clock menu more-arrow no yes

Filed under:

Has the Urban Glass House Lost a Quarter of its Value?

New, 8 comments

Is the Sanitation Department's proposed Tower O' Garbage at Spring and West Streets already having a big impact on resale values at the nearby Urban Glass House, or is the West Soho market this much in the pits? Jennifer Gould Keil reports in her Gimme Shelter column today that Oprah-approved designer Nate Berkus recently checked out a two-bed, three-bath, 1,457-square-foot condo at 330 Spring Street, one of the last projects that legendary architect Philip Johnson had a hand in before he passed. The apartment was bought in 2006 by a real estate investor for $2.47 million. That same investor, who needs to pare down his real estate portfolio according to CORE broker Tom Postilio, is now asking just $1.895 million for the apartment. Our trusty abacus tells us that's 23% less than the original purchase price. Holy Hudson Square!

Yes, the apartment has suffered a few PriceChops since hitting the market last October, but the initial asking price was $2.295 million, meaning the buyer knew this was going to be a loss from Day 1 of the sales effort. The price still comes in at $1,300 a square foot, not a stretch for newish high-end construction with asstounding pedigree, but maybe so for a neighborhood that many buyers still aren't convinced is worthy of big bucks. Plus, the garbage. One very motivated seller, or a capital-s Statement? And any predictions on a final sale price?
· Listing: 330 Spring Street [CORE]
· Gimme Shelter: Lookin' good [NYP]

UPDATE: As a commenter points out below, this is the same apartment and owner spotlighted by the NYT back in 2007 in a story about apartments soon to lose their views. Yeah, that's gotta hurt resale value.