FINANCIAL DISTRICT
50 Pine St.

One-bedroom condo
Asking price: $940,000
Selling price: $940,000
Time on market: less than a month

A one-bedroom, two-bath condo just sold for $940,000 at 50 Pine St., the new boutique development on Chase Manhattan Plaza. The 1,218-square-foot, 11th-floor apartment is the sixteenth under contract and the seventh to have sold since the successful development first hit the market in late summer, according to Jonathan Phillips of Halstead in Manhattan, who has the exclusive listing with his partner Ginnie Gardiner. Only four still remain unaccounted for, including one of the two penthouses, which are in the final stages of construction.

The building was originally constructed in 1902 as an Edwardian-style headquarters for the Caledonian Insurance Company, a fire casualty insurance business that came to America from Scotland in the 1880s following the great Chicago and Boston fires. It was their flagship building in Manhattan until the 1930s when it reverted to general commercial use. From the 1960s it has gone back and forth between developers until the ’90s when several unsuccessful attempts were made to convert it into condos. The current developer, Metro Development Corporation from Philadelphia, finally made a success of the venture after purchasing the property less than a year ago.

The most recent buyer was a young attorney from the Village. The new apartment, which he bought with his fiancee, has knockout views all the way up Pine Street and Broadway to the backyard of the Trinity Church. And he’s apparently satisfied with the new spread. “I think he’s happy,” said Mr. Phillips. “He hasn’t started suing us yet!”

UPPER EAST SIDE
1175 York Ave.

Studio co-op
Asking price: $435,000
Selling price: $425,000
Time on market: 90 days

A 550-square-foot alcove studio at 1175 York Ave. on the Upper East Side closed earlier this month for $425,000. The 17th-floor co-op apartment, which faces west and has open city views, was purchased by a young woman, a pediatric nurse, with some help from her father. The building is full-service and includes a doorman, concierge, and a gym. The seller was an older retired woman who is moving to California. There was a lot of interest in the cozy property, according to Lisa Camillieri of Corcoran in Manhattan.

It was originally set to sell to another party late last year for $430,000, but the prospective purchaser ultimately pulled out, scared that he was being ripped off. He refused to pay more that $420,000. The seller rejected the offer, choosing instead to hold out for a higher price.