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Lofty Dreams Dashed

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It was a deal so dramatic that it has broker-blogger Sandy Mattingly quoting Othello: the October sale of a loft at 144 West 27th Street for 51 percent of its initial ask. That sale price, $1.65 million for 3,600 square feet, was down from an initial ask of $3.25 million in June '08, and works out to $458/square foot. "Consider how hard it would be for you to swallow that The Beautiful [to you!] Loft That You Created was unable to attract a deal above 50% off of your original asking price, or that you'd have to accept yet another big haircut (almost 30%) to get a deal done. That negotiation must have been welcome but painful ... OUCH." [MLG]