Overcoming Challenges – Turning a “Negative” Into a Positive
At one time or another, all of us are faced with a situation that may, upon initial inspection, seem a bit daunting.
As a broker, I face those situations on a fairly regular basis. Whether it’s a sure thing at the last minute falling through, a property or development not being completed when we thought or just the day-to-day stressors that present themselves when dealing with housing in New York City. There’s no place in the world like New York City and that goes for New York real estate as well.
There’s an outstanding residential building in Chelsea, Loft 14. It’s one of the smaller residential buildings in New York City, with only nine units and was designed by architect William Q. Brothers and developed by the Vintage Group.
The developer went above and beyond on these apartments, putting extra-special finishing touches; top-of-the-line amenities, outdoor terraces, marbled bathrooms and chef-style kitchens, to name a few.
Loft 14 is a mainly new-constructed building with a modern facade and nine-floor units having views of the Empire State Building. These beautiful (hard-to-find) units are the epitome of New York City lofts, without paying Soho loft prices.
Sounds like the perfect New York apartment, huh?
Well, it was and it is, but it presented a few challenges for us when we were asked to manage the sales of its condos in 2009.
Part of the building was from the original structure which disqualified it from the 421(a) tax abatement, a very attractive selling tool that offered temporary tax relief to buyers, especially during that time.
Its location is stellar, with an eclectic neighborhood surrounding it. Nearby is Union Square and Washington Square Parks. There’s plenty of cool hotspots where you may even spot a celebrity or two, and great shopping.
Located at 135 West 14th Street, it also faced the Salvation Army building between 6th and 7th. With all the other cultural features and advantages nearby, this didn’t seem to be a drawback (after all, this is New York City where “this and that” can be a few steps apart), but to some buyers, it was a concern.
How did we overcome the so-called “negatives”? We focused on the positives, faced the challenges and started a marketing campaign that attracted those buyers that realized the value, as opposed to what it wasn’t.
Our efforts brought interested buyers that thought they wanted a Upper West Side apartment or a Midtown condo. The facts about Loft 14 hadn’t changed, just the ideas and perception of those facts.
Within four months, we sold eight of those nine units and by Spring, we’d sold the last remaining one. Despite the soft market of that year, our challenges led to a very successful outcome.
What challenges have you overcome? Leave a comment and let me know.