We were more excited that Jack Bauer with an antidote to learn yesterday about this
sale at 20 Pine. Since this unit was never actually listed by
spookily named "The Collection" (the sponsor at 20 Pine), it is tough to determine square footage/layout etc.
However rumors abound that this apartment is an 1100 sq ft studio with HO, which would bring the purchase price to finally, duh $600/sq ft! AND, the buyer has a mortgage from ING of all places,
so not only are lenders apparently lending in 20 Pine, but you can get a deep discount even if you are not a cash buyer.
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7 comments:
I see Unit #413 sold on 3/23/09 for $695,000 ($841/foot)
http://propertyshark.com/mason/nyc/Reports2/showsection.html?propkey=45535884
and
Unit #2405 sold on 2/10/2009 for $580,000 ($900/ft)
http://propertyshark.com/mason/nyc/Reports2/showsection.html?propkey=45536208
and Unit #2415 sold on 4/7/2009 for $704,000 ($1001/ft)
http://propertyshark.com/mason/nyc/Reports2/showsection.html?propkey=45536217
and #1805 sold on 3/16/2009 for $685,000 ($622/ft)
http://propertyshark.com/mason/nyc/Reports2/showsection.html?propkey=45536115
and #1002 sold on 3/9/2009 for $203,000 ($158/ft???)
http://propertyshark.com/mason/nyc/Reports2/showsection.html?propkey=45535980
and #716 sold on 3/17/2009 for $786,500 ($782/ft)
http://propertyshark.com/mason/nyc/Reports2/showsection.html?propkey=45535938
Quite interesting pattern - not sure what's happening over there - here are some thoughts from our comments post on Curbed:
It's really tough to tell what's going on at 20 Pine. Several commenters on Downtowny/Streeteasy have indicated that large differences in units at this building could account for such large $/sq ft swings in closings (although $600/sq ft is the lowest yet if you exclude the $158 anomaly). We certainly know that the building has some very dark units and also tiny spaces, but when we visited, we did not find the units to be so dissimilar as to warrant price swings of $400/sq foot or more.
We've also heard anectodal rumors that there is somewhat of an impending fire sale (e.g. increased broker activity) etc., although time will tell.
This was a resale unit. It is an 1100 square foot studio home office. The building will receive financing from lenders. This is an excellent time to make an offer and see exactly what you can get from the developer.
Hi Graham - the seller is listed as 20 Pine in ACRIS. What makes you think this is a resale? We agree that it's an excellent time to make an offer!
I agree with Downtown NY, since the seller was listed as 20 Pine on Acris how is it a resale unless someone defaulted and the developer kept the deposit, however still not really a resale.
It sounds to good to be true and from the first paragraph "since this unit was never actually listed by the collection" it was most likly sold to a family member or friend that didn't want to close until the amenities were done. However if unit 1002 sold for $158psf it couldn't have been that close of a friend.
Make and offer!!
If you dig further into the ACRIS documents, Unit 1002 sold for $960,000. Not sure how $203,000 shows up.
My buddy, Herman Schwartkopf just picked up a fabulous unit over at 20 Pines. He paid 570$ a foot and closed just this afternoon. It's a 2 bed, 2 bath unit with 2 exposures on floor 24.
It's a fabulous unit.
He picked it up and was able to secure half price on the monthly maintenance for 48 months paid for by the developer.
He also got the developer and SHVO to split the cost for a parking space in a nearby lot for 48 months, too.
Making this a TRULY FABULOUS UNIT.
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