Last spring we mocked the owners of 171 Greene’s attempts to try to sell their 1990′s vintage townhouse for $2,500,000 (after failing to sell it as condos for $1,000 per square foot). A recent sale of an identical neighboring building at 165 Greene Avenue shows just how nuts this pricing was. Originally listed in the summer of 2006 for $1,650,000 (which we called “crazily overpriced” at the time), 165 Greene finally closed last month for $1,350,000. In the end, it looks like we were a little too pessimistic though: We said at the time that we thought they’d have to come down to $1,250,000. Of course, if you factor in the extra year of carrying costs it took to sell the place, we weren’t far off the mark. As for 171 Greene, it’s no longer on the market. According to the former broker, it has sold as condos. According to ACRIS, the seller just paid off his mortgage and StreetEasy shows that Unit #2 sold in October for $599,000, well below the original asking price in the high-$700′s. A neighbor reports that two of the floors are now occupied. Even at the lower prices, it looks like the owner who went the condo route probably made $400,000 or so more than the one who sold his building as a house.
Houses of the Day: The Ugly Stepchild Problem [Brownstoner] GMAP P*Shark
Condo of the Day: Another Greene Ave Joke [Brownstoner]
House of the Day: Crazily Overpriced on Greene [Brownstoner]