Chelsea’s Loft 25 sells out

August 19, 2011 02:19PM

Chelsea’s Loft 25 has completely sold out,
according to RAL Companies, which
developed the project. The pre-war industrial building, at 420 West
25th Street, was
transformed into a residential condominium with 79 loft units starting
at $950,000 , the developer said in a statement today and on its website.

 
In December 2010, The Real Deal reported that prices had been cut
in the seven remaining residences in the nine-story building.

In September 2007, Loft 25 had been 50 percent sold, with prices
ranging from $1.03 million for an 842-square-foot one-bedroom to $4.5
million for a 2,280-square-foot two-bedroom. The apartments went on
the market in November 2006.

At the time, Stribling & Associates was the sales and marketing agent for the
property, and then was replaced by the Developers Group in December 2010.

MNS took over sales at the building nine months ago, according to the
release, and was able to sell the remaining seven homes — at or above asking price, RAL said. Many of these units sparked bidding wars,
according to the statement, including the penthouse which received
multiple offers and was finally sold at $87,775 above ask. According to Streeteasy.com, one of the penthouses had been listed for $1.425 million in October 2010, but was most recently listed for
$895,000.

Another apartment, a one-bedroom, closed at 3 percent above asking price, according to the statement.

In its new development report for the second quarter, MNS had noted
that the slow pace of closings at Loft 25 and neighboring Devonshire had
brought those neighborhood sales averages down about 50 percent
between April and June.

“We were also able to pique the interest of many buyers due to our competitive price per square foot
basis,” said Andrew Barrocas, CEO of MNS.

Amenities at the property include a landscaped roof deck with river
views, fully-equipped fitness center; 24-hour doorman and a lobby
with a view of the ground-floor garden and reflecting pool. — Miranda
Neubauer