Ring, Ring, Ring! $420 per sq ft Sale in the Financial District - 3 Hanover Square #3A

Gosh, are we ever psyched that an 860 sq ft 2-level studio in a co-op building in the Financial District just sold for the bargain basement price of $360,000, almost 20% off of its most recent ask and a mere $420 per sq ft . The co-op building at 3 Hanover Square which houses this studio is one of the older buildings in FiDi (and a rare co-op) and has almost no amenities (except for a doorman and some seriously overcrowded "public" storage space which the residents are quite vocal about on their very informative building blog) .

#3A has beautiful high ceilings (not quite high enough in our opinion, to add the square footage enhancing loft, but we digress) although could use some updating like new floors and new appliances. The light in this unit actually isn't too terrible (many units in 3 Hanover Sq face neighboring buildings and can therefore be very dark) and the high ceilings add to the feeling of space. This unit was purchased around 20 years ago (we believe) by the current (now former) owners. This may explain the reasonable sales price since these older owners don't have the seriously annoying duh, if you bought in 2007, there's only so low you can go on your price before foreclosure becomes more attractive"cost basis" issue preventing many transactions from going forward at "corrected" prices.

We're not sure we like the kind of "oldish" vibe of 3 Hanover Sq (dark hallways, W/D every three floors and can't put them in the units), but we sure do like the sound of a sale under $500 per sq ft in a building located within spitting distance no sexual pun intended, really of the William "$1.2M is totally reasonable for a 1 bedroom" Beaver House and 20 "of course the amenities are done" Pine.