21 minutes ago
Monday, June 1, 2009
When we last reported on 20 Pine, we noted with some excitement that #1505, an 1100 sq ft studio with an alcove had sold for just $600 per sq ft, continuing some anecdotal rumors that the sponsor was offering great deals in order to sell the 70 or so remaining unsold units in this downtown conversion.
We now report that #2110, which we think is a 607 sq ft studio, sold for just $495,000 a little less than two weeks ago. Although this isn't the $600 per sq ft bonanza of #1505, the $815 per sq ft sale at #2110 (and the < $500k sales price) continues to be an encouraging sign in a building that needs to sell 70 units FAST. #2010, which we think is a comparable unit, sold for $685,000 a little less than a year ago, which makes the sale at #2110 a whopping 28% lower than the comparable price in 2008.
Although there have been a couple of units (we can think of two actually) that sold for unusual prices in this building back in 2008 (both around $250k), we think that those were NOT arms-length transactions and do not represent reasonable comps. This $495k sale at #2010 however, most likely is a real sale south of $500k, and one that all buyers should be excited about.