Development Du Jour: MacDougal Lofts - NBC New York

Development Du Jour: MacDougal Lofts

The MacDougal Lofts building at 173 MacDougal - priced to sell?



    Development Du Jour: MacDougal Lofts

    Size: 10 units, two per floor, can be combined
    Prices: 3BR, 2,266sqft, asking $4.2 million; 3BR penthouse asking $6.1 million
    Architect: TRA Studio (lobby)
    Developer: Property Markets Group
    Sales & Marketing: Julie Pham at Corcoran
    Lowdown: Last week, we took note of the scaffolding coming down at the MacDougal Lofts building, the formerly totalitarian-styled tomb just north of Washington Square Park at 173 MacDougal Street that's been renovated into a new Christian Science reading room on the ground floor and spacious residential lofts above. This project looks great, which makes it an interesting harbinger of the current market moment, given the developer still thinks they can get $2,000-plus per square foot. So, er, can they? Read on!

    Backgrounder: four units hit the market late last summer and almost instantly went into contract at heavenly prices (cf, the combined fifth floor for $9.6 million); several more units appear to have been pulled in the later fall as conditions worsened.

    Then, earlier this month, the developer put four units back onto the market, all priced relatively aggressively, such as unit 4E, asking $4.725 million; unit 4W, by comparison, with nearly identical square footage (about 2,200sqft), is in contract at $4.5 million. On the other hand, the twin penthouse is only asking $6.15 million this time around.

    Still, overall, the new prices sound, frankly, a wee bit aggressive to us. But we do have location and quality to contend with here. Thoughts on where this building's going to average out?

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