Archives
September 2007
Sep. 30, 2007 - perils of over-pricing / 36 White comes down again
challenge of a tired listing
The 3rd floor at 36 White Street
[fixed the link; THX Adam] should be an attractive loft listing for people comfortable with this northeast
corner of TriBeCa. Asking $1.795mm and $1,344/mo for "1,525 sq ft" of "spectacular renovation", under $1,200/ft for a
classic Tribeca loft seems a reasonable starting point.
But it has been on the market since April, first at $1.975mm, then at $1.85mm in May, now at $1.795mm as of this past
week. There is a challenging layout, with the elevator almost in the middle of the biggest space, but there are big
windows on 3 sides, two bathrooms, and enough space to squeeze another bedroom in somewhere, if desired.
Had it come out now at $1.795mm I suspect The Market would respond fairly well, and the owners would have a chance to
sell it at something approximating the asking price.
psychology of rejection
I have no idea how many people have seen this listing or whether they have
offers since April, so these comments are focused on the type of listing than this one particularly. But the problem
is one of Death By Small Increments. (See Sept 26, 2006
puzzling price policy / slow death near Union Square.)
Chances are that people interested in this micro nabe (east of Church is a very different area than
prime Tribeca) have seen this listing (live or on the web) when it was priced at nearly $2mm. Chances are,
they rejected it as 'not worth it'. Having done that, it is hard for many buyers to take a fresh look when the price
comes down, particularly when the price comes down in dribs and drabs.
new buyers, old history
Buyers new to the market more recently may notice the listing, but if they
do they will (should) always be aware of its history. Leading to the inevitable question what's wrong with this
listing that it hasn't sold since ...? It is very hard for a seller to establish marketing momentum in a five
month old listing.
With buyers relatively more skittish these days, anything that gives a buyer reason to wonder (doubt) about whether
she might be over-paying is a problem for a seller.
Leading to tough conversations between seller and agent. Sellers are reluctant to 'lose money' (money they never had,
of course) by dropping the price. Agents may be a bit chagrined about the lack of success at a recommended asking
price. But what the market may need to take a fresh look at a listing is a dramatic price change.
At this level, $55k does not feel like a lot of drama. Even when (the first time) they dropped $125k after 4 weeks on
the market. Perhaps they waited too long for the second cut. Perhaps they should have bitten a bigger bullet
then.
Or maybe the Fall market will look kindly on this well-appointed lot at the new price.
© Sandy Mattingly 2007
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Sep. 29, 2007 - 4 open houses in Nobu’s nabe
(remember to check the agent websites Sunday morning to see if open house is still on)
(you want close?)
$2.685mm and $3,139/mo for "2,750 sq ft" in - as I said last week
-
the Powell
Building(better known now
as the Nobu building, I suspect). Space is recently renovated (but
still only 1 bath!), with the windows on the longer north and south (overFranklin Street). Not sure the north
windows are much good (look closely at the master bedroom picture, as this building is no longer than the five-story
building just to the north).
I believe this one sits directly on top of Nobu's dining room.
on market 2 weeks
Open House Sunday Sept 30 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; yes, that is Nobu across the street out those north-facing living room windows
on the market 3 weeks
Open House Sunday Sept 30 2:30 - 4 PM
Open House Wednesday Oct 3 12 - 1:30 PM
$1.495mm and $1,200/mo for 1,000 sq ft of "exquisite xxx mint" with only 3
pix and no floor plan; will that generate $1,500/ft in value?? You may not be able to see Nobu from here, but it is
pretty much across the street
on the market one week
Open House Sunday Sept 30 2 - 4 PM
(okay, you have to walk 3 blocks to Nobu from here, but close enough)
$1.8mm and $1,747/mo for "1,700 sq ft" still with sparse description ;
when I included it in last week's open house review I said "probably looks at the Holland Tunnel spillway", but it
looks as though it is a glancing angle from the living room;
new this week; this kind of kitchen with 12 foot ceilings always has
looked to me as just stuck onto the wall (YMMV); plumbing is here is clustered, and opposite the bedrooms
first showings were last week's open house
Open House Sunday Sept 30 11:30- 1:30 PM
© Sandy Mattingly 2007
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Sep. 28, 2007 - West 20s open house review
(remember to check the agent websites Sunday morning to see if open house is still on)
$1.895mm and $1,907/mo for "2,300 sq ft"; nearly square but only one wall of
windows, one bathroom; as I said last week "the owner-resident-broker has very little to say (curious); my guess is she
has lived here a long time since it was renovated"
new to market last week
Open House Sunday Sept 30 1- 2:30 PM
"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
Open House Sunday Sept 30 2 - 4 PM
Open House Sunday Sept 3012 - 2 PM
This "beautifully renovated" "1,800 sq ft" loft (asking $1.975mm and $1,420/mo
in taxes and common charges) shows up as new on the market Tuesday because there is a new exclusive arrangement with Pam
d'Arc of Stribling. That arrangement succeeded the one with PruDE that lasted 13 months, ending in August, which followed
an exclusive arrangement with Corcoran that lasted 5 months beginning in October 2005, which was preceded by an exclusive
with PruDE that began in June 2004 (can't tell how long that lasted officially). Yikes. [and]
The unit has a great layout, more "T"-shaped than Long-and-Narrow, with only
the 8 south-facing windows along the top of the "T", but with plumbing in enough places to give maximum flexibility. It is
rather loft-y, with 13 foot ceilings and has the requisite beautiful "chef's" kitchen with the proper proper names.
Open House Sunday Sept 30 1 -3 PM
$3.999mm and $2,359/mo (condo) for "3,000 sq ft" that "must be seen to be
believed"; anything designed within an inch of its life will either appeal to you, or not; at this price, don't buy it and
change the knobs
on and off the market (mostly on) since November 2005 [two-oh-oh-five!]
($4.7mm)
Open House Sunday Sept 30 2 - 3 PM
$4.35mm and $3,037/mo (condo) for "2,515/sq ft" of "classic" loft with beamed
ceilings and a low word-per-dollar ratio in the listing; nearly square layout with plumbing spread around provides maximum
flexibility; windows on opposite walls (8 north, 8 south).
new this week
Open House Sunday Sept 30 12 - 2 PM
© Sandy Mattingly 2007
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Sep. 28, 2007 - anyone as confused as I am? rare foreclosure sale + rare pricing at Lion's Head 11E
price is now $3.7mm plus 6%
I have blogged about Penthouse E (#11E) at 121 West 19 Street several times, once even drawing a comment from someone from the Elaine Clayman team "correcting" some data I reported from ACRIS (I still don't see what error I made and she has not returned to tell me).
But now the listing has been changed to specifically note that it is a foreclosure sale, raising the price yet again (to $3.7mm) and adding the vig to the buyer's side of the ledger ("buyer pays the 6% fee").
Bank does not seem very motivated to me. Confusion reigns in my brains.
Open House Tuesday Oct 2 6 - 7:30 PM
© Sandy Mattingly 2007
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Sep. 27, 2007 - drop dropping at 43 Murray / Tribeca for under $1,000/ft
43 Murray Street #2 has been around for five months
and the seller is becoming more motivated, as they dropped the price this week to $1.295mm (and $1,288/mo), the second
$100k drop since May.
The listing is coy about size but this classic Long-and-Narrow has little flexibility. The 3
front windows are in the "living room", while the 3 back windows all have plumbing - 2 baths and kitchen - that mostly
close off those windows from the rest of the space. If you can deal with interior "bedrooms", this is reasonably priced
and relatively classic Tribeca space.
on the market since May 9 ($1.495mm)
Open House Sunday Sept 30 12:30 - 1:30
Open House Thursday Oct 5:30 - 7
© Sandy Mattingly 2007
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Sep. 27, 2007 - canvas is blank + new at 5 East 3rd (not cheap)
exposed brick, original oak floor, high ceiling, needs architect + big budget
The 3rd
floor at 5 East 3 Street is newly for sale, asking $1.7mm and $1,360/mo (condo) for "1,860 sq ft" of essentially
raw space. The web has one interior photo (yes, there are many, many bricks exposing themselves here) and one exterior
photo - but the exterior photo is of the building across the street (the "super trendy Bowery Hotel"), showing
graphically that this is "truly a hip part of the city".
This is a total build-out project, putting another spin on selling a "fabulous loft in the Wyoming Building ... at
under $1,000 a square foot". The floor plan shows seven windows on one long side and two on the other, plus the
wall-to-wall north and south windows. The floor plan does not show where the second plumbing riser is
for a bathroom or where the kitchen might go, so it is hard to say how flexible the space may be.
why the City?
I had never heard of the Wyoming Building before seeing this listing. City title records show this was
City-owned for some period, that the City sold the building to Wyoming Arts LLC 15 months ago for $630k, and that the
City provided a nearly $5mm mortgage at the time (and The Community Preservation Corporation another two mortgages
totaling $1.5mm). I can't imagine why the City would sell below market and provide a large mortgage to a condo
developer. Be sure to ask about the history and any restrictions on the building.
© Sandy Mattingly 2007
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Sep. 27, 2007 - West 19 St open house review
(remember to check the agent websites Sunday morning to see if open house is still on)
$1.525mm and $820/mo (condo) for -- as I said in a September 14 open house
review -- "1,085 sq ft" with balcony (though what they are really selling here is serenity: "you are immediately taken by the beautiful courtyard visible from any of your oversized
windows or private terrace"); on the market 3 weeks
Open House Sunday Sept 30 1 PM -2:30
$1.575mm and $1,422/mo (condo) for 1,342 sq ft of duplexed space with a
fascinating price and listing history (it dropped $320-k last week); here's what I said about it on Sept 2
(price drop at 251 W 19 (not #3C))
in a post focused on another listing in the building:
[it had been] an "ours alone" listing from DG Neary for $2.295mm and now an
exclusive listing with Corcoran at $1.895mm [price has dropped again] …. (It traded at $1.875mm only 14 months ago; wonder
what the story is there....)
[#1C] is said to be "1,342 sq ft" (duplexed) in "impeccable condition". (There
is actually a fairly small area where those "17 foot" ceilings are not halved by the mezzanine.) (This is the first
Corcoran listing I remember in which there is no prose description of the apartment; I hope they did that on purpose.)
Even at the new price of $1.895mm, that is a pretty premium for "1,342 sq ft" of mostly-mezzanined (8 foot ceilings)
"loft" space, no matter how impeccable. But The Market (in the person of the current sellers) thought it was worth
$1.875mm in June 2006. It will be very interesting to see when these folks find other buyers who agree with them about the
value.
I am truly astounded that this web listing still has no prose description.
Open House Sunday Sept 30 2 -- 4 PM
$4mm and $1,776/mo for (2,800 sq ft??) plus "spectacular terrace"; check the
pictures of this "super sexy PH loft" - I am not getting a vibe of "recently renovated by an influential, well-known designer. An exceptional blend of pre-war
industrial loft spirit with today's luxuries, this one-of-a-kind designer loft is exquisitely and tastefully
done" but maybe it shows better in person (or maybe it is just
me)
new to market 3 weeks ago
Open House Sunday Sept 30 1:30 PM -3
© Sandy Mattingly 2007
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Sep. 27, 2007 - open house review across 17 Street
(remember to check the agent websites Sunday morning to see if
open house is still on)
You can walk from Eighth Avenue past Third Avenue on Sunday and see a wide range of Manhattan lofts (and 'loft-like'
properties).
$1.699mm and $1,207/mo (condo) for "1,245 sq ft" in with "sophisticated
design, flexibility and, dare [he] say, character"
on the market since June ($1.789mm), but it traded last August for $1.225mm
-- presumably before being renovated
Open House Sunday Sept 30 2 PM - 4
$1.95mm and $1,204/mo (condo; taxes abated) for "1,470 sq ft" in The Campiello
Collection (the pride of 2002), more 'loft-like' than classic loft
new to market 4 weeks ago
Open House Sunday Sept30 2 PM -3:30
$1.449mm and $855/mo (condo; taxes abated) for one-bedroom with "1,088 sq ft";
we'll leave it at the rhetorical question ("How does one define the
perfect living space?").
on the market 6 weeks
Open House Sunday Sept30 12:30 PM -2:30
$4.75mm and $4,254/mo (condo) for "2,895 sq ft" and "500 sq ft" terrace at
The Lyla (never my idea of the pride of 2002), part-time doorman
supplemented by a Cyber Doorman
on market 3 weeks
Open House Sunday Sept 30 11 AM - 1 PM
$1.395mm and $994/mo (condo) for "1,046 sq ft" on (what they say is) the quiet
side of the building
new to market this week
Open House Sunday Sept30 1 PM -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 14 weeks
Open House Sunday Sept 30 2PM - 4
© Sandy Mattingly 2007
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Sep. 26, 2007 - you want an authentic loft? 265 Water + 35 White qualify, both new(ish)
right time to use overworked words
The 3rd floor at 35 White Street has 12 foot ceilings, 11 huge
windows along one long and one short side, in an industrial building re-purposed for residential use (legally) about
thirty years ago. There's no real floor plan up (yet) but it seems to be pretty open space, "1,750 sq ft" set up as 1
bedroom plus den, with two baths. (Is that a column or drapery in the 4th photo?)
The amazing thing about this loft, however, is its serendipitous location looking northwest over the corner of the very
wide Church Street and White Street (just east of the Tribeca Grand hotel and just south east of the old AT&T
headquarters), with open views of the Empire State Building.
Part of its authenticity -- to me -- is the gritty location. This part of Tribeca is like a peninsula. The hotel and the
huge AT&T Building, the wide Church Street (terminating in 3 blocks at Canal Street), and the even wider (beginning
of) Sixth Avenue cut off this block from the main parts of Tribeca to the west.
Nothing "uber" about it, and I am not ignoring the finishes, but this is a classic Tribeca loft.
It is all about The Space. Asking $2.1mm and $2,550/mo.
The 2d floor traded 17 months ago, but city records don't show the price (ask was $1.55M for that "untouched original"
space). The 4th floor traded in May 2005 for $1.75mm (the former studio of Barnett Newman).
The quoted size is an awfully fair measurement, probably recorded in the original offering plan. City records show the
building dimensions as 25 x 75 feet (1,875 sq ft). Subtracting the stairwell and elevator shaft should get you pretty
close to the quoted 1,750 sq ft.
Open House Sunday, Sept 30 from 12 - 2 PM
The 4th floor at 265 Water Street is a whole 'nother kettle of fish. The Seaport
area buildings had very different mercantile usages than the Tribeca buildings, and many are older (this one is from 1879,
our data base says). The neighborhood is certainly not for everyone, but if it appeals to you this is a great
space-for-dollars play, oozing with charm.
Asking $1.25mm and $1,400/mo (with a short assessment) for "1,650 sq ft", this has maple floors, original columns, exposed
beams and sprinklers. Consistent with the price, it looks as though it is in pretty primitive condition, with no website
bragging about the finishes. Ceilings don't look very high, but it definitely qualifies as a "loft" building. With a
manual elevator!
They are counting on some general market price appreciation with this one. It has been offered for sale in 2003 ($875k),
2005 ($1.3mm) and for two months this year ($1.2mm). The Market has not liked any of those prices (yet).
The 3rd floor sold three years ago for $875k and the same agent who has the 4th floor sold the
5th floor five months ago for $999k (that was billed as a bring-your-architect "first
generation" loft -- nice locution, that!).
© Sandy Mattingly 2007
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Sep. 25, 2007 - REBNY's paltry portal launches Friday (yawn)
not with a bang but a
whimper
It will have taken nearly a year
for the Real Estate Board of New York (REBNY) to bring out its
public portal for searching exclusive Manhattan rental and sales
listings by the time this thing is introduced on Friday. (THX to
Curbed for the reference to
The Real Deal’s article yesterday.)
As I recounted in the May 18 recap,
REBNY announced this thing a year ago as if all the Big Girls and
Big Boys in the Manhattan residential real estate sand box were on
board, then ran into trouble with the so-called 'small firms', then
ran into trouble from the Two Biggest Girls in the sand box
(Corcoran and PruDE), and now looks like it will launch with two
affiliates (Brown Harris and Halstead) and a few other
firms.
how lovely,
not
Here is the opportunity that has
been lost, perhaps irrevocably:
In concept, there would be none of
the phantom or open listings that plague NYTimes.com. Potentially,
this portal would have up-to-date links for 95+% of the apartments
really for sale in Manhattan – since REBNY member
firms probably have that large a portion of the for-sale
market.
In theory, buyers would want to
start a search here, rather than wade through the garbage on
NYTimes.com, then look to NYTimes.com for the for-sale-by-owners or
to take a chance on wasting times calling agents who offer vague
descriptions of apartments that are too good to be true (or who
offer the same vague descriptions of apartments as three other
firms offer about the same apartments).
Possibly, the public would begin to
appreciate that information provided by REBNY firms, and the
business practices of these firms, are “better” than the
information and business practices of non-REBNY firms. Over time,
consumers might look at the public web portal as The Best source
for information, and the easiest way to click through to the
individual REBNY firm websites for details about interesting
listings.
why can’t we all just get
along?
And what a cost:
Whatever the behind the scenes knife
work, if I were Diane Ramirez or Fred Peters I would be embarrassed
at not being able to deliver what had been grandly and prematurely
announced. If I am Pam Liebman or Dottie Herman I would not be
proud of myself, either.
If I were a consumer frustrated with
the phantom listings and evident low ethics of real estate firms as
demonstrated on NYTimes.com I would be unhappy with all the
bastards.
I don’t think you’ll hear much
champagne popping on Friday. I can only hope that this crippled
thing shows enough potential for other member firms (like mine!) to
come on board soon.
Don’t hold your
breath.
© Sandy Mattingly 2007
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Sep. 24, 2007 - price drop at 258 Bway reno project
I still can't easily grasp the layout here, but
258
Broadway #3G became easier (less expensive) to own
this weekend, when the price dropped $120k. It was $1.62mm ($1,464/mo) for “1,800 sq
ft” of “interior duplex” space, and is now
$1.5mm.
I featured it when new in an open houise review
(bring
architect +/or vision to open houses Sunday July
1)
Interesting play of space vs. dollars here, with what looks
like two 900 sq ft boxes on top of each other, with the lower level
having some additional up-ing and down-ing (check the floor plan
or -- better yet -- visit the space); some ceilings as
high as 18 ft; needs updating (other than
kitchen)
It is now more
interesting as a space vs. dollar play. Is it interesting
enough? is the question. The "century old" skylight panes may
interest someone.
(C) Sandy Mattingly
2007
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Sep. 24, 2007 - 19 Bond found its lover / in contract in 5 weeks
Unit 2A at 19 Bond Street was new to market in mid-August at
about $1,000/ft, when I asked (Aug 19)
Bond, 19 Bond / new loft listing asks "got
love"?
My comment then was that it
sounded like a gut renovation:
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....
Whether they need to renovate or
not, someone with the "right amount of love" emerged fairly quickly
(an offer was accepted in 2 weeks), but the lawyers (and the
holiday? or just 'stuff') kept the contract from being signed until
late last week. Still no floor plan, though.
There is no doubt that some buyers
are out there, willing and able to sign contracts, despite the
liquidity issues and financial market jitters.
(C) Sandy Mattingly
2007
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Sep. 23, 2007 - 66 Crosby in contract under 3 weeks
I blogged about #4F at 66 Crosby
Street when it was a new Manharran loft for
sale (Sept 6:
new at 66 Crosby / $1,000/ft central Soho bldg),
saying:
Asking
$1.695mm (and $1,361/mo maintenance) in what is pointedly under
$1,000 per square foot for "1,700 sq ft" of "authentic loft
living". 13 foot ceilings with exposed mechanicals and columns in
an 1881 industrial building with a cast iron facade is pretty darn
authentic to me, let alone on a cobblestone
street.
Turns out that Alan Pfifer of Halstead knows whereof
about this $1,000/ft building, as a contract was signed within
three weeks of coming to market.
(C) Sandy Mattingly 2007
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Sep. 23, 2007 - 130 W 17 9S is new + really going for it
$1,600/ft coop loft, but
why?
Unit
9S at 130 West 17 Street is a top floor "2,000 sq ft" loft with
a skylight and the possibility of purchasing roof rights, asking a
new-construction-like Manhattan loft price of $3.2mm and
$2,062/mo.
Unlike the listing for the 9th floor
at 105 East 29 Street addressed earlier (105
E 29 9th fl is new this weekend + going for
it), this listing description presents a
premium justification (persuasive or not is a different story),
dropping "exquisitely finished", 4 exposures, "beautifully
appointed", "sky-lit cook's kitchen" and "superb bathroom
renovations". The listing pix are consistent with this prose, but
where's the floor plan?
$1,600 per foot is a very aggressive price for a
coop loft, even one with potential roof rights in central
Chelsea. Maybe there's some building history that makes
the argument for the primo premium easy.
Maybe not.
$1,000/ft coop loft
The
last sale in the building was the much smaller #6S ("1,300 sq ft"
which is charming, but not very bright, and in serious need of
updating, even though designed by an award-winning architect (I
have seen it; funky rather than spacious). It sold fairly quickly
in May for $1.25mm (above the $1.195mm asking price). That's under
$1,000/ft for the mathematically challenged.
$1,100/ft coop loft?
The
last sale before that one was #9N, which sold in February 2006 (and
went to contract in two weeks). City records don't show that closed
price, but the ask was $1.85mm for "1,700 sq ft" described
(modestly?) as having "brilliant light and towering city views" and
"intelligent room coordination, design and fine fixtures". Not a
premium description like that for its neighbor on the
9th floor, but one could do a lot of renovation in 9N's
1,700 sq ft before getting close to $1,600/ft all-in (depending on
the final sale price for 9N, of course).
The
entire 6th floor was offered for sale for two months
early this year on a to-be-combined basis, "4,000 sq ft" and a lot
of renovation work for $3.695mm, but had no takers before being
taken off the market in March when the contract for just #6S was
signed.
premium value for the plus
factor
For
buyers to pay the primo premium asked for 9S, there's gotta be
something special about it. The other sales in the building
indicate that location is not the plus
factor here. The views could be a plus factor, but they appear not
to have helped 9N much. The "possible" roof deck should not be a
plus, since (a) you'd still have to pay for it, and (b) it is
merely possible at this point. (Out door space --
especially private roof space -- can be a significant
plus factor, I just don't think this possibility qualifies.)
Perhaps it is the finishes and fixtures.
For
finishes and fixtures to be the plus factor driving an atypically
high price, they have to overcome the buyer's mental math how
much would it cost me to build out my dream loft?
and it has to match the buyer's tastes. So the
market of really interested buyers shrinks as the finishes and
fixtures become more (personally) stylish. The seller wants a buyer
whose taste exactly matches theirs, or else the buyer won't be
willing to pay a premium.
Time
will, of course, tell.
a true condop
A
picky aside. Nearly every time an agent describes a building as a
"condop" they mean "a coop with condo rules" (such as free
subletting, or no board interviews, or some such 'easy' thing). But
the legal meaning of "condop" is very different, and 130 West 17
Street is such a "condop". The building is a condo, even though the
apartments are sold as coops. The condo has two units: the
commercial first floor is owned by the RubinMuseum.
Floors 2 - 9 are owned by a residential cooperative
association called 17th Street Artists Corp, the
shareholders of which own shares and hold proprietary leases
entitling them to live in their coop apartments.
End
of (that) lecture.
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Sep. 23, 2007 - 105 E 29 9th fl is new this weekend + going for it
$1,200/ft coop loft, but why?
Listen to Halstead's Hoyt Spelman explain the value, beyond his listing headline "loft w/ open views, great light":
3000 sf, excellent condition, closer to midtown than downtown, steps from the Lex #6 subway. N,E,S expos -- great view of the EmpireState from the LR and the Chrysler Bldg. from the master bath! Currently set up as 3BR, 2 baths. K has all the right stuff. Huge open LR/DA/library area. Coop, mt. only $2500.
Perhaps a more descriptive description will follow, when he puts up some pix and a floor plan. Perhaps.
That living room view of the Empire State and bathroom view of the Chrysler must be pretty cool, as this space is offered for $1 million more than the 4th floor, which definitely needs some work and which has been without a buyer for lo these last 16 months.
I must have commented on that 4th floor Bellmarc listing at some point since June 2006 (maybe one of you will tell me when). The 4th floor is set up as a "2,300 sq ft" unit and "700 sq ft" income producing apartment (liberal coop board!), so would have to be recombined to be comparable space to the 9th floor, but neither listing is bragging about finishes or plumbing, at this point, at least.
They brought the 4th floor to market 16 months ago at $2.995mm then dropped to $2.75mm in October and have been holding steady ever since. If nothing else, maybe the $1 million spread to 9th floor will finally get the 4th floor sold.
another $1,200/ft coop loft, here's why
There has been a sale in the building very close to the ask for the 9th floor, but there's a reason (or two).
The 7th floor sold twice in 2006, in January for $1.7mm and in October for $3.7mm. In between, clearly, there was a triple mint renovation, as described prospectively in the Corcoran listing. That description also provides a celebrity connection that may have justified a premium. I will let them do the shouting:
This amazing loft is the former residence and art studio of ROY LIECHTENSTEIN.
(Never mind the fact that it has probably been gutted since RL's day, however many owners ago.)
Other building history is not especially bullish.
The 11th floor was offered for sale for 11 months (ending last month) for $3.8mm. That description went on and on and on, with references to "thoughtful design", "highest quality workmanship", "architectural details", custom cabinetry, and so on and so on. That's 11 months of "didn't". Didn't work. Didn't sell.
a $750/ft coop loft, that's what
The 2d floor did sell, in February 2006 for $2.25mm. They said nothing about views in that listing (natch) but they did mention Gaggineau [sic] and Sub-Zero.
Unless Hoyt Spelman adds pictures and text to pump up the value of the 9th floor (or a reference to A FAMOUS ARTIST), I don't see the 9th floor clearing price approaching the 7th floor. Even with a Gansevoort oh-so-Meatpacking-premium.
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Sep. 22, 2007 - open house review / 2 more new lofts, both with potential
(remember to check the agent
websites Sunday morning to see if open house is still
on)
$2.685mm and $3,139/mo for "2,750 sq ft" in
the Powell Building (better known now as the Nobu building, I
suspect). Space is recently renovated (but still only 1 bath!),
with the windows on the longer north and south (over
Franklin Street). Not sure the north windows are much good (look
closely at the master bedroom picture, as this building is no
longer than the five-story building just to the
north).
on
market 1 week
Open House Sunday Sept 23
12 - 2
PM
$2.25mm and $1,100 months (condo; what are the
taxes??) for "3,200 sq ft" plus "800 sq ft" of roof rights (with
possibility of buying "2,500 sq ft" of additional roof rights) that
is -- all in -- all potential.
No residential C of O yet ("within months"), "bring your
architect - anything can be done", including dividing the
space; check the photos to see how rough this is. A fascinating
attempt to get a huge price (considering the renovation required)
for a walk-up near Avenue D. (Only a two-flight walk-up --
funny math to the 4th floor!). If you are going to bring
your architect, make it a group thing, and bring your lawyer
also.
new
to market this week
Open House Sunday Sept 23
12 - 2
PM
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Sep. 22, 2007 - open house review / 4 new lofts from 4 to 2.8
(remember to check the agent
websites Sunday morning to see if open house is still
on)
$4mm
and $2,554/mo for :3,500 sq ft" that is a little shy (the
description notes that it is wide, has original details, modern
luxury bathrooms, chef's kitchen, is sun blasted, has 4 exposures,
high ceilings, oversized windows, but is relatively restrained in
its prose). Note the diss to Joe Papp -- there is no mention
of the Public Theater in the description of "Downtown's newest
neighborhood of choice." Yes, there are four exposures, but two of
them are from one window each. With 49 feet across the more
'narrow' east and west sides, this is not quite Long-and-Narrow,
though not what I would call nearly square. Nice and big, with
plumbing along one long wall and in at least one spot in the
middle. The restrained prose, the number of interior photos (two),
and the use of the word "proposed" in two places on the floor plan
suggest this space may profit from an
updating, upgrade, or work.
on
market 1 week
Open House Sunday Sept 23
12 - 1
PM
$3.8mm and $1,960/mo for "2,400 sq ft" of
triplexed space + 2 terraces in a very un-traditional loft nabe. I
may be visually challenged, but I am having trouble 'reading' the
floor plans to come up with 2,400 sq ft in this 20' 7" wide foot
print. And yes, that medallion window is rather remarkable. (Is
that room height 30 feet, or just 20??)
on
market 1 week
Open House Sunday Sept 23
1 - 3
PM
$3.1mm and $2,620/mo (condo) for "2,815 sq ft" in
yet another sign that deluxe Tribeca is stretching towards Wall
Street (geographically, not metaphorically). This conversion is
about 5 years old, involving connecting and integrating four
buildings (like 80 Warren Street, but 20 years later), which may be
why the interior walls are so think on the floor plan and why there
is a very traditional-apartment layout.
on
market 2 weeks (actually, not so new; Tabak had it for 3 months at
$3.65mm and $3.499mm before Corcoran listed it Sept
13)
Open House Sunday Sept 23
12 - 2
PM
$2.85mm for "2,000 sq ft" for which (they say)
"the pictures say it all", so I will honor that except to note that
with no maintenance this can’t be a qualifying residential
cooperative association for IRS purposes (January 16:
IRS rules for coops / beware the 80/20
rule). Oh, and to add that central air (as here) is a
very good thing to have on Broome Street, 15 feet
or so above the Holland Tunnel flow.
on
market 1 week
Open House Sunday Sept 23
1 - 2
PM
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Sep. 21, 2007 - open house review / 7 new lofts from 2.2 to 1.5
(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 PuckBuilding views); at 22 feet wide, this is a very long
Long-and-Narrow
on
market 1 week
Open House Sunday Sept 23
1 - 2:30
PM
$1.995mm and $1,792/mo for "1,900 sq ft"; sounds
like a project ("numerous possibilities for change"); many windows
on the Long-and-Narrow (both short walls and one long
one)
new
this week
Open House Sunday Sept 23
3 - 4:30
PM
$1.895mm and $1,907/mo for "2,300 sq ft"; nearly
square but only one wall of windows, one bathroom; the
owner-resident-broker has very little to say (curious); my guess is
she has lived here a long time since it was renovated
new
this week
Open House Sunday Sept 23
1 - 2:30
PM
$1.825mm and $1,083/mo (condo) for "1,335 sq ft"
in the Class of 2004 (pet spa, meditation garden here)
on
market 1 week
Open House Sunday Sept 23
1 - 2:30
PM
$1.8mm and $1,747/mo for "1,700 sq ft" w sparse
description (so far) and no floor plan; N.B., probably looks at the
Holland Tunnel spillway
new
this week
Open House Sunday Sept 23
2:30 - 4
PM
$1.7mm and $1,358/mo (condo) for "1,300 sq ft" in
the former headquarters of the United Auto Workers
on
market 1 week
Open House Sunday Sept 23
1 - 3
PM
$1.499mm and $1,090/mo for "1,000 sq ft" of
"exquisitely designed space"
new
this week
Open House Sunday Sept 23
12 - 2
PM
©
Sandy Mattingly 2007
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Sep. 21, 2007 - no lobby = no sale at 251 W 19? 1C price plummets
here we go again
Check out these asking prices:
January 24
$1.995mm
February 1
$2.295mm
(off
the market June 7 until ...)
July
7
$1.975mm
August 2
$1.895mm
September 19 $1.575mm
the mystery unit
That
is the price history for #1C, which I mentioned in passing in the
June 5 post:
#1C [link to the DG Neary
listing no longer works], which sold for $1.875mm last June,
as noted above (1,341 sq ft) is again for sale at $2.295mm on an
'ours alone' basis through DG Neary.
This
history is all the more remarkable because of the June 2006 sale
for $1.875mm. It is hard to imagine the conversations that must
have gone on since the owner brought it back to market in July with
Corcoran at $1.975mm and after two drops is asking $300k less than
s/he bought it for 15 months ago....
The
unit is still 17 feet high and partially duplexed, with an open
master bedroom suite on top. Still "1,342 sq ft". Still a
One Bed Wonder, in fact.
And
still on the market. Oh, the pain.
Open House Sunday Sept 23 1 - 2
PM
Open House Wednesday Sept 26 6 - 7:30
PM
As for the rest of the
building:
#3C
is still for sale, but has raised the price
again (this week) to $2.4mm
Open House Sunday Sept 23 3:30 - 5
PM
#3D (with more
bling-bling than #3C and a $2.395mm asking price) sold and closed
on September 1 (but still has not shown up on city
records)
#8D
(much more bling-bling than #3C, as "words cannot
describe...") had been offered through PruDE's Leonard Steinberg,
et al., for $2.975mm, $2.795mm and $2.695mm has been
marked Temporarily Off the Market this week. [update 9.24: back
on the market this evening at $2.695mm]
Looks as though only #3D is the only
(wants-to-be-a-former) owner having any fun in that
building.
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Sep. 20, 2007 - eye-popping punctuation / new at 30 E 21 St
#4A at 30 East 21
Street is a new Manhattan loft for sale today, asking $1.895 $1.85mm and $1,775/mo for "1,600 sq ft".
"Too many details" to mention, but they mention "truly spectacular", and "extremely rare one-of-a-kind", and "designer,
gut renovated, eye-popping ...". And all sentences (except the one about pets) end with an exclamation point. You be the
judge.
There are only five kinda dark photos and no floor plan on the web.
The foot print should match
#6A, which sold last October for $1.8mm (four weeks to contract from the ask of $1.895mm). That is a nearly square
space, with six north windows and all the plumbing on the south wall. #6A has only one bathroom, while #4A says two baths,
but it is hard to tell from the #6A floor plan what the kitchen and bath configuration must be like on the 4th floor to
get 2 baths. Curious that the 4th floor claims 14 foot ceilings, the 6th only 12 feet.
[Update 9.24: see comments below - off the market until mid-October] [update 9.27: back
on the market]
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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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