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# Cluttering Luxury Housing Markets with Listings Made for TV – Manhattan Edition

[Source: WSJ [1]]

A little over a week ago the WSJ’s Candace Taylor broke the story about 3 contiguous listings to be marketed together [2]at the top of a 15-year old ground lease condo in Battery Park City for \$118,500,000.  At 15,434 square feet, that works out to \$7,678 per square foot.  CNBC’s Robert Frank provides more details in a video tour [3] that was broadcast shortly after the story broke.

Normally I don’t bother to do the math on this sort of thing but after the Cityspire listing [4] a while back, I thought I’d tweak my thinking a bit as the luxury market gets more than its fair share of confusing “milestones.”

Doing the Math
Here’s my listing price logic using content in the near viral [5] news coverage [6] of the record Battery Park City listing – I break down the 3 units:

\$56,500,000 (\$7,406/sqft) listing – 7,628 sqft 5-bed listed last year for 5 days and removed.

\$11,700,000 (\$3,330/sqft) purchase – 3,513 3-bed in April 2014.

\$19,000,000 (\$4,425/sqft) listing – 4,293 sqft 4-bed \$23M January listing dropped to \$19M, then removed.

\$87,200,000 is the aggregate total for the 3 units that total 15,434 square feet (\$5,640/sqft). The current list price of \$118,500,000 represents a \$31,300,000 premium for the combination of all 3 units before we might assume the millions in renovations to combine if you believe that the \$87,200,000 total is what aggregate of the individual properties are worth.

Given the \$3,330 ppsf recent sales price of the 3-bed and the unable to be sold for \$4,293 ppsf after 6 months on market 4-bed and the not-market tested 5 day listing period 5-bed at \$7,406, I can’t figure out how the listing agent [7] gets to \$7,678 ppsf as an asking price for all 3 together before the cost of renovation to combine? Perhaps the seller set the price.

The listing broker tells us that the pricing “is justified by the square footage [5]“, as well as the views and building’s amenities.”

Got it.