There are several different ways that readers find Downtowny, but one of the most entertaining ways (to us anyway) are the various Google searches that lead people to our blog. Believe it or not, we get several hits everyday from people wondering what the "black and yellow building downtown is" (thanks again William Beaver House) and the "price of pine" (we're pretty sure they're looking for real pine, not 20 Pine, but thanks for reading anyway folks, we have absolutely no idea how much pine costs.
Anywho, we've recently been getting a few hits from the phrase "What's Happening at 20 Pine?", for which we have a bunch of posts that kind of answer that question, but nothing that puts it all together... So, what the heck is happening at 20 Pine?
Well, as anyone who reads snarky downtown blogs or is working with a broker knows, 20 Pine is a SHVO marketed building with Armani designed interiors located on Pine and Nassau in a decent area of the Financial District. 20 Pine closed it's first unit back in March, 2008, allowing the enormous 400+unit building to sell a substantial number of units (probably around 70% although estimates vary) pre-financial crisis, but not enough to be in the position of some of it's
Plagued by rumors that the common areas would never be finished (to this day, the heavily advertised pool and Turkish Hammam are NOT operational and generally not even available for viewing), the building famously tried to sell 80 or so units to venture capitalists back in January 2009. After 20 Pine's attempt to sell the units at $652 per sq ft failed (listen up, if VCs aren't buying at $652 per sq ft, that means they don't think they can sell for more, which means you shouldn't think you could either), 20 Pine decided to employ a different strategy. From what we can tell, in addition to tossing out large numbers of units to various brokers around Manhattan (we haven't met a broker in months that doesn't have at least one listing at 20 Pine), the sponsors are accepting offers that are huge discounts off of their insane "list prices" (you won't see any official discounts) leading to an offer-driven free-for-all, with buyers trying anything to see what sticks. And boy are offers sticking.
Although the building was closing units for more than $1000 per sq ft back in 2008, things have changed dramatically in recent months, particularly over the last few weeks. A smattering of sales over the last month include:
#1907, a 926 sq ft studio with a large terrace, listed at almost $1.2 million and sold for $776k, 35% off of the ask.
#510, an 1100 sq ft studio with home office that sold for $730k (or $663 per sq ft).
and #2110, a 607 sq ft studio that was the building's first real sale under $500k.
To be sure, if you check out Streeteasy records for the building, you can also see some 2007