20 minutes ago
Friday, April 10, 2009
We have to admit that we've always had a small crush on 56 Pine. The building has a cool common area, a 421g tax abatement, and does not have the ridiculous financial problems of similarly situated downtown new construction buildings.
We wanted to like this apartment, which we assumed would be selling at somewhat of a discount given it's current status as an "office" for some weird start-up. Although we have heard that buyers are not able to use their imaginations, we never believed it until we walked into this apartment. It was certainly hard to remove the four huge desks in the living room out of our little minds as we tried instead to picture, say a couch and a TV. The bedroom wasn't any easier, as we tried to mentally unclutter away piles of folders and a small chaise lounge.
Overall, this apartment is probably bigger than it feels and seemed like a solid purchase to us. Although $685K is at least near the zip code of something approaching a reasonable price, we think this apartment is far from cheap enough to actually get an offer within say, 20% of the ask.
We still love you 56 Pine and think that you might be one of the few all-owner new construction condos left standing after all of this shakes out.