Archives
August 2007
Aug. 31, 2007 - motivated sellers do Holiday open houses
(remember to check the agent
websites Sunday morning to see if open house is still
on)
My best estimate is that there are
no more than a third the number of open houses this weekend as last
weekend, which was a slow weekend to begin with. Most agents are
away, most sellers understand that most buyers are away, many
sellers don't want to be bothered by an open house in the middle of
their holiday weekend. But if I were a motivated buyer, I might
look at open houses this Sunday as hinting at motivated
sellers.
If you've been following this
feature, these open houses will be familiar to you:
$2.887mm and $2,843/mo (condo) for
2,273 sq ft of "one of a kind space" with 106 sq ft of outdoor
space at Landmark 17 (a walk-up, but how far??)
On the market 11 weeks
Open House Sunday Sept 2 2 -
4
$2.85mm and $4,127/mo (condo) for
2,732 sq ft in a new (2004) "loft" building (14 foot ceilings
help)
On the market 11 weeks
($3.1mm)
Open House Sunday Sept 2 2 -
4
$2.59mm and $1,651/mo (condo) for
"2,100 sq ft" of "unlimited opportunity" (it is now a showroom
gallery)
On the market 5
weeks
Open House Sunday Sept 2 12 -
2
I don't think I have reviewed these
two loft listings, which are having open houses:
$2.395mm and $1,608/mo (condo) for
"1,989 sq ft" with fireplace, Corinthian columns, 11 foot ceilings,
chef's kitchen and a very good corner layout (note that the "five
over-sized windows" in the listing are all in the living/dining
area; the floor plan shows 8 windows overall); Christopher Gray in
the NY Times Streetscapes column back in March
("White
Street, a Glimpse of What SoHo Used To Be")
described this building
as "the most
architecturally imposing work on the block"
on the market since March
($2.5mm)
Open House Sunday Sept 2 12 -
2
$2.1mm and $1,105/mo (condo) for
"1,207 sq ft" "mint and beautifully designed corner loft"; ask
about the one year assessment of $517/mo
On the market since May
($2.2mm)
Open House Sunday Sept 2 12 -
1:30
$1.89mm and $1,709/mo (condo) for
"1,375 sq ft" in the former UFT building, converted just a few
years ago; this is one of the more cookie-cutter layouts in the
building (but it has high ceilings and big windows)
New to market this
week
Open House Sunday Sept 2 1 -
3
© Sandy Mattingly 2007
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Aug. 31, 2007 - 889 Broadway newly in contract
The
Gorham Silver building at 889 Broadway is one of the most handsome
loft buildings in Flatiron. Unit 3A
came to market in April at $2.85mm and is newly in contract off a
price of $2.75mm as of yesterday. Nice way for the sellers (and
buyers, I suppose) to go into a relaxing holiday
weekend.
great layout
"2,400 sq ft" set up as 2 bedrooms + 2 baths in a
not-quite-square foot print that has two long window sides "flooded
with light", as they say). There is plumbing along both (dark)
walls, so there is a lot of flexibility to this foot print. Perhaps
they are simply shy, but they are not bragging about any finishes
or appliances, either in text or pix.
some history
This
unit traded in April 2005 at $2.4mm. As always with a relatively
quick sale, I wonder if it is personal family life circumstances or
a dissatisfaction with the loft or neighborhood that causes someone
to move so quickly. #6B ("2,150 sq ft") sold in November 2005 for
$2.2mm, while #5B sold in October 2005 for $1,786,300 in a
transaction without REBNY agents, it seems.
low low low maintenance means
...?
The
most interesting single number associated with the listing may be
the maintenance: $853/mo, or under $0.40 per foot. We show this
building as having 0% tax deductibility of maintenance, so my guess
is that the artificially low maintenance is the result of Fishs
Eddy paying rent to "coop" shareholders. In other words, this may
not be a "cooperative housing association" that complies with IRS
rules permitting shareholders to get the tax deductions associated
with coops that do comply. See this one from January 16:
IRS rules for coops / beware the 80/20
rule.
The
difference in purchasing power between this maintenance and a
maintenance of $1.00 per foot is about $250k. I wonder what they
got.
©
Sandy Mattingly 2007
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Aug. 30, 2007 - new + understated at 69 Murray
so new no web (yet)
The
8th floor at 69
Murray Street is so new as a
listing it is not yet on Corcoran's website -- but when it is it
should be
here.
Asking $2.35mm ($2,380/mo maintenance) for "1,800
sq ft" of a (love the soft sell here) "particularly nice full floor
loft", now 2 BRs and 2 baths. It is a classic Long and Narrow with seven
windows along one long side, but I read the floor plan as a 1
bedroom with two "sleeping areas".
The
price represents a pretty good Tribeca premium, considering
its South Tribeca
location and (relatively) high
maintenance for a coop without amenities.
no penthouse sale
A
penthouse unit here was offered for a year and a half through 2006,
starting at $3.2mm with several drops down to $2.35mm before being
taken off the market. That one was said to be in mint condition,
"1,700 sq ft" of duplexed space, and a tri-level
terrace.
how much appreciation?
The
last sale I see here was the 7th floor 2 years ago for
$1.875mm. That was said to be "designed by a leading architect",
but I don't see other information about its condition.
©
Sandy Mattingly 2007
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Aug. 28, 2007 - contracts (again) at 90 Prince + 258 Bway
long, strange trip at 90 Prince?
Maybe this one will last, but it shows up this morning as a Signed Contract. Check out my July 11 posting for why this loft is so peculiar, and for the fun the Curbed-folk had with it back in January.
not as long, or strange at 258 Broadway
Unit 3B at 258 Broadway came to market in March at $1.175mm (41,313/mo maintenance), had a contract signed at Memorial Day, and then dropped off the market in July with a failed contract. It came back as “new” (not quite!) on August 1 at $1.15mm but has found another buyer, as it is also shows up as Contract Signed this morning.
I can’t put my finger on a prior posting about this one, but it sure looks familiar to me – check the pix for the pretty distinctive lofted space in this “1,100 sq ft” open loft. I talked about a unit down the hall (258 Broadway #3G) with an even more unusual layout in open house reviews in July (see Open House review - early bird specials under $1.8for a recap). That one looks like two 900 sq ft boxes on top of each other, with some 18 ft ceilings and some up-ing and down-ing required. Asking $1.62mm for “1,800 sq ft”.
© Sandy Mattingly 2007
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Aug. 27, 2007 - American Thread new to market / why so soon?
one year later…
#4A at 260 West Broadway, the American Thread Building, is new to the Manhattan loft market this weekend, asking $2.3mm and $1,788/mo (condo; with an assessment of $697/mo for an unstated period) for “1,600 sq ft” of “incredibly renovated and restored” loft. It is not clear that they think of this as part of the loft market, actually.
This unit changed hands last May for $1.6mm, so I wonder what changed in the owners lives to have them try to sell so quickly. (The owner was trying to sell it by himself beginning a month ago, before listing with Brian Meier at PruDE.) I don’t see any building permits for this unit so it is hard to say when all that incredible renovation and restoration occurred.
the beautiful work was when?
The current price suggests it has been considerably improved since the current sellers bought it 15 months (and $700 k) ago. You might want to ask…
The layout is nearly square, with an east window in the master bedroom and five southern windows for the living room and second bedroom, with the dining room in the middle and the kitchen near the entry. (It works probably better than I have just made it sound). One awkward bit is that both bathrooms are en suite to bedrooms.
That window in the master doesn’t do much good, with a six story hotel being built pretty much right outside the window.
true loft, but apartment layout
The net effect of all the interior walls is a flow and feel that would not be foreign on upper Park Avenue, an effect further enhanced by the closed kitchen, complete with swinging door into the dining room. (I can’t remember the last real loft I saw that had a closed kitchen….)
The AmericanThreadBuilding is a loft building – an industrial and mercantile past, exposed utilities (at least when originally marketed in 1981), high ceilings. But this unit is not only laid out like an “apartment” rather than a “loft”, the word “loft” no where appears on the web listing. Hope they are not offended to be mentioned on Manhattan Loft Guy.
Perhaps this is the loft for uptown people who just want a downtown address.
#4G (”1,450 sq ft” and also described as “mint”) sold seven weeks ago for $1.775mm.
© Sandy Mattingly 2007
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Aug. 26, 2007 - 356 Broadway penthouse in NY Post Just Sold / the back story
triplexes are so awkward
Yesterday’s NY Post RE section’s Just Sold feature includes 356 Broadway #PH-5C (sold at $2.145mm in “four weeks”), described as follows:
Two-bedroom, three-bath penthouse condo, 2,200 square feet, with double-height living room with 18-foot ceilings, formal dining room with wood-burning fireplace, gourmet kitchen, lofted area with full bath that could be used as third bedroom, washer/dryer, dressing room in master bedroom, video security, 600-foot planted terrace and western exposure. Building is pet-friendly. Common charges $1,045, taxes $677. Asking price $2,199,000, on market four weeks.
That’s less than $1,000 per foot for a Tribeca condo loft without taking into account the 600 sq ft terrace. Sounds like a steal, right? There are some “howevers” to contend with….
not loft-y in loft building
356 Broadway is a legitimate loft building, but the apartments strike me as very un-loft-like. The hint about this in the description above is the “double-height living room with 18-foot ceilings”; in other words the regular height of the ceilings in the bedrooms, the dining room, the kitchen) is a not-so-lofty 9 feet.
that awkward layout
This three level unit (a detail omitted by the Post) has about 1,000 sq ft on the lower (fifth) floor (with windows only on one narrow side, over Broadway), less on the middle (sixth) floor where there are two bedrooms and one bath, and one den or bedroom (apparently not master bedroom material) on the roof level with a bathroom and that “600 sq ft” terrace. One bedroom on the middle level has both windows to the street and interior French windows onto the double-height living room; the other “bedroom” n this level has only French windows over the living room.
Clever that the interior pix still in our inter-firm data-base are all of the double-height space. (Presumably, these were the official listing photos. Unfortunately, BHS takes down the web listings after deals close, so the official listing is now hidden.)
sold in 4 weeks? (not so fast)
I am not sure what standards the Post uses for its days on market number, but I can’t see any reasonable metric that results in a 4 week sale for this unit. It closed five weeks after a contract was signed. The contract was signed ten weeks after it was first offered by Susan Green and Wendy Maitland of Corcoran (who then moved to BHS). By which point it has been marketed for ten months by Paddington Zwigard of BHS (starting at $2.3mm).
That’s 14 weeks from last sales price change to contract, or nearly 14 months from first offering.
Details can be so messy….
© Sandy Mattingly 2007
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Aug. 25, 2007 - back story / 158 Chambers is On the Market in NYT
Today's On The Market feature in the NY Times real estate section starts with another cool Manhattan loft: 158 Chambers Street #5, with some beautiful pix of this duplexed (mezzanine) loft with one bedroom, one bath but two terraces - and four flights of stairs.
Quick work by Tabak Real Estate, as the unit was new to the market last weekend. Asking $1.485mm ($2,036/mo maintenance) for "1,800 sq ft", here is the classic Pro v. Con NYT formulation:
PROS: An open staircase, a bedroom with a pitched glass roof, and the remnants of an original warehouse pulley system help make this space dramatic and extremely interesting.
CONS: The common space is undergoing a much-needed upgrade. The apartment is on the fifth floor of a walk-up.
Scroll down the Tabak sales page here for the listing; click here for the Tabak photos; and here for the floor plan on Tabak. If I am reading the dimensions correctly, the main floor is 22 x 63 feet, with the mezzanine 22 x 16.5 feet. Clearly a Long-and-Narrow, with 'only' three windows front and three back, but light pours through that huge skylight. At the moment, it is arrayed as a One Bed Wonder (what is a One Bed Wonder?).
The back story is that this unit sold in March 2005 for $900k. I don't see any building permits for this unit since then. That's the only sale I see in the building for its entire history as a coop, so it is possible the other shareholders are very long-time residents of this five story building.
Three weeks ago, the Times featured the 4th floor walk-up next door at 160 Chambers (as I blogged about on Aug 4: elevator coming to 160 Chambers / NY Times On The Market). They are planning to do an elevator next summer in that building, which is a mixed blessing when you consider how the layout will have to adapt to an elevator shaft.
Fascinating comparison between 160 Chambers St #3 and 158 Chambers St #5. Counting the mezzanine, 158 Chambers is larger ("1,800" v. "1,500" sq ft) and has the private roof deck and (in my eyes) has a more compelling "loft" look and feel. Maintenance is higher at 158 Chambers, but the price is lower. For now, it is one flight of stairs higher, but come next summer they may be riding an elevator at 160 Chambers. Fascinating….
But for the future elevator, I suspect that loft lovers will prefer 160 to 158 [oops, typed that backwards, make that "prefer 158 to 160"], but let's see what The (actual) Market does to these neighbors….
© Sandy Mattingly 2007
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Aug. 25, 2007 - Sunday Aug 26 open houses $1mm - $2mm
(remember to check the agent websites Sunday morning to see if open house is still on)
This set includes three new listings, having their first weekend open houses, and one back on the market after ten weeks (it is rude to say Welcome Back to that one). The balance, I guess, make up The Usual Suspects….
$1.125mm and $1,500 sq ft for “1,100 sq ft” plus “200 sq ft” deck (that I calculate as larger); just back on the market this week, ten weeks after a contract was signed (board turndown??), as I noted yesterday in oh dear / 808 Broadway #2J is back
on the market since March ($1.25mm)
Open House Sunday Aug 26 12 – 2
$1.15mm and $1,318/mo (condo) for “725 sq ft” and the address is not a typo; this is a real loft (or a very real loft-like apartment) with 13 foot ceilings on the site of the old Gimbels at Lex and 86 St. (I posted about it two weeks ago as a new listing UES loft (really) / new at 120 E 87 St.) As I said in that Aug 14 post:
typical UES with downtown ceilings
The Park Avenue Court has the full roster of UES amenities: concierge, health club, pool, garden, garage and roof deck. It has some other premium-priced listings, as well. #P-4D is a “1,100 sq ft” loft with 17 foot ceilings (!!), asking $1.75mm ($1,912/mo). #R-14C is “1,250 sq ft” offered for $1.85mm ($2,211/mo), with 14 foot ceilings. (What’s up with the varying ceilings heights??)
Both of these are cookie-cutter layouts, but probably no worse than some new downtown loft layouts (Lions’ Head, for one).
I am curious about the market for these units. The lobby is definitely an “Upper East Side” lobby; the services match; the layouts, too. But how deep a market is there for such high ceilings up there?
Open House Sunday Aug 26 12:30 – 2
$1.2mm and $1,645/mo for “1,200 sq ft” new last weekend; The Foundry is a former factory, so these spaces technically qualify as lofts, but (to me) they are generally more cramped in layouts, converted in 1984 with more of an “apartment” feel than I prefer (your mileage may vary); this is a coop with condo rules
Open House Sunday Aug 26 2 - 3:30
Open House Tuesday Aug 28 5:30 - 7
$1.375mm and $1,203 /mo (condo) for “1,200 sq ft” with 12 ft ceilings; layout is nearly square with 4 windows on the north wall (period); space seems very efficiently laid out (for a single or couple) in open loft style; on Broadway nearly at Canal, it is (good news and bad) very centrally located
on the market 4 weeks
Open House Sunday Aug 26 2 - 3
Long-and-Narrow with 3 front windows + 3 back windows (back windows all have plumbing – 2 baths and kitchen)
on the market since May 9 ($1.495mm)
Open House Sunday Aug 26 12:30 – 1:30
$1.575mm and $1,500/mo for “1,500 sq ft” that remains a walk-up until a Summer 2008 elevator project eats up some space and saves many steps. I featured this twice in open house reviews since it was new in March (on July 6 and March 23) and again when it was a NY Times On The Market property on August 5. That post prompted reader VDH to offer some interesting insight about the elevator project and the loft’s layout (scroll down for comments at elevator coming to 160 Chambers / NY Times On The Market).
Open House Sunday Aug 26 2 – 4
$1.65mm and $1,019/mo (condo) for “1,600 sq ft” that needs a little love; I blogged about it when new last weekend (Bond, 19 Bond / new loft listing asks ‘got love’?); there is still no floor plan, but there are three interior pix (still looks like a total gut job to me)
Open House Sunday Aug 26 2 - 3:30
Open House Sunday Aug 26 2 - 3
$2mm and $1,668/mo (condo) for “1,853 sq ft” that I blogged about this week as a new loft listing (Aug 21 new at 150 W 26 / one of the Merc’s children); with the floor plan now up on the web, you can see this is a rare Long-and-Narrow with windows along one long side and one narrow side (granted, the long side looks across at a building, but there is the flexibility to put quiet bedrooms on that wall that get some light, as here)
Open House Sunday Aug 26 12 - 2
Open House Wednesday Aug 29 12 - 2
© Sandy Mattingly 2007
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Aug. 24, 2007 - Sunday Aug 26 open houses over $3mm / whatever your taste
(remember to check the agent websites Sunday morning to see if open house is still on)
$4.6mm and $2,685/mo (condo) for “3,300 sq ft” of triplex with four terraces (one “750 sq ft”) just above the Holland Tunnel spillways
Open House Sunday Aug 26 2:30 – 4
$3.995mm and $1,877/mo for 3,500 sq ft of “clean slate”
Open House Sunday Aug 26 1 – 2:30
From two weeks ago:
$3.75mm and $2,307/mo maintenance for “3,000 sq ft” of “the perfect blend of uptown elegance and downtown charm”
this patient seller has had it on the market since January
Norman Siegel LREB notes that this is a walk-up until the elevator is replace, but does not say when that might be
Open House Sunday Aug 26 2 – 4
$3.65mm and $3,919/mo (condo) for being-converted duplexed 1,926 sq ft + 600 sq ft terrace
on the market since January ($3.995mm); another from two weeks ago, and last week as well
Open House Sunday Aug 26 2 – 4
$3.45mm and $2,273/mo (condo) for 2,400 sq ft of sponsor space
on the market since May; another from two weeks ago, and last week as well
Open House Sunday Aug 26 1 – 3
Open House Sunday Aug 26 1 – 2:30
$3.125mm and $1,750/mo maintenance for “2,600 sq ft” of “unique luxury living”; on the market since July 26; also from last week’s review
Open House Sunday Aug 26 12 – 1:30 but you need an appointment
© Sandy Mattingly 2007
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Aug. 24, 2007 - oh dear / 808 Broadway #2J is back
guessing a board turndown
#2J at 808 Broadway came to market in March at $1.25mm (maintenance is $1,500/mo) and after two little price drops found a buyer and a contract in early June off of $1.125mm.
But it is back to the market as of yesterday. Ten weeks between contract and BOM suggests a Board turndown rather than cold feet or short cash (though only the principals and the board really know). So I don’t think this is one of those deals that are falling victim to the change in the credit and mortgage markets – of which there certainly are some.
It has “1,100 sq ft” and a “zen-like 200 sq ft private outdoor space” (I get 364 sq ft from the 26 x 14 dimensions given). As configured, it has only one bedroom and only one bath. (They say it “easily transform[s]” to two bedrooms, but I ain’t buying that.)
I have seen a number of units in the Renwick, but haven’t had a buyer intrigued enough to buy here. It is on a very busy stretch of Broadway (11th and 12th Streets), but many lofts (like #2J) face away from Broadway and are legitimately quiet and peaceful, and it is right next to Grace Church. The building requires 25% down (a possible indicator of a more conservative approach) but does permit parents to buy for adult children (a definite indicator of a more liberal financial approach).
a busy board?
PH-C here (asking $1.895mm for “1,400 sq ft” and “500 sq ft” terrace) has been in contract for just about the same length of time (a week less than #2J was) and should be just about at the board approval stage.
#2F (asking $725k for “800 sq ft”) has also been in contract since June. We’ll see what happens with both of those.
I wonder what really happened with #2J…
Open House Sunday Aug 26 noon – 2 PM
© Sandy Mattingly 2007
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Aug. 24, 2007 - indoors and out at 92 Warren’s penthouse
count on the Tribeca premium
This “3,026 sq ft” loft is full of name-dropping fixtures and appliances on top of a 13 story new building with an awful lot of services for a 12 unit condo: doorman plus fitness room plus children’s play room plus bike room. (Hence the common charges of $2,696/mo). It has been offered through PruDE’s Linda Fenn and Rachel Altschuler since October at that $5.5mm price (did they get bored with that price??), though they had a contract out (not signed) In November and a contract signed in July (somebody got cold feet or short cash).
3 terraces, 3
The duplexed interior space has some ceilings at 17 feet and comes with three terraces totaling “1,300 sq ft”.
The two fifth floor units closed in March, #5E on March 13 (“2,845 sq ft” for the asking price of $3.4mm) and #5W on March 15 (“2,019 sq ft” for $125k off the asking price of $2.425mm). The first floor duplex (“2,219 s ft”) with (500 sq ft??) garden, #1, sold in April for nearly $200k off the asking price of $2.825mm.
What a difference about 3 miles make.
© Sandy Mattingly 2007
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Aug. 23, 2007 - indoors and out at 284 Fifth’s PH-B / (almost) brand new
but how big is
it?
Very cool new listing tonight from
Joseph Testone at Bellmarc for those who want real outdoor space.
PH-B
at 284 Fifth Avenue is a 3 BR + 3 bath with -- so far -- no
floor plan or gross square footage, asking $3.25mm (maintenance is
$4,278/mo). But we are told that the terrace is 2,200 sq ft.
[UPDATE 9.3: now it is a co-exclusive listing with Katherine
Gauthier of PruDE, with a different set of pix here.]
Unfortunately, one thing you won't
see from this 8th floor terrace at 30th
Street and Fifth Avenue is the Empire State Building (unless it is
visible straight up), as there is a tall building just to the
north. Lots of glass, lots of light, and some proper proper nouns
dropped for the kitchen and baths ... looks pretty darn cool. But
how big is it??
The building foot print is 5,000 sq
ft, but the roof slopes back a bit. Allowing for the 2,200 sq ft
setback terrace, the loft space can't be any more than 2,800 sq ft.
[UPDATE 9.3: now there's a floor plan up; if the terrace really
is 2,200 sq ft, the interior looks to me to be about
2,000]
On doing some digging, it turns out
this unit was offered by Testone as "PH-AB" from May to July 1 for
$3.595mm. So this is not so new (I must have missed it the first
time around). But still (potentially) very cool. With that 2,200 sq
ft terrace.
I looked at some studios in this
building when it was first being offered through Corcoran (2004??).
Corcoran ended up giving up the marketing (so the story went) as
the sponsor/developer couldn't make up its mind about selling
prices and/or could not get all this paperwork or financing in
order. City records suggest someone else stepped in, and that units
started closing in 2005.
sponsor taking a final
shot?
It may be that the penthouse never
sold, and that this sale is a sponsor sale. Building permits
suggest that the major renovation of the penthouse was done
(begun?) only a year ago.
Hard to get comps for space like
this. There is certainly nothing else like it in the building (even
without considering the terrace.) And not many spaces anywhere with
this large interior space and this large a terrace.
[UPDATE: Open House Sunday Sept 9 12 - 2
PM]
© Sandy Mattingly 2007
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Aug. 23, 2007 - whole floor at 48 Great Jones gets the Curbed treatment
lofty loft or lofty loft price?
The 2d floor is a huge space – “4,500 sq ft” by the estimate of Danielle Wiedemann at Sothebys – and a huge opportunity, at the right price. She does not say much in the listing about the finishes or fixtures, so my working assumption is that they are not worth bragging about (pix are consistent with this assumption).
to and fro, and fro and to
The layout is very … err … peculiar, which makes me think it grew organically from the usage of a long-time owner. There’s a large photo studio and darkroom, which leads only to a bedroom or the outside corridor. There are 3 full bathrooms (and one half) none of which are in the master bedroom. You get to the second bedroom either directly from the outside corridor or through a “sitting room” and (some other space? a closet??). As drawn, there are only two closets on the whole floor. It looks as though there are four ways to enter the loft from the main corridor, and the main corridor is awfully large for a one-unit-on-this-floor loft.
So, with all the to-ing and fro-ing involved with this layout, and with the absence of bragging about this space as built out, I see the market for this space as people with the need for a huge space and the means to gut it and rebuild. So asking $5.57mm for “4,500 sq ft” seems a stretch to me, if the buyer is going to spend another million-plus for renovation.
history, history, history
This listing is relatively new with Sothebys, but not new to the market, as it is now on its third firm since June 2006. It started then at $6.85mm and bounced down to the $5.3mm that Wiedemann started it at in June this year before raising it to $5.57mm after four weeks on the market.
Even fully renovated lofts have not commanded much of a premium in this building. #3F was said to be “fully renovated” (with marketing pictures to back that up) when it closed in January at $2.4mm for its “2,700 sq ft”. #6R is now pushing for a premium, but that is described as “[m]asterfully renovated with no expense spared, [a] gorgeous triple-mint loft offer[ing] approximately 2600 square feet of unique luxury living”, and asking $3.125mm – barely $1,150/ft.
The owner of the 2d floor is asking over $1,200/ft, the gulf between this (apparent) condition and “masterfully renovated” notwithstanding.
© Sandy Mattingly 2007
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Aug. 21, 2007 - new at 150 W 26 / one of the Merc's children
what the Chelsea Mercantile has wrought
I have long felt that the Manhattan loft market around 7th Avenue above 23rd Street took off because the Chelsea Mercantile was such a success and such a break-through. The Merc put this area on the mental map for loft buyers, many of whom came from uptown and would not have gone all the way downtown to SoHo or Tribeca when the Merc was being sold in 2000.
"1,853 sq ft" of "loft treasure … infused with comfort and style", offered for $2mm (common charges and real estate taxes are $1,668/mo). The category of prose that Curbed.com refers to as Broker Babble is a personal taste, of course, but I have always been a fan of the enthusiastic and specific way that Phillips and Gardiner present their lofts (though they usually have more pictures than one, and a floor plan; what's up?). [update Aug 25: floor plan now up]
The three foot prints in the building range from "1,623 sq ft" to this one at "1,830 sq ft" and (I believe) two are at corners. Though there are many windows (so great flexibility in interior room options), there is not much to see out the windows until you get to the top floor(s) - the 9th floor front units have Empire state Building Views. This unit "looks" south (mid-block) and west, but there are two 12-story buildings just to the south.
The building was converted from rentals to condo in 2001 (the Merc was converted from a VA facility in 1999), with a pretty high-end, pretty basic set of fixtures and finishes. When new, the units were offered from $825k to $995k.
This one was last sold in June 2004 for $1.075mm. #901 (with those ESB views) sold in February for $1.63mm, its "1,623 sq ft" having been newly renovated. #302 sold in January for $1.65mm for its "1,753 sq ft". the highest price in the building to date was #602 ("1,753 sq ft"), which was designed by a "renowned" architect and a "world-class designer / artist owner" to generate the $1.9mm closing price in June 2005.
© Sandy Mattingly 2007
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Aug. 19, 2007 - Bond, 19 Bond / new loft listing asks ‘got love’?
quintessence and renovation
Unit 2A at 19 Bond Street is new to market this weekend, a “quintessential NYC loft” with uber-loft neighbors at #40 and #48. “1,600 sq ft” corner, with 13 foot ceilings, one kitchen and one bath, this can be a “dream home” if only someone brought the “right amount of love”. Love plus the $1.65mm asking price ($1,019/mo in common charges and real estate taxes). Sounds like a gut renovation to me….
No pix or floor plan on the web (yet?), but maybe pictures would indicate something on the interior to be preserved. But I doubt it.
No showings until August 23, so may be there will be more web info before then.
I see no recorded sales in this 5-story 1o unit building for the last three years.
© Sandy Mattingly 2007
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Aug. 17, 2007 - Sunday Open Houses over $2mm / more surf, less turf
(remember to check the agent websites Sunday morning to see if open house is still on)
15 W 17 St
Open House Sunday, August 19 2 – 4
$2.4mm and $2,656/mo (condo) for “1,677 sq ft” of white box “ultra contemporary glass mega-lofts” (this one with 17 ft ceilings)
On the market through a different firm in 2006 ($2.75mm), then off for 6 months before PruDE brought it back in July at $2.25mm (yes, they have raised the price)
Open House Sunday, August 19 2 – 4
$2.295mm and $1,775mm for “1,917 sq ft” of “peaceful and stunning” space (no mention of zen or feng shui)
On the market 1 week
Open House Sunday, August 19 1 – 3
Open House Tuesday, August 21 5:30 – 7
Open House Sunday, August 19 12 – 2
$2.2mm and $1,575/mo maintenance for “1,800+ sq ft” that is “not only beautiful and practical, but eminently livable”
on the market 4 weeks
Open House Sunday, August 19 12:30 – 1:30
$2.15mm and $633/mo maintenance for “1,800 sq ft” of “brilliant light, open space … [and] spectacular river views” (that sounds as though it needs updating) ; I addressed it when it in a July open house review (more Open Houses, with warnings, Sunday July 15)
On the market since April
Open House Sunday, August 19 3 – 4
© Sandy Mattingly 2007
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Aug. 17, 2007 - Sunday Open Houses over $2.5mm / more surf, more turf
(remember to check the agent websites Sunday morning to see if open house is still on)
$2.995mm and $1,150/mo for 2,500 sq ft of “classic loft in the truest and best sense” (or, as I put it on April 25 real 2,500 sq ft at 20 E 20)
On the market since April
Open House Sunday Aug 19 2 - 3
$2.887mm and $2,843/mo (condo) for 2,273 sq ft of “one of a kind space” with 106 sq ft of outdoor space at Landmark 17 (a walk-up, bit how far??)
On the market 9 weeks
Open House Sunday Aug 19 2 – 4
$2.85mm and $4,127/mo (condo) for 2,732 sq ft in a new (2004) “loft” building (14 foot ceilings help)
On the market 9 weeks ($3.1mm)
Open House Sunday Aug 19 2 – 4
$2.695mm (and $1,100/mo maintenance) for 2,200 sq ft of “meticulously renovated” “Noho Zen!!”
Open House Sunday, August 19 1 – 3
Open Houses also at:
$2.75mm and $2,500/mo maintenance for “3,000 sq ft” (currently divided, with a “700 sq ft income producing property”)
on the market since June last year ($2.995mm)
Open House Sunday, August 19 BY APPOINTMENT ONLY
137 Duane St
Open House Sunday, August 19 11 – 1
$2.6mm and $1,275/mo maintenance for “2,000 sq ft” of “outstanding renovation incorporating Feng Shui”
On the market since February ($2.899mm)
Open House Sunday, August 19 2 – 4
$2.59mm and $1,651/mo (condo) for “2,100 sq ft” of “unlimited opportunity” (it is now a showroom gallery)
On the market 3 weeks
Open House Sunday, August 19 12 – 2
© Sandy Mattingly 2007
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Aug. 16, 2007 - Sunday open houses over $3mm / more chateaubriand
(remember to check the agent websites Sunday morning to see if open house is still on)
$3.65mm and $3,919/mo (condo) for being-converted duplexed 1,926 sq ft + 600 sq ft terrace
On the market since January ($3.995mm)
Open House Sunday Aug 19 2 – 4
$3.45mm and $2,273/mo (condo) for 2,400 sq ft of sponsor space
On the market since May
Open House Sunday Aug 19 1 – 3
These pricey items were not on the menu last week:
Open House Sunday Aug 19 1 – 2:30
Open House Sunday Aug 19 1 – 2:30
$3.125mm and $1,750/mo maintenance for “2,600 sq ft” of “unique luxury living”; on the market since July 26 but (a) the first showing is the Sunday Open House and (b) they’ve raised the price $175k before showing it
Open House Sunday Aug 19 12 – 1:30
Open House Wednesday Aug 22 6 –7:30
They will feed you (both times), but you need an appointment
© Sandy Mattingly 2007
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Aug. 16, 2007 - democracy in the death notices / from Agel to Ballard with a stop at Astor
I must have been stuck on the subway on Tuesday, too crowded to turn pages on my NY Times Metro section. The last page of the Metro included Death Notices, which I usually don’t read but which was reachable for me by just folding that section differently.
I have not been reading the many many many articles in all the papers about the death, life, will and wealth of society doyenne Brooke Astor, but there she was in the fine type under Deaths, right after Agel, Jerome and right before Ballard, David.
I still have read nothing about the Lady Astor, but I learned that her Notice-neighbors also lived long and productive lives. Mr. Agel was 77, had been married 51 years, was “devoted to and loved by” … [his family] and his devoted caregiver Bernadette”. (Way to go Bernadette!) He “wrote and produced more than 60 books with such cerebral thinkers as Marshall McLuhan, Carl Sagan, Isaac Asimov, and Buckminster Fuller.” Below Ms. Astor, Mr. Ballard was 89 and worked for Time, Inc. for 43 years, retiring to Mexico after being president of Time in Mexico.
The other 29 notices Tuesday included a rabbi, a priest (second oldest in New York!), a “former Copacabana girl” (with photo from back in the day), and a mother, grandmother and “for twenty days” great-grandmother.
Maybe Gothamist should do a death census the way they do one for the weddings and engagements page….
© Sandy Mattingly 2007
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Aug. 15, 2007 - getting very serious about price at 543 Broadway
quarter million is “serious”
m-o-t-i-v-a-t-i-o-n?
They just dropped the price another quarter ton, to $1.895mm.
Here’s what I said about it when it was fresh:
This is a true 1 Bed Wonder (what is a One Bed Wonder?), as it is Long and Narrow, with windows only on one narrow side (over Broadway, on the second floor). There’s one bathroom, as configured, but it looks as though you could add a second along the long wall that has both the master bath and the kitchen.
It still has only one bathroom and only three windows (over Broadway), with one (interior) bedroom. But it is $355k of the April price.
size matters
My email dialogue with Greg was about whether or not the space is “really” “2,500 sq ft”. Here’s what he said about how the building derived that number:
If you also look closer within propertyshark.com you'll see the residential square footage of the building as a total of 50,000sf. Divide that among the 20 apartments within the coop which are all of identical size and you get the 2500 square feet which the building offers its approximate square footage as.
This is probably a common way that coop sponsors came up with “approximations” of size in the original offering plan.
© Sandy Mattingly 2007
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on matters of interest to Manhattan coop or condo loft apartment dwellers, buyers, sellers, and others, especially about New York City real estate
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