Dead Cat Bounce?

[David Goldsmith]

Didn't know where to put this.

We have been hearing how the high end market is on fire, prices soaring, etc especially on "quality product."

Well, here is an excellent condition Soho penthouse condo,

Aug 16, 2018

CLOSED

$13,825,012

Recently listed for $14,000,000.
And one month later reduced to $12,995,000.

Ph At 52 Wooster Street Listing Information

Off market 3 Beds apartment in Manhattan's SoHo for $12.99M. Find a Professional to help you price this property, collaborate and find similar

www.urbandigs.com

 

[woodside]

Bought in 2018, and then back to market just three years later.

Not sure what makes the owner sell it, the owner will lose a lot of money on this condo. If it eventually sells for 12M (a big if), the money lost in the price difference itself is already 1.8M, plus the round trip transaction fee and realtor fee (in total probably 10% range). I guess if they can afford 12M to begin with, this is probably not a big deal for them.

 

[inonada]

We have been hearing how the high end market is on fire, prices soaring, etc especially on "quality product."

Who has been saying that, broker-land? It seems brokers tend to conflate an active market (good for brokers) with a rising market. The market has certainly been active, but inventory is plentiful and pricing is definitely not strong. Compared to the peak 5-6 years ago, probably down ~15% at the moment. Compared to 2014 or 2018, down ~10%. Some places have done better, some worse, but that is what I’ve found to be typical.

 

[David Goldsmith]

How 'bout dis won?

For Sale: 55 West 17th St. #PH in Flatiron

55 WEST 17 STREET #PH is a sale unit in Flatiron, Manhattan priced at $36,000,000.

streeteasy.com

 

[inonada]

Bought in 2018, and then back to market just three years later.

Not sure what makes the owner sell it, the owner will lose a lot of money on this condo. If it eventually sells for 12M (a big if), the money lost in the price difference itself is already 1.8M, plus the round trip transaction fee and realtor fee (in total probably 10% range). I guess if they can afford 12M to begin with, this is probably not a big deal for them.

The owner will be fine: he co-founded a company called MoPub that sold to Twitter in 2013.

>> Not sure what makes the owner sell it
I’ll go with “does not use it anymore”.

>> the owner will lose a lot of money on this condo
The owner already lost the money

 

[David Goldsmith]

Looks like Twitter did a lot better flipping MoPub than running Twitter.

 

[inonada]

How 'bout dis won?

For Sale: 55 West 17th St. #PH in Flatiron

55 WEST 17 STREET #PH is a sale unit in Flatiron, Manhattan priced at $36,000,000.

streeteasy.com

Yeah, I’m not feeling it for $36M + $29K/mo in cc+taxes.

 

[inonada]

Looks like Twitter did a lot better flipping MoPub than running Twitter.

Still trailed the S&P 500, but you know what, good enough.

 

[David Goldsmith]

Some bouncy price history.

For Sale: 66 Crosby St. #2GH in Soho

66 Crosby Street #2GH is a sale unit in Soho, Manhattan priced at $3,995,000.

streeteasy.com

---

Price History​

06/06/2022	Price decreased by 24%	$3,995,000 ↓
04/27/2022	Listed by SERHANT	$5,225,000
04/18/2017	Nest Seekers International Listing is no longer available on StreetEasy	$4,995,000
01/05/2017	Previously Listed by Nest Seekers International	$4,995,000
09/29/2016	Century 21 Metropolitan Listing is no longer available on StreetEasy	$5,400,000
01/30/2016	Previously Listed by Century 21 Metropolitan	$5,400,000
09/13/2011	Douglas Elliman Listing is no longer available on StreetEasy	$4,000,000
03/25/2011	Previously Listed by Douglas Elliman	$4,000,000
11/04/2009	Douglas Elliman Listing is no longer available on StreetEasy Last priced at $3,550,000	$3,550,000
11/11/2008	Previously Listed by Douglas Elliman	$3,995,000
10/18/2008	Douglas Elliman Listing is no longer available on StreetEasy Last priced at $4,495,000	$4,495,000
05/20/2008	Previously Listed by Douglas Elliman	$4,995,000
03/12/2008	Delisted by CBHK. Last priced at $5,495,000	$5,495,000
12/13/2007	Previously Listed by CBHK	$6,250,000
11/10/2007	Douglas Elliman Listing is no longer available on StreetEasy	$4,500,000
10/12/2007	Previously Listed by Douglas Elliman	$4,500,000
11/15/2004	Previous Sale recorded	$2,900,000

 

[inonada]

Wow, 15 years of being on & off the market…

 

[David Goldsmith]

No bounce?

For Rent: 39-41 North Moore St. #PHB in Tribeca

39-41 North Moore St #PHB is a rental unit in Tribeca, Manhattan priced at $39,500.

streeteasy.com

06/02/2022	Listed by SERHANT	$9,500,000
11/04/2016	Delisted by Douglas Elliman	$14,999,000
10/12/2016	Previously Listed by Douglas Elliman	$14,999,000
09/12/2014	Douglas Elliman Listing is no longer available on StreetEasy Last priced at $14,995,000	$14,995,000
02/18/2012	Previously Listed by Douglas Elliman	$21,500,000

 

[Selborne]

This unit has also been listed as just PH for a more reasonable price.

 

[David Goldsmith]

From what I can tell, it was originally asking $40 million, reduced to $33 million, sold for $21 million, and now back at $38,900,000.

For Sale: 176 Perry St. #10S in West Village

176 PERRY STREET #10S is a sale unit in West Village, Manhattan priced at $38,900,000.

streeteasy.com

https://www.dirt.com/gallery/entertainers/actors/hugh-jackman-house-manhattan-1203566549/hughjackman_nyc1/

 

[inonada]

Started at $23M around $5K ppsf once upon a time in 2017, ended at $13.6M just under $3K ppsf in 2022:

For Sale: 45 East 22nd St. #60 in Flatiron

45 EAST 22 STREET #60 is a sale unit in Flatiron, Manhattan priced at $13,995,000.

streeteasy.com

NYC Real Estate Search | StreetEasy

Find New York City apartments for rent and for sale at StreetEasy. StreetEasy is a Real Estate Search Engine for apartments and real estate in Manhattan and New York City. Search our site for apartments, condos, coops, lofts, townhouses and new construction homes in Manhattan, Brooklyn, Bronx...

streeteasy.com

 

[inonada]

An actual transaction in 2017 on the floor above for $22.4M:

NYC Real Estate Search | StreetEasy

Find New York City apartments for rent and for sale at StreetEasy. StreetEasy is a Real Estate Search Engine for apartments and real estate in Manhattan and New York City. Search our site for apartments, condos, coops, lofts, townhouses and new construction homes in Manhattan, Brooklyn, Bronx...

streeteasy.com

Ouch.

 

[inonada]

I guess that makes the 2017 loan for $14.6M underwater:

New York Web Public Inquiry

To add insult to injury, the loan resets from 3.25% to LIBOR+2.5% in March 2023, which means 6% at current market expectations on LIBOR.

 

[inonada]

Buyer had another troubled expedition from $3.05M => $2.6M too, this one with a $2.1M loan:

For Sale: 15 Renwick St. #701 in Hudson Square

15 RENWICK STREET #701 is a sale unit in Hudson Square, Manhattan priced at $2,750,000.

streeteasy.com

 

[BHadlie655]

Wow the prices today has skyrocketed. more information

 

[David Goldsmith]

2013 $2.5 million purchase plus renovation = $2.295 million in 2022?

For Sale: 74 Fifth Ave. #10C in Greenwich Village

74 5 AVENUE #10C is a sale unit in Greenwich Village, Manhattan priced at $2,295,000.

streeteasy.com

 

[David Goldsmith]

Originally the Penthouse alone was $110 million.

NYC's iconic Woolworth Building penthouse lists at $31M discount

The condo comes as a "white-box" unit, meaning it comes without any furniture, finishings, or appliances, so the buyer can customize it completely.

www.businessinsider.com

Now combined with the unit below it's $59 million?

For Sale: 2 Park Pl. PENTHOUSE/49 in Tribeca

2 PARK PLACE PENTHOUSE/49 is a sale unit in Tribeca, Manhattan priced at $59,000,000.

streeteasy.com