcoran at $1,595,000.
09/15/2009 Listing entered contract.
12/18/2009 Listing sold.
12/18/2009 Sale recorded for $1,517,500.

purchased from sponsor in early 06, no idea of contract date.
http://streeteasy.com/nyc/sale/465080-condo-21-south-william-street-financial-district-new-york
04/18/2006 Previous Sale recorded for $735,000.
09/22/2009 Listed by CORE at $699,000.
11/03/2009 Price decreased by 3% to $675,000.
12/17/2009 Listing sold.
12/17/2009 Sale recorded for $635,000.

2C, no idea of condition, sold for $650k in 09/05.
http://streeteasy.com/nyc/sale/452014-coop-100-bank-street-west-village-new-york
07/22/2008 Previously Listed by Prudential Elliman at $799,000.
02/19/2009 Prudential Elliman Listing is no longer available. Last priced at $669,000.
09/06/2009 Listed by Prudential Elliman at $645,000.
09/23/2009 Listing is no longer available.
09/30/2009 Re-listed by Prudential Elliman.
10/14/2009 Listing entered contract.
12/17/2009 Listing sold.
12/17/2009 Sale recorded for $620,000.

another early building sponsor sale, with contract date possibly quite a bit earlier.
http://streeteasy.com/nyc/sale/400030-condo-30-west-street-battery-park-city-new-york
02/16/2007 Previous Sale recorded for $1,375,000.
04/08/2009 Listed by Prudential Elliman at $1,495,000.
05/19/2009 Price decreased by 10% to $1,350,000.
07/20/2009 Price decreased by 7% to $1,250,000.
10/23/2009 Listing entered contract.
12/16/2009 Listing sold.
12/16/2009 Sale recorded for $1,130,000.

district, 420, early building sale, sold for $590k 12/08.
http://streeteasy.com/nyc/sale/483590-condo-111-fulton-street-financial-district-new-york
12/10/2009 Listed in StreetEasy, already in contract, by Urban Marketing--District at $585,000.
12/16/2009 Listing sold.
12/16/2009 Sale recorded for $481,000.

11 Fifth Ave. 18A - The Brevoort. Hard to tell how this compares to other apartments in the building. he same "line" doesn't seem to have the same layout. However, this is a substantial discount from the original ask.
01/26/2009 Listed by Marilyn Weigner Associates at $1,250,000.
02/04/2009 Price decreased by 4% to $1,195,000.
06/02/2009 Price decreased by 10% to $1,075,000.
07/24/2009 Listing is no longer available.
08/11/2009 Re-listed by Marilyn Weigner Associates.
10/16/2009 Price decreased by 7% to $995,000.
10/27/2009 Listing entered contract.
12/22/2009 Listing sold.
12/22/2009 Sale recorded for $935,000.

some sponsors seem ready to deal. jade has high taxes for a new development, which hasn't helped. 5F sold for $1,260,000 11/07; 9F sold for $1,169,750 02/09.

http://streeteasy.com/nyc/sale/414434-condo-16-west-19th-street-flatiron-new-york
04/04/2008 Previously Listed by Jade NYC at $1,510,000.
06/23/2008 Jade NYC Listing is no longer available.
02/02/2009 Currently Listed by Jade NYC at $1,510,000.
05/19/2009 Listed by Prudential Elliman at $1,350,000.
09/16/2009 Price decreased by 19% to $1,095,000.
10/28/2009 Listing entered contract.
12/15/2009 Listing sold.
12/15/2009 Sale recorded for $981,000.

These are great, AR, thanks for posting these!

happy new year evnyc! 7L sold for $915k mid-06.

http://streeteasy.com/nyc/sale/405876-coop-21-east-22nd-street-flatiron-new-york
04/21/2009Listed by CBHK at $850,000.
06/03/2009Listing sold.
12/21/2009Sale recorded for $799,999.

"jade has high taxes for a new development, which hasn't helped. "
"Previously Listed by Jade NYC at $1,510,000. "
"Sale recorded for $981,000."

If I wasn't too lazy, I make a post about this in the "What effect 421a has" thread. (i.e. taxes aren't "high", just "full"/"actual", if you know what I mean).

I wonder if this was a short sale or some other sort of workout, because I can't imagine a developer's original pricing had that much profit built in? (or maybe it was just a "remnant" sale?)

30yrs, yes, you are correct sir. not "high", just not abated, but it was accurate to say "high for a new development.

i just started a bit of the 421a stuff on another thread.

30 West Street #3E: Same-unit resale of a 3BR/3BA condo, 14.5% below 2007 purchase from sponsor.
05/07/2007 Previous Sale recorded for $1,836,000.
05/14/2007 Listed by Stribling at $2,190,000.
01/03/2008 Price decreased by 2% to $2,150,000.
02/15/2008 Price decreased by 2% to $2,099,000.
01/27/2009 Relisted by Stribling at $1,990,000.
03/20/2009 Price decreased by 10% to $1,790,000.
05/12/2009 Price decreased by 5% to $1,695,000.
07/06/2009 Price decreased by 4% to $1,635,000.
10/06/2009 Listing entered contract.
12/30/2009 Sale recorded for $1,570,000.
http://streeteasy.com/nyc/sale/378081-condo-30-west-street-battery-park-city-new-york

130 West 19th St,
10C
Sold on Dec 7, 2006 for $2,172,000
130 West 19th St,
Single Residential Condo Unit
1,411 sqft, ($1,539/sqft)

Year Built: 2005
Building Stories: 13
Zoning: Condo; Residential Unit In Elevator Bldg.
Boro-block-lot: 1-794-1051

Sold on Dec. 1, 2009 for $1,930,000

11% off last sale

Sold for all cash to founder of theglobe.com

Should note that 10c does have 600 sq ft of setback terrace as well.
Seller was a Goldman Sachs exec relocating to london.

Not devastating, but not pretty...30 West Street #3E in Battery Park City. 14.4% off original purchase, which doesn't include closing costs, taxes...etc. for new construction. Closer to 20% if you factor that in.

05/07/2007 Previous Sale recorded for $1,836,000.
01/29/2009 Listed by Stribling at $1,990,000.
03/20/2009 Price decreased by 10% to $1,790,000.
05/12/2009 Price decreased by 5% to $1,695,000.
07/07/2009 Price decreased by 4% to $1,635,000.
10/06/2009 Listing entered contract.
12/30/2009 Listing sold.
12/30/2009 Sale recorded for $1,570,000.

early closing. possibly earlier contract date.

http://streeteasy.com/nyc/sale/457065-condop-4-west-21st-street-flatiron-new-york

07/05/2006Previous Sale recorded for $1,650,000.
09/09/2009Listed by Corcoran at $1,699,000.
10/10/2009Price decreased by 6% to $1,595,000.
12/11/2009Listing entered contract.
01/08/2010Listing sold.
01/08/2010Sale recorded for $1,450,000.

very quick sale. XXXmint also!
http://streeteasy.com/nyc/sale/469994-coop-200-east-27th-street-kips-bay-new-york
10/09/2009Listed by Bellmarc at $399,000.
12/04/2009Listing entered contract.
01/04/2010Listing sold.
01/04/2010Sale recorded for $390,000.

unit 12H. as noted, renovated.
3H $510,000 12/08 $373,000 05/05
6H 425,000 12/06
4H 410,000 10/06

the vermeer. fair amount below early '06 price.

http://streeteasy.com/nyc/sale/376437-coop-77-seventh-avenue-chelsea-new-york

03/09/2006Previous Sale recorded for $740,000.
01/22/2009Listed by Halstead Property at $699,000.
04/18/2009Listing entered contract.
05/07/2009Re-listed by Halstead Property.
07/24/2009Price decreased by 4% to $669,000.
10/08/2009Listing entered contract.
01/04/2010Listing sold.
01/04/2010Sale recorded for $632,500.

the devon. unit 2O. for some additional color 3O sold for $605k 08/05.

http://streeteasy.com/nyc/sale/385638-condo-333-east-34th-street-murray-hill-new-york

04/20/2007Previous Sale recorded for $555,000.
02/19/2009Listed by Brown Harris Stevens at $595,000.
04/09/2009Price decreased by 8% to $550,000.
04/14/2009Price decreased by 9% to $499,000.
05/29/2009Listing entered contract.
10/03/2009Re-listed by Brown Harris Stevens.
11/05/2009Listing entered contract.
01/04/2010Listing sold.
01/04/2010Sale recorded for $475,000.

Another bank sale, BONY. i thought i had posted this, but i can't find it. apologies if it's a repeat. sold for $321k, unit 3G. 8G sold for $445k 12/05.

http://streeteasy.com/nyc/closing/950905

more studio movement, this one in the village, unit 9G. 7G sold for $395k 03/07; 6G for $349k 04/05; and 3G for $365k 01/05.

http://streeteasy.com/nyc/sale/356436-coop-175-west-13th-street-greenwich-village-new-york
10/09/2008Listed by Corcoran at $425,000.
11/11/2008Price decreased by 6% to $399,000.
12/09/2008Delisted temporarily.
01/04/2009Re-listed by Corcoran.
01/04/2009Price decreased by 5% to $379,000.
02/21/2009Delisted temporarily.
03/06/2009Price decreased by 5% to $359,000.
03/08/2009Re-listed by Corcoran.
04/12/2009Price decreased by 6% to $339,000.
09/18/2009Listing entered contract.
12/30/2009Sale recorded for $320,000.
01/01/2010Listing is no longer available.

176 Broadway #12C: Same unit resale of a 1,600 ft² 2BR/2BA loft that appears to have been improved between sales. 29% below 2007 basis
08/24/2007 Previous sale recorded for $1,375,000
04/23/2009 Listed by Corcoran at $1,275,000.
06/12/2009 Price decreased by 6% to $1,195,000.
07/03/2009 Price decreased by 13% to $1,045,000.
10/15/2009 Listing entered contract.
01/13/2010 Listing sold.
01/13/2010 Sale recorded for $975,000.
http://streeteasy.com/nyc/building/176-broadway-manhattan

$609 psft!!!!!!!!!!!!! wow

new development, one kenmare square, started closings late 2005.

http://streeteasy.com/nyc/sale/404018-condo-210-lafayette-street-soho-new-york
12/06/2005Previous Sale recorded for $1,300,000.
06/06/2006Previously Listed by Prudential Elliman at $1,325,000.
06/26/2007Prudential Elliman Listing sold. Last priced at $1,300,000.
06/26/2007Previous Sale recorded for $1,300,000.
03/13/2008Previous Sale recorded for $1,450,000.
04/10/2009Listed by Prudential Elliman at $1,395,000.
07/10/2009Price decreased by 7% to $1,299,000.
11/04/2009Price decreased by 8% to $1,195,000.
12/10/2009Price decreased by 2% to $1,175,000.
12/10/2009Listing entered contract.
01/06/2010Re-listed by Prudential Elliman.
01/22/2010Listing sold.
01/22/2010Sale recorded for $1,150,000.

aboutready, that's a decent find considering the late 05 pricing, but that's still a whopping $1,500 psf. I love the location, but am stunned a condo resale is still getting that much.

bjw, i'm too lazy to go and try and find the contract date. it may have been a late 2004/early 2005 price, actually. and yes, it's still stratospheric.

{took out my shovel and did the digging}

210 lafayette 6b

First closing for 1,300,000 contract date 4/27/2005 sale transfer date 12/1/2005 recorded deed 5/17/2006

2nd closing for 1,300,000 contract date 5/3/2007 sale transfer date 6/26/2007 recorded 7/20/2007

3rd closing for 1,450,000 contract date 2/5/2008 sales transfer date 3/13/2008 recorded 4/28/2008.
(With a little googling, the husband and wife new owners appear to have a little trouble with this class action lawsuit)
http://classactionworld.com/21st+Century+Holding+Company/saaoc/9330.html

to the 4th closing for 1,150,000 12/14/2009 contract date.

The building is and always will be higher than the norm. Keep in mind it's a class A building in a very trendy neighborhood which has a lot of old buildings and not much competition if you want to live in that vicinity with that caliber of building.

thanks, truthskr. yes, it is very, very expensive, and yes, it is a trophy building. now it's a bit less expensive, it seems.

Ha and it's listed for rent at $5500 and couldn't get that amount in 2007!
Paid just over 200 times for a HOPEFUL monthly rent....still paid too much for it.

StreetEasy History
06/25/2007Listed by Prudential Elliman at $6,000.
07/24/2007Price decreased by 8% to $5,500.
09/11/2007Listing is no longer available.
01/13/2010Currently Listed by Prudential Elliman at $5,500.

WOW.. how do you calculate a return when income is zero? I was taught... 0/$1MM is =>

i didn't notice that. excellent. here's a downtown studio. an entry in two markets supposedly holding up better, the village and small units. 3A sold for $325k in 06/05.

http://streeteasy.com/nyc/sale/461593-coop-165-christopher-street-west-village-new-york
09/11/2009Listed in StreetEasy, already sold, by Edge Residential at $289,500.
09/11/2009Later Listed by Edge Residential at $289,500.
10/28/2009Edge Residential Listing entered contract. Last priced at $289,500.
01/26/2010Sale recorded for $270,000.

aboutready,

Just want to thank you for keeping this thread going.

I'm sure I'm not the only lurker around here who keeps an eye on this, so your efforts are very much appreciated.

Rock on.

strange hobby i have. glad some people enjoy the results.

73 worth is a very interesting building. i don't know the history, but many in the building were much luckier than these sellers. there were no sales, although many attempts, during the height of the bubble. but what i find really interesting is that the early sponsor sales went for around $600psf. for a new conversion in tribeca in 2005(or possibly earlier, in terms of contract dates). the first unit is 2571 sf, the second in 1925 sf.

http://streeteasy.com/nyc/sale/406498-condo-73-worth-street-tribeca-new-york

09/30/2005Previous Sale recorded for $2,887,250.
04/24/2009Listed by Stribling at $2,750,000.
06/19/2009Price decreased by 3% to $2,675,000.
10/20/2009Delisted temporarily.
11/01/2009Re-listed by Stribling.
11/30/2009Price decreased by 3% to $2,595,000.
01/04/2010Listing entered contract.
01/21/2010Listing sold.
01/21/2010Sale recorded for $2,585,000.

http://streeteasy.com/nyc/sale/362029-condo-73-worth-street-tribeca-new-york
04/22/2005Previous Sale recorded for $1,087,250.
11/04/2008Listed by Prudential Elliman at $2,250,000.
02/03/2009Price decreased by 7% to $2,095,000.
02/27/2009Price decreased by 5% to $1,995,000.
06/23/2009Price decreased by 7% to $1,850,000.
12/10/2009Listing entered contract.