Soho/Tribeca Chart
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N EIGHBORHOODS ON C LEARANCE Soho/Tribeca ties that are on the market.” West Village/ ing that home values in Greenwich and he area comprising Soho, Tribeca, But even truly unique apartments have Greenwich Village West Village have tripled since the park Little Italy and Nolita is the high- their troubles. A one-bedroom in the former everal brokers pegged the pic- plan was announced in 1990, far exceed- Test-priced of the 12 districts in Beaux Arts police headquarters on Centre turesque, heavily landmarked ing the Manhattan average over the same Manhattan, with a median listing price of Street, with its dramatic domed great room, S neighborhoods, Greenwich Vil- period. And the area is a favorite among $2.95 million. It also contains a zip code has been cut 29 percent to $5 million since lage and the West Village, as among the celebrities such as Gisele Bundchen, ranked by Forbes as the most “overpriced” it first debuted last March. A 6,600-square- more secure in the city. But the area did Heather Mills, Philip Seymour Hoffman in the nation, determined by comparing foot pad in the former gymnasium of the see a median sales price decline over and Susan Sarandon. prices to factors like earnings and rents, same building, however, hasn’t budged on the past year, and the current median Artist and filmmaker Julian Schnabel which generates the same outsized ratios its price tag of $30 million. listing price of $1.4 million would need created a lavish condo, the Palazzo Chupi, that Goldman Sachs predicted would While Miller said the police building is to fall a staggering 42 percent to meet there near the West Side Highway. Two of mean a bigger price drop to come. one of his favorites in Lower Manhattan, the prices apartments actually sold for the unsold units — a duplex, discounted Sofia Kim, vice president of research for he said with current market conditions, in the last quarter. 35 percent to $19 million, and the pent- StreetEasy, noted, “The recent price gains and the gymnasium conversion should be re- The Village has always maintained its house triplex, discounted 31 percent to increased inventory in this area have been duced by at least a third. value better than other areas,” said Son- $22 million — can now be purchased to- driven by luxury new developments. Current So far, the current listing with the biggest nenborn, adding the shops, foot traffic gether for $41 million. “The eclectic fin- inventory levels are 57 percent higher than price cut is a quaint duplex co-op marked and tree-lined streets give it a warm, ishes and design would not appeal to most they were a year ago today.” down 37.7 percent over the past two years, neighborhood feel. “Yes, things went people,” said Kim, adding that the clos- Sotheby’s Sonnenborn predicted that to $1.495 million. Sonnenborn, who is mar- down in price [already], but not as much est comparable sale, a triplex in Richard new developments, of which there are two keting the property, said the biggest issues as the other areas.” Meier’s Perry Street South Tower a few dozen in this district, are going to see the have been its lack of a second bathroom, re- Friends of Hudson River Park, an ad- blocks away, had almost a third the price biggest price cuts. “A lot of the stuff that strictions against using it as a pied-à-terre vocacy group for the waterfront park that per square foot. That unit sold in Novem- comes on the market is just sort of ho-hum and the co-op board, which rejected a buyer stretches from Midtown East to Battery ber for $21 million, a $12 million discount property. You’re one of 50 of those proper- over some “he said, she said” issue. Park City, released a study last year show- from its original listing price. Most expensive units on the market Most expensive units on the market Address Unit Original Price Current Price Address Unit Original Price Current Price 240 Centre Street 5H $30,000,000 $30,000,000 360 West 11th Street PHCOMBO $41,000,000 $41,000,000 11 Spring Street PH LOFT $22,155,000 $22,155,000 16 West 12th Street N/A $24,975,000 $24,975,000 33 Vestry Street PH $22,000,000 $22,000,000 166 Perry Street PHEW $24,000,000 $24,000,000 Units with biggest cuts Units with biggest cuts Address Unit Original Price Current Price % Change Address Unit Original Price Current Price % Change 47-49 King St 9 $2,400,000 $1,495,000 -37.71% 360 West 11th Street N/A $29,500,000 $19,000,000 -35.59% 255 Hudson Street TH2 $5,750,000 $3,900,000 -32.17% 45 Christopher Street 8AG $3,950,000 $2,595,000 -34.30% 240 Centre Street 6N $7,000,000 $5,000,000 -28.57% 360 West 11th Street PH $32,000,000 $22,000,000 -31.25% Lower East Side/East Village Scott said they now have an offer “very Murray Hill/Gramercy Park prices need to be compelling for people to he district comprising the East close to asking price,” but in general, buyers he district comprising Murray buy rather than rent.” Village, Lower East Side, China- are starting negotiations by offering 20 to 25 Hill, Gramercy Park, Midtown Some towers have pushed the boundar- T town and Noho has seen a 17 per- percent less. T South, Kips Bay and Flatiron ies of what once had been thought a good cent median sales price decline in the Core Group Marketing broker Mark Lynch is one of the few in Manhattan where location for luxury housing, rising up next past year, to $612,500, yet the median agreed “lowball” offers are common nowa- the current median listing price is not to a cluster of hospitals including Bellevue listing price is $875,000, likely because days, even on fire-sale prices. “I’m trying to far above the median sales price of last and a methadone clinic. One such build- of all the new luxury apartments wait- shift my paradigm [from representing sellers] quarter — only 10 percent. ing, Gramercy Starck, has sold most of its ing to be sold. to renters and buyers,” he said. “The pendulum Still, Gollinger, who has been tracking 207 apartments and recently discounted Kim said there are 40 percent more list- has shifted to the renters’ and buyers’ side.” the status of perilous new developments, roughly a dozen remaining ones, includ- ings on the market today than a year ago, He’s marketing a one-bedroom condo at said, “A sudden release of shadow invento- ing the penthouse for 21 percent off. The adding, “It’s an area where people would Ian Schrager’s “ultra-luxe” Noho project 40 ry [unlisted apartments in new residential nearby Tempo, on the other hand, made prefer to rent than to own simply because Bond, which has been discounted $1 mil- projects] would significantly alter what is the odd choice of raising prices. it’s cheaper.” lion, or 29 percent, since it came to market in otherwise likely to be an average price cor- Karen Berman, vice president of Argo The biggest discount is a two-bedroom November 2007. Of the developer lowering rection.” For example, Tempo in Gramercy Residential, is marketing a co-op in a walk-up on East Houston Street at El- the price, he said, “There was a willingness, Park has 103 apartments, with only one in 1960s Flatiron building discounted nearly dridge, a noisy intersection at the edge of based on just a lack of interest.” contract and just 15 listed on the market, 40 percent. She said the boards often make the Lower East Side. Corcoran broker Tim- Another frustrated broker said the failure thus distorting the actual inventory. it difficult to slash prices, feeling it under- othy Scott said the co-op has been reduced of luxury real estate here would be appropri- There are 17 new projects currently be- cuts the value of their own home. “I’ve from $650,000 to $412,000 since Novem- ate karma. “Developers pushed out the im- ing marketed in the district, according to gotten calls from board presidents saying, ber because “we based it on the wrong size. migrants and artists who made this a vibrant StreetEasy, not including those that have ‘How could you price like this? How could And when we discovered what the real size neighborhood, hoping to replace them with turned rental or have suspended sales. you do this?’” said Berman. “If they don’t was, it was basically about the time the fi- rich people. Maybe now those people who “This area has a very strong rental mar- read the papers, they need to be told what nancial crash started to hit.” were pushed out can afford to move back.” ket,” Kim added. “So, if units need to move, the current pricing is.” Most expensive units on the market Most expensive units on the market Address Unit Original Price Current Price Address Unit Original Price Current Price 40 Bond Street TH5 $12,200,000 $9,950,000 23 East 22nd Street PHA $45,000,000 $45,000,000 25 Bond Street 2E $8,000,000 $7,750,000 50 Gramercy Park North PH $25,000,000 $25,000,000 6 East 1st Street 5A $5,350,000 $7,350,000 23 Gramercy Park N/A $22,000,000 $22,000,000 Units with biggest cuts Units with biggest cuts Address Unit Original Price Current Price % Change Address Unit Original Price Current Price % Change 249 Eldridge Street 25 $650,000 $412,000 -36.62% 318 East 30th Street N/A $5,500,000 $2,950,000 -46.36% 154 Attorney Street 602 $1,275,000 $895,000 -29.80% 116 East 30th Street N/A $9,250,000 $5,250,000 -43.24% 40 Bond Street 6D $3,500,000 $2,500,000 -28.57% 69 Fifth Avenue 7GH $3,300,000 $1,995,000 -39.55% 60 March 2009 www.TheRealDeal.com .