CRAZY MARKET: $4 Million Mercer Street WALK-UP Loft

We have to be in a real-estate bubble.  A listing just appeared for a 2,400 square foot, $3.95 Million Loft at 85 Mercer Street.  While multi-million dollar listings happen at least weekly here in Soho, the caveat is that you have to walk up a flight of stairs to get there…

85 Mercer Streeteasy

85 Mercer Streeteasy 1

85 Mercer Streeteasy 2

While the apartment looks nice, I just can’t imagine paying $4 Million for a walk-up apartment.  The current owners, who bought 85 Mercer in August 2007 for $2.675 Million, looks like they want to test what the market will bear.  {looking exactly the same as it did 7 years ago}

04/30/2007 About 7 years ago Previously Listed by Brown Harris Stevens $2,700,000
08/17/2007 About 3 months later Brown Harris Stevens Listing sold $2,700,000
Previous Sale recorded $2,675,000
05/08/2014 About 6 years later Listed by Corcoran $3,950,000

While the price is high, there is really only one other “Soho Loft” on the market around the $4 Million range…this 2,300 square foot loft at 53 Crosby.

53 Crosby

A newer construction building in Soho at 27 Wooster Street is listed at 2,425 square feet for $6.35 Million so maybe a walk-up 1800’s apartment deserves a 40% discount?

27 Wooster