Here's a spicy little story coming out of Long Island City's Arris Lofts, which is saying a lot because previous Arris headlines have included hookers, stripper poles, boundless existential dread and, uh, Clay Aiken. A tipster dropped us a hint to look a bit closer at the two most recently recorded sales in the luxury condo conversion, so that's what we did.
Both deals were resales, though there are some sponsor units still available in the building. Here are the stats:
#442: 1BR, 1.5BA, 1,178-square-foot unit bought in July '07 for $775k, ($682k mortgage); sold Dec. '09 for $650k. Listing color: Please see bedroom picture.
#128: 1BR, 1.5BA, 1,077-square-foot unit bought in Jan. '08 for $610k ($549k mortgage); sold Dec. 2009 for $440k. Listing color: "OWNER MOVED - MUST SELL!"
That's a 16% and 28% fall from the first purchase price to the second, not to mention the introduction of the dreaded short sale to the building. What's it mean for Arris? Only Clay Aiken knows.
· Listings: Arris Lofts [StreetEasy]
· Official Site: Arris Lofts [arrislofts.com]
· Arris Lofts coverage [Curbed]