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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.

parallels, parallels
As I said on Aug 26 (
back story / 158 Chambers is On the Market in NYT) when 158 Broadway #5 was featured in the NY Times:

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 ...


  • there were 45 lofts reported as new to the market in the last 7 days, and 11 as sold

  • about 70% of the new ones are offered under $2mm

  • 40% of the new loft listings are in new developments, and 2 of 11 of the closed sales


By price
New = 45
Sold = 11
$500k to $999k
13
5
$1mm to $1.99mm
19
1
$2mm to $2.99mm
4
5
$3mm to $3.99mm
2
$4mm to $4.99mm
4
$5mm+
3



By neighborhood
New = 45
Sold = 11
Chelsea
3
Clinton
1
EastVillage
3
1
Financial District
1
2
Flatiron
5
Gramercy
2
Greenwich Village
4
3
Kips Bay
10
Little Italy
Lower East Side
1
Murray Hill
2
Midtown West
SoHo
4
1
Tribeca
3
2
TurtleBay
5
Upper East Side
1
1
Upper West Side
WestVillage
1


New loft listings in new developments
60 Ann Street (District)
1
16 West 19 St (Jade)
1
114 East 32 St (Jasper)
10
304 Spring St
1
250 East 49 Street (The Alexander)
5


Sold lofts in new developments
88 Laight Street
1
259 East 7 Street (FlowerboxBuilding)
1
© 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
$999k and $1,500/mo for "1,100 sq ft" plus outdoor space with another long history; I profiled it Aug 24 when it came back to market (oh dear / 808 Broadway #2J is back) and again on Oct 18 when they dropped the price - again (déjà vu (again) as 808 Bway drops price (again))
Open House Sunday Oct 28 from 2:30 - 4 PM


© 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.)


2007 Q4
2006 Q4
148
2005 Q4
110
2004 Q4
205
Q3
163
Q3
153
Q3
153
Q3
236
Q2
233
Q2
218
Q2
221
Q2
175
Q1
183
Q1
187
Q1
172
Q1
203


2003 Q4
210
2002 Q4
154
2001 Q4
59
2000 Q4
311
Q3
206
Q3
209
Q3
101
Q3
343
Q2
172
Q2
325
Q2
165
Q2
250
Q1
126
Q1
277
Q1
240
Q1
195



1999 Q4
189
1998 Q4
168
Q3
211
Q3
187
Q2
217
Q2
202
Q1
170
Q1
163