Archives
October 2007
Oct. 31, 2007 - re-setting values at 57 Bond / there goes the neighborhood
gotta appreciate the appreciation
#4E at 57 Bond Street is new to the market this week, asking $3.45mm and $1,712/mo (condo) for "2,125 sq ft" in a 2003 condo conversion that sold as new four years ago for (probably) less than half that. (I don't see a closed price for this unit when it was first bought in October 2003, but #2E sold 3 months later for $1.563mm.)
That is what having brand new brand name neighbors will do for you!
new neighbors are good neighbors
Since this building was converted in 2003, the new kids on the block that have driven prices very far very fast are 40 Bond and 48 Bond. 40 Bond is the 31-unit Ian Schrager project with "five star hotel services and amenities", in which original units can still be had for as little as $3.5mm for "1,269 sq ft" (#6D) or as much as $9.95mm for "3,288 sq ft' (#9A). 48 Bond is the smaller (17 unit) Deborah Berke designed project that has a "3,141 sq ft" full floor unit left, asking $5.15mm.
The record high sale for the building to date was PH-E (only "1,470 sq ft", but with a terrace of "1,134 sq ft"), which sold in July for $2.595mm, with finishes that sound a lot like those in #4E. (As history, the other penthouse sold through the developer in May 2004 for $1.675mm, with "1,704 sq ft" and a "966 sq ft" terrace.)
too soon in 2005
Two "W" line units (also 2,125 sq ft) were offered for sale before the hot new neighbors were in, at (then) historically high prices, but came off the market after not selling. #2W took a brief shot at a killing in March 2005 for $3.2mm, while #4W more seriously probed the market from January to May 2005 at $2.75mm.
This short block on this short street just off the Bowery has had one of the sharpest jolts of high-end development and pricing of any similar block that I can think of.
Maybe they will add pix and a floor plan to the #4E PruDE listing before too long, but they are starting with open houses immediately.
Open House Thursday Nov 1 from 12 - 2
Open House Sunday Nov 4 from 12 - 1:30
© Sandy Mattingly 2007
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Oct. 30, 2007 - new contract, old price at 160 Chambers
patience, Prudence, patience
Unit 3 at 160 Chambers Street has been on the market since March, starting at $1.635mm and dropping (mildly) to $1.575 six months ago. They held steady there and found a buyer off that price, as it shows up as "in contract" today.
The unit is said to be "1,500 sq ft" with maintenance of $1,500/mo. Interesting that this coop requires only 10% down. (This is certainly the only listing that I can remember in which the coop board is described as "delightful".)
where will the elevator go?
This unit and building has been featured here before, as it is presently a walk-up but there are plans to add an elevator next Summer. See my post on Aug 4 (elevator coming to 160 Chambers / NY Times On The Market) and the discussion there with reader VDH about how adding the elevator may disrupt the space.
Also interesting that they found a buyer by holding firm on the (asking) price for 6 months.
Also interesting that the building next door has a (somewhat) similar unit at a similar price, but shorter history.
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 158 to 160, but let's see what The (actual) Market does to these neighbors….
To wit: The Market snapped both of these units at about the same time. 158 Chambers St #5 went into contract less than two weeks ago (after 8 weeks on the market), with no (asking) price change.
Tune in in a few months to see where both of these units close.
(C) Sandy Mattingly 2007
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Oct. 29, 2007 - 38 W 26 has a new one, stretching
pushing the envelope
Unit 3A at 38 West 26 Street is newly for sale as of this weekend, asking $2.16mm and $1,200/mo for "1,790 sq ft" of "classic loft of yesteryear". [Update Nov 2: loft is marked Temporarily Off the Market and is off Corcoran's website]
gritty block
This block has only a few residential buildings on it (2 rentals, one other loft coop), and is a bit of a micro-nabe with the (tacky?) street (and [tacky!] sidewalk) retail of Broadway to the east and the newly looming rental towers of Sixth Av to the west. The blocks west of Sixth have traditionally carried higher values than the blocks between Sixth and Broadway / Fifth Av above 23rd Street. There are now four restaurants or clubs next to across the street from this building.
tough comps
There have been only three sales in this building in the last four years, clustered in 2004 and 2005, none at prices like this one.
#10A was said to be "3,000 sq ft" in original condition and had 3 exposures and sold in August 2005 for $2mm.
#7B was also said to be "3,000 sq ft" and sold in July 2004 for $1.55mm, very likely in original condition.
The coop loft building down the street is 22 West 26 Street, where there have been exactly two sales above $1,000/ft. The last sale was #5C in August, $1.9mm for "1,780 sq ft" in triple mint condition with "stunning" kitchen and spa-like baths. PH-B sold in March, $2.295mm for "2,200 sq ft" after a very expensive renovation.
#2B sold in July, "2,190 sq ft" for $1.85mm. (This was an over-the-top renovation, and my original One Bed Wonder [Feb 24: what is a 1 bed wonder?], as described here.) #2A sold in March, $1.5mm for "2,000 sq ft".
Hard to find much local support for expecting #3A at 38 West 26 Street to fetch nearly $1,200/ft.
challenging layout
Few people would buy #3A and move in without moving some walls or adding a second bathroom. The footprint is a squat "T", with the 10 north windows along the "T" and the plumbing on the opposite wall. Clever architects will find ways to have 2 (real) or 3 (interior) "bedrooms", and to efficiently use the space. The current use has one bedroom plus artist's studio, with the bedroom a long PJ walk to the one bathroom. The kitchen is of the "new" and "chef's" variety, but everything else may have to go.
back in the day
The same agent offered this unit the last time it was publicly for sale - in 1996. The asking price then was $499k.
Open House Wednesday Oct 31 from 12:30 - 2
Open House Sunday Nov 4 from 12 - 2
© Sandy Mattingly 2007
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Oct. 29, 2007 - New Listings + Sales of Manhattan lofts in last 7 days
This is my second report on the number, price distribution and neighborhood distribution for Manhattan lofts reported as new to the market or as closed sales in the last 7 days.
For information about how I get this stuff and why I slice it as I do, see methodology for New + Sold in The Last Seven Days.
Further wrinkle on the 'quality' of the statistics reported: some new developments will report an occasional contract at the same time they report the unit is On The Market. I noticed one such example this week at The District, 60 Ann Street. I suspect that this occurs sometimes due to poor record-keeping and I know that it sometimes occurs because the developer will release a specific unit for sale because a specific buyer wants that unit ("I am not interested in #7C but would buy #17C f you released it now") or because the developer announces a string of "pre-sales" contracts taken before they began actively marketing (such as at The Alexander, 250 East 49 Street) this week.
I am still at the stage of just spitting this out, without analysis of any weight. The stats as of this morning ...
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there were 45 lofts reported as new to the market in the last 7 days, and 11 as sold
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about 70% of the new ones are offered under $2mm
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40% of the new loft listings are in new developments, and 2 of 11 of the closed sales
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By price
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New = 45
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Sold = 11
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$500k to $999k
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13
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5
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$1mm to $1.99mm
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19
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1
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$2mm to $2.99mm
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4
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5
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$3mm to $3.99mm
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2
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$4mm to $4.99mm
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4
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$5mm+
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3
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By neighborhood
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New = 45
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Sold = 11
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Chelsea
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3
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Clinton
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1
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EastVillage
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3
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1
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Financial District
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1
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2
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Flatiron
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5
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Gramercy
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2
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Greenwich Village
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4
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3
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Kips Bay
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10
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Little Italy
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Lower East Side
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1
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Murray Hill
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2
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Midtown West
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SoHo
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4
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1
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Tribeca
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3
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2
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TurtleBay
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5
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Upper East Side
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1
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1
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Upper West Side
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WestVillage
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1
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New loft listings in new developments
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60 Ann Street (District)
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1
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16 West 19 St (Jade)
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1
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114 East 32 St (Jasper)
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10
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304 Spring St
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1
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250 East 49 Street (The Alexander)
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5
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Sold lofts in new developments
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88 Laight Street
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1
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259 East 7 Street (FlowerboxBuilding)
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1
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© Sandy Mattingly 2007
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Oct. 28, 2007 - big price bump on long + winding road at 704 Broadway
zigging and zagging for 32 months
Any $700k price increase on a loft should catch my eye; the more so if the loft has been on the market for a while.
The 2d floor at 704 Broadway is a big one: "5,000 sq ft" for (as of this weekend) $5.795mm and (only) $2,647/mo (condo), offered through Holly Parker of PruDE by a "developer who has thought of every luxury detail" and many exclamation points.
Yes, it does look very luxurious, and certainly is massive. But the most interesting thing to me (not having any buyer at the moment at this price point) is the history. (Are you sitting down?)
Feb 2005: $5.495mm
June 2005: $5.8mm
March 2006: $6.2mm
May 2006: $5.95mm
Dec 2006: $5.75mm
Feb 2007: $5.499mm
May 2007: $4.995mm
Oct 2007: $5.695mm
It is exhausting just reading that history; imagine Ms. Parker's and the developer's exhaustion in marketing….
No kidding - this place is lovely. 14 foot barrel-vaulted ceilings, "monumental Ionic" columns (presumably, cast iron), floating walls, 2 Viking stoves, etc, etc, etc. There are about 46 feet of huge windows overlooking Broadway, but with NYU buildings across the street it is not clear how much light there is.
In looking at city records, it is not clear whether "the developer" still owns it or not. This unit traded in September 2004 for $3.375mm (did it have the luxury then??); the 3d floor cleared in March 2006 for $5.93mm (no wonder they are frustrated on the 2d floor).
© Sandy Mattingly 2007
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Oct. 27, 2007 - new with open house at 114 W 29
worth its own entry?
The "Penthouse" at 114 W 29 St is new this week, with the first showing at tomorrow's open house. "1,500 sq ft" of open loft, asking $1.495mm and $1,342/mo.
The good news is that this is a no-detail-overlooked renovation with "the ultimate in luxurious modern design", chef's kitchen, spa bath, 25 feet of custom closets, 2 skylights. All that, and "too many details to list".
The bad news is that it is 3 flights up the stairs and pretty darn narrow, at 17.5 feet, with plumbing (at least now) only at the south end, with essentially no walls (a true One Bed Wonder). I had been hoping to see private outdoor space in a "penthouse", but the outdoor space is a (small) "semi-private" (?) roof deck. (In a 3-unit building, the lobby is probably "semi-private", too.)
has The Market caught up?
This unit was offered through the same agent (Paula Manikowski, before she went to Corcoran) in 2005 at $1.425mm and $1.495mm without selling. Clearly, The Market was not ready for that price at that time.
visual trickery?
Is it just me, or do those ceilings look nowhere close to the "14 feet" advertised??
Open House Sunday Oct 28 from 12 - 2 PM
(C) Sandy Mattingly 2007
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Oct. 27, 2007 - Broadway from St Paul’s to White / 6 Sunday open houses
(remember to check the agent websites Sunday morning to see if open house is still on)
176 Broadway #15F
$939,555 (lucky number??) and $1,788/mo for "1,200 sq ft" (not so little) that is "fully loaded" (?), "completely enveloped" and "pristine"; the information about double-paned and City Quiet windows omits that there are only 2 windows in the loft
On market 2 weeks
Open House Sunday Oct 28 from 1 - 3 PM
176 Broadway #4D
$975k and $2,057/mo for "1,800 s ft" set up as 1-bedroom (could be 3) and 1 bath (could be 2); no view to look at but "quiet"; I wouldn't say "1,800 sq ft", then provide dimensions that total less than 1,600; I wonder if the decor is the problem - there's probably little light but this is so much space for the money….
on market since January ($1.1mm; price just dropped again a month ago) and it must be painful for the seller (two contracts signed, still no deal yet); after so long on the market I would no longer say "well below market value"
Open House Sunday Oct 28 from 1 - 3 PM
261 Broadway #5A
$825k and $1,030/mo for "754 sq ft" looking over City Hall Park; great common roof deck should be a big plus
on market 5 weeks
Open House Sunday Oct 28 from 1:30 - 3 PM
270 Broadway #20A
$3.2mm and $4,481/mo for "2,780 sq ft" with 3 bedrooms, 2.5 baths, 3 exposures (including river and a rather amazing Brooklyn Bridge view) and 28 (!) windows in a 2002 condo conversion; at the time, this was the highest roof deck in Tribeca
on market since May ($3.3mm)
Open House Sunday Oct 28 from 1:30 - 3 PM
354 Broadway #2
$3.795mm and $3,658 sq ft for "4,100 sq ft mega-loft" with fireplace, 13 foot ceilings, "500 sq ft" glass-enclosed terrace; this is a very long Long-and-Narrow, at 25 feet wide, now set up as the largest One Bed Wonder I remember seeing in a long time; [no chance that the 'animal' rug in the featured photo is the same as the one in #4D at 176 Broadway, right?]
on the market since June ($3.995mm)
Open House Sunday Oct 28 from 12 - 1:30 PM
366 Broadway #3B
$1.995mm and $1,575/mo for "1,505 sq ft" with a great layout (plumbing in various places, windows along the longest wall); said to be quiet, as it overlooks White Street rather than Broadway
on market since July ($2.2mm)
Open House Sunday Oct 28 from 2 - 3 PM
© Sandy Mattingly 2007
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Oct. 26, 2007 - East 20 & East 22 St open houses / 2 of each for Sunday
(remember to check the agent websites Sunday morning to see if open house is still on)
39 East 20 Street #5
$2.299mm and $1,845/mo (condo) for "1,963 sq ft" of "true luxury living" in a 22.5 foot wide Long-and-Narrow with windows from and back, and 4 on one long side
on market since January ($2.599mm)
Open House Sunday Oct 28 from 2 - 4 PM
$2.895mm and $1,150/mo maintenance for "2,500 sq ft" of classic open loft with custom kitchen, set up as 3 bedroom + 2 baths; a classic Long-and-Narrow layout with no side windows and all the plumbing squeezed into one rear corner, roughly 36 x 72 ft; featured in open house reviews Sept 16 and -- when it was a Corcoran listing at "20 E 20 St" -- Aug 17 and April 25 (real 2,500 sq ft at 20 E 20)
Open House Sunday Oct 28 from 1:30 - 3:30
21 East 22 Street #7K
$935k and $1,132/mo for "950 sq ft" corner with 11 foot ceilings in a very efficient 2 BR layout
on market since April, but just came back this week after a month away
Open House Sunday Oct 28 from 12:30 - 2 PM
24 East 22 Street #5
$2.795mm and $2,150/mo for "2,150 sq ft" with "craftmanship throuighout", 14 foot ceilings and views of the Empire State, Flatiron and Met Life buildings
on market since July ($2.9mm)
Open House Sunday Oct 28 from 11:30 - 1 PM
(c) Sandy Mattingly 2007
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Oct. 26, 2007 - Broadway from Houston to Grace / 4 Sunday open houses
(remember to check the agent websites Sunday morning to see if open house is still on)
$2.195mm and $2,100/mo for "2,700 sq ft"; so many feet, so few windows (3, with Puck Building views); at 22 feet wide, this is a very long Long-and-Narrow
on market 6 weeks
Open House Sunday Oct 28 from 12:30 - 2 PM
$3.25mm and $2,255/mo for "2,700 sq ft"; I profiled it on Oct 4 when it was so new there were no details, no pix, no floor plan on PruDE's site (684 Broadway has a new one), where I provided some building history; now that the full listing is up, It looks pretty sweet, with great light and clearing the Great Jones buildings across the street
Open House Sunday Oct 28 from 12 - 2 PM
$2.5mm and $2,449/mo for "3,050 sq ft" of "tremendous potential", 1 bathroom and a very curious price history ($2.35mm in August 2006; contract signed in December after price drop to $2.1mm; board approved in February, but back on the market five weeks ago at $2.5mm); N.B., not for PETA members; footprint is very long and very narrow
Open House Sunday Oct 28 from 12 - 1:30 PM
808 Broadway #2J
© Sandy Mattingly 2007
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Oct. 26, 2007 - 8 million stories / 236 W 26 for sale again
life sometimes gets in the way of real estate
Unit #1003 at 236 West 26 Street (The Capitol) is for sale for the second time this year. I wonder what happened to make an August buyer an October seller....
City records show this unit changed hands on August 16 for $1.8mm (off an asking price of $1.695mm, so there must have been competition there). It is for sale again since Oct 17 through Corcoran at $1.845mm (much less than a break-even price, netting expenses) and $1,347/mo, for "1,686 sq ft".
another architect special
I am trying to remember if I have ever seen a loft described as "architect-ready" before; it Si an interesting locution. The meaning is clear: buy this baby above $1,000/ft and then put another $100k to $300k to fix it up. The kitchen and baths are said to be "renovated", but the kitchen has a pretty strong do-it-yourself look to me.
building history
A large 7th floor unit sold in March for $2.75mm (above ask), with "2,717 sq ft" -- but that one was beautifully done. My buyers who learned about Mick Jagger were just starting their search when they saw that one. (March 15: Jagger's Law of Imperfect Lofts / Life is Compromise (sigh))
A small unit ("850 sq ft") on the 11th floor sold in January for the $995k asking price.
Unit 1003 has the benefit of high floor views and is its own best comp. That said, repeating a sale above $1,000/ft for architect-ready space may be a bit of a stretch. Their best bet will be to find the people this seller evidently out-bid on her August closing.
Open House Sunday Oct 28 from 2 - 4 PM
(C) Sandy Mattingly 2007
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Oct. 26, 2007 - the opportunity in an artist’s loft / new at 152 Wooster
possibilities can be expensive
When the listing description says "full of character and possibility" and "currently configured as a largely open 2 BR artist's loft", you should plan to visit with your architect and your contractor.
So come on down to 152 Wooster Street #2A, which is new to market today - so new the pix and floor plan are not yet up on Halstead's site.
Said to be "2,800 sq ft" with a 60 foot west exposure, asking $2.925mm and $1,889/mo, it has the loft bones: 11 foot ceilings, "huge" arched windows, cast-iron columns. But you must be brave - if this is really an "artist's loft" it is likely to be so primitive that this is a buy-and-gut deal, where the floor plan will be much more important than the pictures. (With only 1 bathroom in such a large space, where are the plumbing stacks?)
the SoHo premium
The asking price in primitive condition is over $1,000/ft. Someone able to spend about $3mm will want to dress up an authentic loft considerably - another $200/ft for renovation, I would think at a minimum. SoHo is a very expensive neighborhood, no?
alias 2F?
City records show one recent sale in the building, which must not have been through a REBNY firm since we have no record in our inter-firm data base. Unit "2F" sold in June 2006 for $2.3mm. Since the building looks west, what the City calls "2F" is probably what Halstead calls "2A".
Assuming it is the same unit, that buyer-now-seller probably did not do much to exploit the "possibilities". I don't see any building permits filed on this unit, so it is very likely to be in the same condition as when it sold in 16 months ago, which is very likely to be the same "artist's loft" condition it has been in for quite some time.
I wonder what changed in the sellers' life to cause a sale so soon, with possibilities left unopened….
Whatever happened, that owner thinks a new buyer will appreciate the possibilities 20% more than she did. Stay tuned for pix and floor plan, and resolution.
© Sandy Mattingly 2007
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Oct. 24, 2007 - quick contract, long history of appreciation at 720 Greenwich
3+ weeks for contract at $1,350/ft
Unit 6D at 720 Greenwich Street came to market on October 1 with Paula Allen of Sothebys and it shows as In Contract this morning; with such a quick sale they are likely to be at or near the asking price of $1.35mm and $904/mo for a "1,000 sq ft architectural gem" with river views (out one of its two windows).
Interesting that the last time this Manhattan loft was for sale (3 years ago, exactly) it went to contract in only 17 days, at $885k. Presumably, the three mints in the current condition ("no detail forgotten", stainless kitchen) were added in the last 3 years.
October is a good month to appreciate
Allen is making a living off this unit, as she represented the 2004 sale, as well as the one before that, which closed in October (good month for this unit) 2003 off an ask of $689k (I can't see a closed price for that sale). That sale took 7 months to get to contract (then 8 to close), so they may not have gotten too close to that asking price in 2003.
mint added when?
Hmmmm … perhaps the three mints were added between October 2003 and October 2004, to account for about $200k in added value. Whenever the upgrade was done, it does not appear as though a building permit was filed.
Whenever that work was done, it contributed to a nearly 100% increase in value for this unit in four years. Gotta appreciate that!
© Sandy Mattingly 2007
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Oct. 23, 2007 - Old Grey Lady plays on obit page
they did it on purpose
I usually look at the NY Times obituary page, and often read it. (I learn so much there.) Props to a buddy for pointing me towards it today, before I had gotten a chance to look.
There are only two 'featured' obits today, and they clearly got it, as one refers to the other. Bless their wry hearts.
Headline 1: "Peg Bracken, 'I Hate To Cook', Author, dies at 89".
Headline 2: "Vincent DeDomenico, 92, an Inventor of Rice-A-Roni"
May they rest in peace. May they enjoy easily prepared feasts. THX Chet!
(C) Sandy Mattingly 2007
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Oct. 23, 2007 - historical data / loft sales by quarter + year since 1998
collecting some numbers
I plan to capture a few numbers this week on a for-what-its-worth basis, then at a later point consider what it actually may be worth.
Here is the Miller Samuel data for the number of loft sales in Manhattan by quarter and by year, back to 1998. (I realize that the annual numbers don't match the sums of the quarterly numbers; my guess is that they were reported in real time for each period - different data sets - and that discrepancies even out over longer periods; perhaps I will ask Jonathan Miller.)
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2007 Q4
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2006 Q4
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148
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2005 Q4
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110
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2004 Q4
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205
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Q3
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163
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Q3
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153
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Q3
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153
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Q3
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236
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Q2
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233
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Q2
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218
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Q2
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221
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Q2
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175
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Q1
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183
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Q1
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187
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Q1
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172
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Q1
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203
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2003 Q4
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210
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2002 Q4
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154
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2001 Q4
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59
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2000 Q4
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311
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Q3
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206
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Q3
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209
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Q3
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101
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Q3
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343
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Q2
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172
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Q2
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325
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Q2
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165
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Q2
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250
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Q1
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126
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Q1
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277
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Q1
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240
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Q1
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195
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1999 Q4
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189
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1998 Q4
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168
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Q3
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211
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Q3
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187
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Q2
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217
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Q2
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202
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Q1
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170
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Q1
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163
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2007 (partial)
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578
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2006
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710
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2005
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672
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2004
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811
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2003
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714
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2002
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965
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2001
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565
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2000
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1,099
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1999
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787
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1998
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720
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data courtesy of Miller Samuel
© Sandy Mattingly 2007
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Oct. 22, 2007 - the Tribeca premium, anticipated / a tale of 2 lofts
what a difference 40 blocks can make
I visited two lofts Sunday, both asking nearly $2.8mm, both over 2,500 sq ft, both designed with a minimalist sensibility -- but they could hardly be more different.
One has a lot of classic loft character but shows poorly empty, feels a bit beaten up (creaky floors, translucent room dividers that are a bit worn, quirkily narrow kitchen and baths that are nicely minimal but not deluxe) gets (only) reflected light in front and will lose much of its light in back (and all of it on the side). There is an obviously custom paint job (Venetian, waxed?) on the very long wall opposite the entry, kitchen and baths.
The other is done (and done beautifully), with so much light there is a window in the dressing room, a very large kitchen with top appliances and features, and 1,000 sq ft of private roof deck. There are several sliding doors of clouded glass doors. This is a classic loft, dressed tastefully for the party.
Yet these two lofts are offered at essentially the same prices. Because one is in Tribeca (though not prime TriBeCa) and the other is on East 30 Street. Switch the two unit addresses and the one will drop $400k or more in value, while the other would pick up $700k (if it could keep a private roof).
the Tribeca effect, indeed
my basic descriptions are from Sunday's open house reviews:
39 Worth Street #3E
$2.795mm and $2,161/mo for "2,560 sq ft" with a (minor?) celebrity angle ("Designed by internationally-renowned architect Richard Gluckman for the former style editor of The New York Times")
back on the market last week after a 2 month hiatus; for sale for two years (2 different firms; starting at $3.6mm)
[if my FCK editor corrupts the link, search Halstead's website for listing 1129599]
34 East 30 Street #PH-9
$2.775mm and $2,624/mo for "2,800 sq ft" plus "1,000 sq ft" private roof deck with 12 foot ceilings and 4 exposures
new this [past] week
[if my FCK editor corrupts the link, search Corcoran's website for listing 963192]
I don't see any sales at 39 Worth for four years, but even Worth Street gets a Tribeca premium. Problem for the owners of #3E is that they aimed way too high two years ago, and have not yet found the clearing price, some $800k later.
The 8th floor at 34 East 30 Street is a recent nearby sale (rather nearby!), but in a very different condition. It sold in July for $1.9375mm, off an ask of $1.995mm, but that one needed a lot (neither interior picture is a close-up; the description is "flexible floor plan; create your dream"). If you figure only $200/ft to convert a primitive space (such as the 8th floor) into a done space (such as the 9th floor), you are left with 1,000 sq ft of roof space and about $250k off the price of the 8th floor.
There are many examples of how prices reflect neighborhoods. Because I saw this particular pair in the same hour the difference was especially stark.
© Sandy Mattingly 2007
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Oct. 21, 2007 - New Listings + Sales of Manhattan lofts in last 7 days
This is my first report on the number, price distribution and neighborhood distribution for Manhattan lofts reported as
new to the market or as closed sales in he last 7 days.
For information about how I get this stuff and why I slice it as I do, see today's methodology
for New + Sold in The Last Seven Days. (If the link doesn't get corrupted by my
friggin' FCK editor; if it does, scroll down to the post immediately before this.)
Without further ado ...
-> there were 38 lofts reported as new to the market in the last 7 days, and 13 as
sold
-> half of the new ones are offered under $2mm
-> there were more new loft listings in the Financial District than anywhere else, all but one of which are in new
developments
-> the Classic Loft Neighborhoods of SoHo, Tribeca, Flatiron and Chelsea have 16 of the 38 new listings and 7 of 13
closed sales
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By price
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New = 38
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Sold = 13
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$500k to $999k
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7
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4
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$1mm to $1.99mm
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13
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4
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$2mm to $2.99mm
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10
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4
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$3mm to $3.99mm
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3
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1
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$4mm to $4.99mm
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3
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$5mm+
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2
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By neighborhood
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New = 38
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Sold = 13
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Chelsea
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7
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2
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EastVillage
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2
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2
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Financial District
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9
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Flatiron
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1
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2
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Gramercy
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2
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1
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Greenwich Village
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4
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Kips Bay
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1
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Murray Hill
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1
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SoHo
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4
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1
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Tribeca
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4
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1
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TurtleBay
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1
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1
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Upper East Side
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1
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Upper West Side
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1
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WestVillage
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2
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New loft listings in new developments
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60 Ann Street (District)
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1
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25 Broad Street (The Exchange)
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4
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55 Wall Street (Cipriani Club
Residences)
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1
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90 William St (be@William)
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2
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56 East 13 Street
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4
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650 Sixth Avenue (White Space)
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2
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Sold lofts in new developments
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88 Laight Street
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1
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259 East 7 Street (FlowerboxBuilding)
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2
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© Sandy Mattingly 2007
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Oct. 21, 2007 - methodology for New + Sold in The Last Seven Days
I am about to provide some data about new loft listings and lofts just sold, which I hope to make at least a semi-regular
thing.
In America, agents get this stuff by just a few
clicks on a Multiple Listing Service data base that is (a) essentially complete and (b) pretty much accurate. But we ain't
in Kansas and we don't have a true MLS in
Manhattan. I will do the best I can with what I have,
and hope to repeat it often enough that it will be useful.
following JM's lead
I will try to follow the lead of Jonathan Miller of Radar Logic, who provides
the Manhattan market data that I consider the
best - in part because he is more transparent about methodology and data than the other Manhattan market reports available.
I will report on (1) new listings and (2) closed sales for Manhattan
other than Harlem or further north. I need to use some number as the low-end price point, so I selected $500k. I will
group data by listing price (not clearing price), by the millions. I think it potentially interesting to break down data
by neighborhood, so I will use the neighborhood boundaries used by the inter-firm data-base that I use most often,
OLR.
dicey definitional problem
I am catching all listings carried in OLR as "lofts", which I think is
dependent on the listing agent checking the "loft" box when they enter the listing. I know this will be under-inclusive
because not all agents check the "loft" box even on listings that we would all agree are lofts. I suspect this
will be somewhat over-inclusive for the same reason: some agents will identify an apartment as a "loft" that - to a
loft-snob like myself - is really only "loft-like".
I think that the benefit of standardized data is worth this compromise (not to mention that the data searches are much
simpler if I don't have to second-guess what the listing agents have done).
I will be noting the new developments in which new listings and closings occur, for which I am counting on my ability to
recognize the addresses to determine what is a new development and what is the first sale (sponsor sale in new
construction or conversion). If I miss a few along the way, sue me.
major data gap
I wish I could also track the lofts that go into contract, to provide a more current
sense of market activity than using closing data. But the way OLR reports data, every time an agent updates the status of
a listing (which we are supposed to do weekly), it shows up on a Last-7-Days-restricted search, regardless of when the
contract was signed.
At this point it is too cumbersome for me to parse the data for contracts on a real-time data. If the systems get easier
or I get smarter, that may change. Particularly in a market that may be changing, signed contracts would be great data to
have on a weekly basis.
Lemme know what you think.
© Sandy Mattingly 2007
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Oct. 21, 2007 - my FCK editor is a problem (really)
broken links breaking my heart
If you've been frustrated by trying to follow corrupted Internet links
in recent posts, I feel your pain. And your frustration -- especialy when (as happened repeatedly yesterday) I would fix
links and return to find the links broken again.
didn't even know I had a FCK edotor
The fabulous folks at Internet Crusade who provide this blog platform tell me that they have identified the technical
problem (it really has to do with the FCK editor; whatever that is), that a permament fix is in the works, and that they
will work with me starting tomorrow on fixing links that float off into "/_fcksavedurl=" garbage. THANK YOU Hector and the IC team!
In the meantime, please continue to identify any bad links you come across in reading a post by making a comment. In doing
a post like the 9-stop Tribeca open house tour, there can be as many as 12 to 15 internet links -- none of which can be
counted on to be stable as of now.
Hoping for a prompt and effective fix as soon as possible....
(C) Sandy Mattingly 2007
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Oct. 20, 2007 - 8 open houses from $2.995mm to $2.45mm
(remember to check the agent websites Sunday morning to see if open house is still on)
284 Fifth Avenue
#PH-B
$2.995mm and $4,270/mo for big space with big terrace (2,200 sq ft) under the Empire State
Building, which I profiled when it came back to market in August ($3.25mm) indoors and
out at 284 Fifth's PH-B / (almost) brand new
the link above is Bellmarc's, who have the Wednesday open house; PruDE is hosting Sunday's
Open House Sunday Oct 21 12:30 - 2 PM
Open House Wednesday Oct 24 5:30 - 7 PM
60 West 15 Street 4th floor
$2.995mm and $2,035mm for "3,100 sq ft" of "masterwork loft" with (I can't make this up, or figure it out) "great texture"
that may need some work ("spend nothing and live the way things
used to be, or put some money into it to create an incredible family compound")
On the market 2 months
Open House Sunday Oct 21 from 12 - 1:30
24 East 20 Street #4
$2.895mm and $1,150/mo maintenance for "2,500 sq ft" of classic open loft with custom kitchen, set up as 3 bedroom + 2
baths; a classic Long-and-Narrow layout with no side windows and all the plumbing squeezed into one rear corner, roughly
36 x 72 ft
I hit it in an open house review a month ago, when I got confused by two different building addresses, and said: [thx
to Lofty for pointing out that this is the same apartment discussed in an open house review Aug 17 and April 25
(real 2,500 sq ft at 20 E 20), when
it was a Corcoran listing at "20 E 20 St"]
Open House Sunday Oct 21
from 2 - 4
39 Worth Street #3E
$2.795mm and $2,161/mo for "2,560 sq ft" with a (minor?) celebrity angle ("Designed by internationally-renowned architect Richard Gluckman for the former style editor
of The New York Times")
back on the market last week after a 2 month hiatus; for sale for two years (2 different firms; starting
at $3.6mm)
Open House Sunday Oct 21 from 3 - 4:30
34 East 30 Street #PH-9
$2.775mm and $2,264/mo for "2,800 sq ft" plus "1,000 sq ft" private roof deck with 12 foot ceilings and 4 exposures
new this week
Open House Sunday Oct 21 from 2 - 3:30
252 Seventh Avenue
#7G
$2.65mm and $1,354/mo (condo) for a "1,637 sq ft" 2 BR + 2 baths at the oh-so-classic Chelsea Mercantile
On the market 4 months
Open House Sunday Oct 21 from 11 - 12:30
56 East 13 Street #7
$2.65mm and $1,855/mo (condo) for "1,965 sq ft" of open loft with 1 bathroom, 11 foot ceilings and "up to 4 exposures" (?); in
other words a bring-your-architect opportunity (sponsor sale)
new this week
Open House Sunday Oct 21 from 1:30 - 3 PM
543 Broadway 4th
floor
$2.45mm and $1,500/mo for "2,600 sq ft"
Profiled when new on Oct 11: bring
architect + ton o' money to 543 Bway (sound familiar?)
Open House Sunday Oct 21 2 - 4 PM
© Sandy Mattingly 2007
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Oct. 19, 2007 - Sunday open house tour – a 9-stop Tribeca tour
(remember to check the agent websites Sunday morning to see if open house is still on)
260 West Broadway #4A
$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 … ultra-elegant apartment" (the key word here is "apartment", rather than "loft"); I hit this when
new in August (American Thread new to market / why so soon?), wondering about a very
"apartment" apartment in a very loft building
on market 2 months
Open House Sunday Oct 21 12 - 2 PM
$1.65mm and $1,233/mo for "1,250 sq ft" of "bright and airy "; funny shape but
2 long walls of windows; I hit it in a very narrow open house review 3 weeks ago (4 open houses in Nobu's nabe)
on the market 6 weeks
Open House Sunday Oct 21 2:30 -
4 PM
474 Greenwich Street #3N
$1.35mm and $1,364/mo for "1,400 sq ft" of "open, airy" loft; #6N went to contract quickly in August (new (quick)
contract at 474 Greenwich) through the same agent, Patty LaRocco of
PruDE (asking $1.3mm for "1,200 sq ft" plus private roof garden)
on market 1 week
Open House Sunday Oct 21 12 - 2 PM
Open House Monday Oct 22 5 - 7
PM
474 Greenwich Street #6W
$1.575mm and $1,563/mo for "1,400 sq ft" plus "500 sq ft" of private roof space; this one has a peculiar history, as I
noted when talking about #6N went in August (new (quick) contract at 474
Greenwich): "(#6W,
"1,400 sq ft") has sold twice in the last year and a half, first for $1.525mm in March 2006, then last week (too soon for
the city records, but the ask was $1.675mm)." Except that no deed was
filed for that sale that I can see; in which case it has been on and off the market (with 2 firms) since March
($1.775mm)
Open House Sunday Oct 21 12 - 2 PM
Open House Monday Oct 22 5 - 7
PM
11 Worth Street #3E
$1.45mm and $2,300/mo for "2,175 sq ft" up two flights of stairs; judging from
the pix, "untouched" is quite an understatement; click here
and scroll down to find the listing details, pix and floor plan
On market since May ($1.599mm with one contract failed)
Open House Sunday Oct 21 1 -
2:30 PM
84 Thomas Street 2d
floor
$2.6mm and $2,386/mo for "2,544 sq ft" that I saw last week; short story is that it has
great loft bones but is laid out in a way that will not suit many people
New to market last
week
Open House Sunday Oct 21 11 - 12:30 PM
16 Hudson Street #3A
$2.395mm and $1,800/mo for "1,860 sq ft" with one cook's kitchen, two renovated baths, three bedrooms and 12 windows; I
hit it when new 6 weeks ago at $2.495mm (3A seeks to top 3C at 16
Hudson)
Open
House Sunday Oct 21 3 - 5 PM
129 Duane Street #4T
$2.35mm and $1,834/mo (condo) for "2,350 sq ft" of triple mint, etc, etc (including a
fireplace)
on the market since November ($3.15mm and 4 drops since) and featured in the NY Post 11 months ago; this price is 25% off
the original price (yikes)
Open House Sunday Oct 21 3 - 4:30 PM
165 Hudson St #2C
$1.8mm and $1,747/mo for "1,700
sq ft" still with sparse description
on market 3 weeks
Open House Sunday Oct 21
1 - 3 PM
© Sandy Mattingly 2007
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