16 Mercer Street Fills Up

As proof that honesty really is the best policy, the newly renovated 16 Mercer Street local is practically full. It has been a month since agents Anjali Mangalgiri and Sacha Mobarak from, Mark David & Company began marketing the building, on December 15, yet renters have managed to snatch up four out of the five units. What is even more remarkable is that they managed to do it with out any price cuts, concessions or adjustments.

“People normally price their units too high but often a wink and nudge from the seller indicates that the prices could be knocked down,” Moborak said. “It creates a sort of bazaar atmosphere.” No kidding, which is probably why renters jumped at the prospect of losing their desired units for being shall I say cheap? “Before we priced the units, we paid attention to doing careful comps of public documents, as well as similar in-house listings,” says Mangalgiri, that would be real estate for, we did our homework.

“We priced the apartments so that deals would get done,” said Mangalgiri, who also states that they did not entertain any idea about prices cuts or concessions at the building. The building had originally served as a place to house Union troops in 1863. Today the building has been turned into a loft building, and consists of one four-bedroom, two three-bedrooms, and two one-bedroom units.

By the end of last week only one unit remained vacant. Developed by ROAG, 16 Mercer Street was renting two 1,133-square-foot one-bedrooms for $6,200 a month, 2,214-square-foot three-bedrooms for $12,000 a month and finally the remaining 3,392-square-foot, four bedroom, four-and-a-half bath unit at $18,000 per month. But don’t run and fill out your application just yet, they are currently reviewing applications and hope to rent out the remaining unit by the end of the week.

Via: The Real Deal