Evidence of Market Declines in FiDi

http://www.ccrny.com/images/assets/sales/247_floorplan.jpg

A 1400 sq. ft. apartment with two windows at one end of the living room, and no windows in any other room? Am I reading that floor plan correctly?

I generally agree with you, but I might qualify your thread title as follows:
"Evidence of Market Declines in FiDi LUXURY New Constructions/Conversions."

15 Broad was originally marketed as a super-luxury, super-hip development, and people actually paid in the $1,200-$1,500 range--which was a lot for the location.

It looks like a decrease in approx. 10%-or-so range seems to be happening here among some of the flippers/distressed units (?), but the pricing per SF needs to be approached w/ caution: You can't compare prices per square foot at 15 Broad (or many other new conversions in FiDi), because the desirability of the units vary tremendously (e.g., 1,400 SF studio w/ one small window--no view, no light vs. 1,200 2BR w/ many windows--tremendous view, light, etc.) and the prices reflect that.

I just discovered that 902 was relisted at $875k - $959 psf, a very dark studio with one window.

http://www.streeteasy.com/nyc/sale/374069-condo-15-broad-street-financial-district-new-york

My point was that in this building, market prices are now breaking down to new lows.

Your point is well taken, sure. Like 20 Pine, 15 broad has some very difficult to sell units, and the price reduction seems even more prominent among such units. Also, the bldg attracted many flippers, so it is adding to the price reduction we seem to be seeing.

My guess is that more desirable units will remain RELATIVELY strong, because it is a good bldg after all. Conclusion: Yes, I see the price reduction here, but I am reluctant to generalize that to the general area. This is a "special" bldg w/ some special units, like 20 Pine.

What a horrible apartment! Who would spend 900k to buy a place that has one teeny tiny window? Are people really that desperate/blind/ignorant? I remember when apartments like that were sold as add-ons for the nicer apartment so their nannies would have a place to stay...but even that was on the UES/UWS.

Interestingly, my friends from "oppressingly sunny" places (e.g., Florida, Latin American nations, etc.) frequently seem to prefer dark apartments. Most of them don't like big, sunny windows, and they'd love those dark units at 15 Broad/20 Pine.

I once asked them why, and their response was that, where they are from, houses have small windows and the houses are usually kept dark to prevent them from getting too hot. Also, big windows can break when the hurricane comes...

So, units w/ small windows may appeal to these market segments.

15 Broad is toubled. So many apts for sale or for rent.
This is a bit like my Gateway Plaza point here http://www.streeteasy.com/nyc/talk/discussion/7607-discussing-can-3000-for-2br2ba-be-achieved-in-battery-park-city-
I.e. a uniquely bad situation that does not necessarily repesent the whole hood.

Having said that, I do believe that FiDi along with the stuff that LoHo realty sells (can't be bothered to find out the hood name for that) will suffer the most in Manhattan below 96th st. I'm just saying 15 Broad will suffer even more.

BTW, original sales prices for 15 Broad were much closer to 800 psf I seem to recall.
Just did a check here on SE and they were.

Yes, I think 15 Broad and 20 Pine are often discussed here as trouble developments.
I think the flippers really try to inflate the prices last year, only to fail miserably.
About the price psf, I think it varied greatly by the layout and the view.
I personally saw apts. in the $1m range and the square footage varied so much,
from very small and sunny to very big and dark.