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They are daffy about luxury condos in NYC

Posted by Rona Fischman September 10, 2009 02:39 PM

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I have been following this promotion since it started. Here’s the pitch: a fashion retailer, Daffy’s, is offering a one-year lease at $700 a month for a $7000 a month loft on Carmine Street and 7th Avenue. (That’s smack in the middle between Greenwich Village, Soho, and the West Village.) Contestants were asked to come to the apartment to do a 30-second interview explaining why Daffy’s should give them the rights to the lease. It’s like, “what will you do for a Klondike bar?”
Mostly, these are commercials for Daffy’s. They amused me. So, I’m passing them on…
This ad campaign made me wonder. Does this advertising help the folks at OneSeventh, the owners of the building? There were lots and lots of people coming through to record their interviews; I wonder if any will ever rent there at market rate? I doubt it.

The demand for $7000 a month apartments must be pretty low, given the number of people who could pay that. It seems to me that if you can afford that rent, you should buy something so you can seal the deal on your prime location. $7000 a month would cover a mortgage of about $1.25M (depending on taxes, insurance and interest rate.)

That apartment wouldn’t cost $7000 in Boston. Just this week, Scott wrote about Boston's luxury market here and in Banker and Tradesman. This New York apartment is nice, but it is the location that carries the panache and the pricetag. Is there any location in Boston worth $7000 a month?

I rarely fantasize about the high-end home of my dreams; I’m just too practical for that. But, when I do think about the dream place, it isn’t an apartment in lower Manhattan. It would be someplace on the water, with a reasonable commute into a major city. What about you? Where would you spend that $1.25M, if you had it to spend on housing?

If you watch the videos, let us know who you voted for. I like the guy with the duck!


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Scott Van Voorhis is a freelance writer who specializes in real estate and business issues.

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