clock menu more-arrow no yes mobile

Filed under:

District, King of FiDi Bling, Selling Below $1K a Square Foot

New, 14 comments

Eater brings word that District, the Financial District luxury condo conversion that birthed the term "amenity overdrive," has finally lured a restaurant tenant into the grand street-level space that was once attached to celebrity restaurateur Stephen Starr. The predicted FiDi game-changer is now a Chipotle. Okay, so maybe that didn't quite pan out as expected, but how about 111 Fulton Street itself? Recall that club queen Amy Sacco was brought aboard to be a "lifestyle consultant" and reportedly planned on snaring one of the building's many penthouses. Well according to StreetEasy, six penthouses have closed so far, none of which to Sacco. But other, more anonymous folks have been buying lately, and for those who subscribe to the idea that Manhattan real estate has lost 20% of its peak value, District would seem to back that theory up, kinda.

Since July, 12 units in the 163-unit development have closed, per StreetEasy. Of those, seven had listings online. All closed at prices well below their asks. Now, District's listings have shuffled between brokerages over the years if we're not mistaken, so the breakdown of sales prices vs. asking price don't quite reflect original, boom-time pricing. But still, numbers are fun! (Remember that many units have "home offices" so the bedrooms counts may be slightly off.)

1) #PH203: 813-square-foot 1BR, 1BA; listed at $1,165,000 and sold for $810,000, the biggest dropper of the bunch at 30.5% off.
2) #413: 714-square-foot 1BR, 1BA; listed at $810,000 and sold for $635,000, a 21.6% drop.
3) #PH106: 1,156-square-foot 1BR, 1.5BA; listed at $1.38 million, sold for $1.09 million, a 21% drop.
4) #603: 551-square-foot studio; listed at $585,000 and sold for $476,000, an 18.6% drop.
5) #324: 1,738-square-foot 1BR, 3BA listed at $1.3 million and sold for $1.065 million, an 18% drop.
6) #619: 1,093-square-foot 2BR, 2BA; listed at $1,095,000, sold for $917,500, a 16.2% drop.
7) #623: 515-square-foot studio; listed at $550,000 and sold for $480,000, a listing discount of 12.7%.

What does it all mean in the grand scheme of FiDi's long-promised reinvention? No, really, somebody tell us, we've stopped trying to figure this neighborhood out.
· District Goes South of the Border With Chipotle [Eater]
· District coverage [Curbed]
· District [Official Site]