Last week, we took a hard look for the first time at the New York Times' "Residential Sales Around the Region" weekly column, which profiles "sales" in the New York City area. We'd always assumed they were actual sales (with accurate stats) until we actually recognized one of the units last week, the uber-new Tribeca condo building at 60 Beach Street which so far shows zero closed units (still true today, folks) yet somehow popped up in the NYT column last week as having "sold" a $3.75 million unit (a seriously troubled price range, as any reader of any New York real estate blog knows) right at the asking price (whatever).
Yesterday therefore, we also had to raise another eyebrow at the Sunday Times reported sale for $6.44 million (also right at the asking price, whatever) at 101 Warren Street, a building with which we are very familiar and cannot recall anything listed at that price. Of course, if you check out ACRIS or Streeteasy, nothing has sold at 101 Warren in this price range since 2008 and the 3BR, 2.5BA listing is nowhere to be found on Corcoran's site (at least, not for $6.44 million).
In fact, in all of Tribeca, there have only been three real sales in the past month, all at substantial discounts off of the ask. At 50 Warren St, the 3rd floor unit sold for $3 million, 20% lower than the ask. At 73 Worth, #4B sold for $2.69 million, 16% lower than the ask. And finally, at 155 Franklin Street, #3S brings us home for $2.575 million, 14% lower than the ask. Any one of these real sales are a much better view of the Tribeca high-end market (duh) than the misleading nonsense that the NYT has now published for the second week in a row.
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