It's time for another Curbed House Call, in which we take a look at a notable but maybe not-so-new building and take its market temperature.
A press release recently found its way into the Curbed Inbox touting the sale of the last one-bedroom condo at Chelsea's Yves, the supervillainish looking pile of green glass at 166 West 18th Street. Imagine that, the last 1BR! Time sure does fly, and it turns out it's been over a year since we last really came out to play with Yves, a Curbed legend if there ever was one. The release came from Elliman's Lanyard and Grandelli team, and we believe the apartment is #6A, listed at $1.195 million and down from various asking prices including an ambitious $1.5 million. The reported sale price is $999,000 a still-comfortable $1,075 per square foot. Yves started with 41 units, and the merchandise has pretty much been cleared off the shelves. Let's see how she did, shall we?
The ultraglam and highly cinematic Yves began closings about a month before the collapse of Lehman Brothers and the turmoil that has followed. Two weeks before Lehman, one unit, #7C, even closed for 10% above its asking price. Post-Lehman reality soon set in, or maybe pre-construction buyers were just great negotiators. StreetEasy Insiders can track the wreckage of routine double-digit discounts off the asking prices, including one penthouse that closed for $6.025 million, 29% off it's nearly $8.5 million ask. Even with the discounts the average price-per-square-foot on the closed units was $1,375/sf. Yves!
Now there are but two units on the Yves market, a 1BR resale, and a pesky lingering penthouse. (There's also a $4,150/month 1BR rental.) Here's what we're dealing with:
Stats: 1BR, 1BA, 727 square feet
The Skinny: This unit first sold for an even $1 million in September '08. A little over a year later, is it worth close to $1,600 a foot? And as a side note, we can finally play Rendering/Reality with Yves' swimming pool. Judgment: Meh.
Stats: 4BR, 4.5BA, 3,579 square feet
The Skinny: The last sponsor unit is, curiously, also listed by the in-house sales team for $50,000 less. Just one of the many mysteries of Yves. It's a stunner, and it has a price tag to match. A touch of the brokerbabble: "Step out of the elevator directly into this full floor prize residence of distinction and be overwhelmed by the light and extraordinary open views in every direction through floor to ceiling windows." Also, fun shapes!
· Listing: Exquisite One Bedroom at the Chelsea YVES [TREGNY]
· Listing: 166 West 18th Street [Elliman]
· Yves coverage [Curbed]