Without a doubt, the best apartment I ever sold is 50 Avenue A, PHB. My client bought the apartment back in 2005 in a very strong market for a high price. Originally the apartment was a small, cut up two bedroom, two bathroom that needed a complete renovation. After a year and more than a hundred thousand dollars, the owner had turned the apartment into a gracious oversized one bedroom, one and a half bathroom triplex, with new finishes and fixtures throughout.
The apartment was outfitted with a really modern Cor-Ten trim staircase, with a matching fireplace mantle and kitchen cabinet accents. The king-sized master bedroom spanned an entire floor, with a huge walk-in closet. The open master bathroom featured glass mosaic tiles throughout with double sinks, a bathtub with rain dome shower and separate commode. The open living/dining room on the main floor had a wood-burning fireplace and a large 20-foot long terrace. Upstairs there was an open glass solarium with windows facing east and south that could be used as a guest room or home office with a 250-square-foot private rooftop terrace!
The seller unexpectedly moved to the West Coast, and didn’t have time to interview listing agents, so he gave the listing to the agent that helped him buy the apartment, a local real estate company. After six months, the asking price had dropped four times by 30% to $995,000 with no real offers, and no buyers showing interest. As soon as I heard the seller’s story, I asked if I could take a tour. The apartment had been on the market for six months; it looked stale and needed a fresh look. It needed a marketing strategy. It needed to be staged with beautiful and relevant furniture to give a buyer a sense of what the space really “felt” like at its best. Additionally, I had the apartment painted, professionally cleaned and the rooftop terrace planted with great summer plants – it all came together perfectly.
The next hurdle was pricing. The client purchased the apartment for $1,100,000, and spent $150,000 on renovations. He wanted to be made whole after selling. But the market had changed, and the apartment had been on the market for six months with its last asking price at $995,000. We had to price it to the current market. With two terraces and a solarium, one of the key features was all of the outdoor space. We priced the apartment at $1,100,000. We went online after July 4th weekend and planned a huge brokers open house with a DJ and local restaurants to cater. More than 100 buyers attended. We hit the market perfectly, and received multiple offers within a week. Within two weeks I had a signed contract for $1,225,000 – all cash and no contingencies! The buyer couldn’t have been happier. The sale was also a great comp for the neighborhood and the building, and I’ve been working with clients in the building since then.
I enjoyed every part of the process: strategizing the sale, positioning the property in the market, staging it, throwing a great broker party, ultimately negotiating multiple bids and getting my client the highest possible price possible. But my favorite part of the transaction at 50 Avenue A, PHB was receiving thank you notes from the buyer and the seller, each letting me know they were thrilled with the outcome!