Soho building nearly rented out within month

TRD New York /
Jan.January 18, 2010 04:18 PM
16 Mercer Street

Four out of five apartments were rented within 30 days at the recently renovated 16 Mercer Street in Soho — without any concessions or price cuts, according to agents Anjali Mangalgiri and Sacha Mobarak from the Soho-based Mark David & Company.

The duo began marketing the building, which was originally built in 1863 to house Union troops, Dec. 15, and all but one was rented for the full asking price as of the end of last week. They say they are currently reviewing applications and hope to rent the one remaining unit — a 3,392-square-foot, four-bedroom, four-and-a-half-bath unit priced at a firm $18,000 per month, within weeks.

“We priced the apartments so that deals would get done,” said Mangalgiri, who added that they did not entertain the idea of price cuts or concessions at the building, which is on Mercer Street between Grand and Canal streets. The two 1,133-square-foot one-bedrooms rented for the asking price of $6,200 a month and the 2,214-square-foot three-bedrooms (note: correction appended) rented for $12,000 per month, also the original asking price.

“People normally price their units too high, but often a wink and a nudge from the seller indicates that the prices could be knocked down,” Moborak said. “It creates a sort of bazaar atmosphere.”

The loft building, which was developed by ROAG, consists of one four-bedroom, two three-bedrooms, and two one-bedroom units starting at 1,100 square feet.

“Before we priced the units, we paid attention to doing careful comps of public documents, as well as similar in-house listings,” Mangalgiri said.

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