377 W 11th Street | sold

Price $$3,500,000
2 Bed 2 Bath
Size Approx 2600 SF Interior , 1700 SF outdoor space
Building Type Co-op
Exclusive Sellers The Tavivian Sporn Group
Transaction Timeframe 19 Months
Challenges

• Apt PHD was owned by the same owner since 1983.
• The apt required complete makeover (renovation and re configuration). 
• The apt was previously listed with another broker for almost a year.
• Although the Apt was 2700 Sf it was configured as a 1 bedrooms which made it extremely difficult to target and create the traffic of the 2-3 bedroom potential buyers.
• Very limited gaps for negotiability.
• The apt was marketed during a challenging financial. atmosphere with serious  difficulties in obtaining financing.

Project Breakdown

• The Tavivian Sporn group have identified the major strength of the property which included 22 ft ceilings, width, massive out door space and character like no other in the West village market and downtown.
• After numerous showings our group have decided to re strategies and to re evaluate the profile of the  potential buyers for Apt PHD.
• Taking under consideration that the buyer of this space is not a 3.5 Mil buyer due to at least $1 Mill of renovations we decided to aim for prospective buyers which are looking for a project, buyers who are looking to create value and to customize a unique space to their own liking and standards.
• The Tavivian Sporn group have physically viewed the entire inventory in the west village, SoHo, Tribeca and Greenwich village with same characteristics as 377 w 11 PHD.
• We came to a conclusion that a similar finished mint condition space as PHD would fetch any number between 6-8 Mill and that the "bones" of apt PHD are extremely rare in the current market
• The Tavivian Sporn group have hired an architect and interior designer to  provide with a presentation to customize the space and create one of the most unique residences on the market- This presentation was handed out to all potential buyers and brokers.
• We have created a detailed pricing analysis for the 5-8 Mill market share to showcase the value of the PHD which was handed to all brokers and buyers who came through the door.
• We have created renderings and illustrations of the space including the outdoor space to emphasize and visualize to prospective buyers the true advantages of the layout and how with an extremely cost effective plan one can  reconfigure the space to a much more efficient layout.
• We have created several alternative floor plans in 2D and 3D that will maximize value creating a 3 bedrooms 3 bathrooms layout  and to  increase the value substantially.
• A massive online campaign was created in more then 10 websites to create a buzz and a sufficient online exposure and presence.
• The group have held on an average 3 open houses per week and over 12 brokers open house for the time period when the property was listed.
• Professional shots were taken to showcase the space in the best way.
• Professional video was created to better showcase the space and to feature its advantages.
• Once building renovations were approved and renderings were published we leveraged that fact to re approach all previous interested parties explaining how the renovation will create upside value.
• A mass mailing campaign on a monthly basis was sent to the entire brokers industry and surrounding buildings\ neighborhood.
• A new property description was written for the apt emphasizing the apt is a "project", and needs a gut renovation with huge value in order to attract only the right targeted clientele that are looking for this type of purchase.
• The buyers was approved for the building and the transaction got closed one month after going into contract.