11 Spring hit the market around Thanksgiving. The Lehman failure and Bernie Madoff was on everyone’s tongues. It seemed as though it was in poor taste to actively market a luxury property with the American economy in shambles. We quietly marketed the building, offering private tours to those interested.

But after the New Year, something changed. The media reported deals being offered at 20%-40% discounts and open house attendance at properties around the city soared. January and February saw lots of activity but few offers. This changed in March and offers came flying in. Admittedly, some were lowball offers. However, others were viable and negotiations ensued, followed by signed contracts. The market had a pulse and it was our cue to start marketing 11 Spring aggressively.

On Wednesday, we hosted our first broker’s open house event. It had been raining all day. So when the sun peeked out from the clouds at 5PM, I took it as a sign that the event would be a success. 11 Spring – The Candle Building is a historic landmark in the vibrant Nolita neighborhood. Formerly a carriage house and stable built in the 1880s; it became famous as a canvas for street artists in the late 20th century. It has since been carefully restored to its original splendor boasting period ironwork, decorative details, and craftsmanship that is rarely found. Visionary architect Edward Asfour has created 3 exceptional, unique living spaces

As the first guest arrived, he was immediately in awe of the grand living room with its 10 Honduran mahogany arched windows. He walked through the dining gallery and into the eat-in kitchen with its own wood burning fireplace. “Now this is a kitchen!” he exclaimed. More guests arrived at the penthouse triplex and made their way up the stairs to the den. Many sat on the sofa, enjoying a glass of wine and admiring the view. Others stepped onto the 1000+ square foot terrace and were surprised by the unobstructed views up to the Empire State Building. I greeted more brokers and brought them downstairs to three bedrooms with en suite baths. Everyone loved the master bath with its Agape soaking tub. The ohhs and ahhs kept pouring out of broker’s mouths and fueled me to show them other features that the developer did not overlook.

The rain eventually started again, but I didn’t mind. By that point, we had about 100 brokers view the property. All had positive reviews of the space and three had potential buyers. If we had done this event at the end of 2008, I can guarantee we would not have had such a wonderful turnout.  The building speaks for itself but it is amazing what Spring does to people’s morale. Expect to hear a lot more about 11 Spring in the future.

Tags: 11 Spring, Open Houses

This entry was posted on Friday, April 24th, 2009 at 6:30 pm and is filed under CORE Talks.