Archives
January 2008
Jan. 31, 2008 - who laughs at 108 Wooster deal?
I picked on #5E at 108 Wooster Street when it was new to market (October 16: all feet at 108 Wooster are square but not equal), describing it as “'1,140 sq ft' of the least efficient small space I can recall. Simply staggering in its wastefulness!”.
who is laughing now?
Darned if they don’t have an accepted offer this week! Celine Coudert of Corcoran has the listing for $1.275mm and $926/mo. Back in October I compared the asking price of $1,118/ft to #5A in the same building, which sold at $1,133/ft ($1.36mm for “1,200 sq ft”) in July, also sold by Celine Coudert.
It is difficult to overstate the degree to which the foot print for #5A is as efficient for a small loft space and #5E is inefficient. #5B has a funky raised platform area (is that structural? seems not), but otherwise each square foot contributes.
#5E, on the other hand, is essentially one box of 26.5 x 23.5 ft plus a 100 sq ft kitchen plus hallways and foyer. Maybe 750 sq ft of very usable, efficient space. The rest consists mostly of entry hallway (30 x 4 ft?) linked to the foyer (6' 8" x 23 ft). Foot for foot, there is no way that this space is equal in value to #5B. No way.
“No way”?? I am not so sure now. |
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Jan. 30, 2008 - 718 Broadway in the news again / #10C is back, beefier
not new, exactly, though more
718 Broadway #10C showed up as a new listing yesterday, asking $1.295mm and $1,486 for “1,400 sq ft” of “real NoHo loft with sunlight, dramatic city views, and 12 foot ceilings”.
This unit and this building both have some history. In fact, I have hit this building three times before, having been fascinated by some sales history, some problems with rulers, and one magnificent minimal loft that I could not live in but that is for sale for the second time in a year.
There’s only one picture and a floor plan for #10C up on PruDE’s site now, which is a bit peculiar because I remember there being more photos when this same agent was selling this same unit from January to April 2007 (ask was $1.25mm then); the inter-firm history shows a contract having been signed in April 2007 but no other activity until coming back as “new” yesterday (obviously, that didn’t close).
challenging footprint
The Long-and-Narrow layout provides some atypical Long-and-Narrow challenges. Both very large windows are at the front (providing “22 feet” of eastern exposure), so most conventional configurations would put sleeping areas away from the windows (as here, with the present single bedroom). The plumbing Is on the opposite narrow wall, where the kitchen and the (single) bath are squeezed between the front door and the wall; adding a second bath (if it can be done at all) may be a challenge and would probably require erasing the bedroom and starting over.
history
#11C was marketed for five months a year ago at $1.575mm without selling. That listing description was modest about the finishes and did not mention any renovations except prospectively (“these [2 bed]rooms can easily be reconfigured or removed …”).
#3B had a bit of an odyssey, completed with a closed sale 3 weeks ago at $1.2mm, for “1,400 sq ft” with nothing interior to brag much about. How’s this for an odyssey? It was on the market for all but 7 months from November 2004 to December 2006, with 3 firms and 7 price changes between $1.35mm to $1.175mm; the last offering price was $1.24mm, from April 2007 until the contract in October.
This same agent offered #6C for sale last summer at $1.2mm with some bragging (about marble, tile, counters, concrete floor, and a Viking range). That shows as sold in our system as of October, but I don’t see that transaction in city records.
#2C is that magnificent minimal loft, and it traded at $1.325mm in May to buyers who changed their minds: it has been for sale again for 10 weeks.
a fave for MLG
It is that loft the piqued my interest in the building, as I saw it and two other very different neighboring lofts that were on the market at the same time, leading to my post on November 8, 2006: comparing lofts and lofts ain't so easy / 718 Broadway as lab, which compared #2C, #2A and #3B.
In turn, that post caused me to look at the building sales history to try to make some sense of it all on November 9, 2006:more rich data and 'comps' / 718 Broadway sales history (it didn’t work).
With that prior interest in this building and in #2C in particular, I was floored when #2C came back to the market so soon after selling in May 2007 for $1.325m. The resulting post (November 9, 2007: a mistake, perhaps, as 718 Broadway is for sale again (not bloody likely)) reflects that I was totally freaked out that the May buyers became November wanna-sellers at $2.125mm (the price has since been dropped to $1.95mm, which – at this scale – Is no less freaky to me). Note especially that #2C seems to have grown with the new price in November.
visiting with other neighbors
Faithful readers will realize that I have spent a fair amount of time on this long block of Broadway already in 2008. I hit 716 Broadway on January 11 (716 Broadway has another birthday loft) and 710 Broadway on January 9 (710 Broadway is slimmer after holiday break). Both of those posts dealt with very mature listings and show that even a price under $1,000/ft may not be attractive enough to seal a deal on this busy busy busy block.
back to #10C
If you visit #10C, before to ask about any plans to develop the parking lot to the east. I don’t know if that is a factor in this loft not selling last year when offered at $1.25mm, or if it was the amount of work people anticipate having to do after buying it.
© Sandy Mattingly 2008
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Jan. 29, 2008 - limits of the loft form / 448 Greenwich St
1,300 sq ft = 1 BR
I touched yesterday on a beautiful little loft that – with only “1,100 sq ft” – is fit for no more than one couple, or even one person (minimal drop at minimal beauty / 8 West 13 Street drips) that had a price drop this weekend. I cam across another (relatively) small loft that has been on the market for a while that is limited by its shape to being only a 1 bedroom.
448 Greenwich Street 5th floor has been on the market since June, staring at $2.05mm but holding at $1.995mm since September. Said to be “1,300 sq ft”, it is not quite big enough to be a One Bed Wonder, though it is suitable only for a 1 bedroom layout.
squeezing + wedging
The footprint is classic Long-and-Narrow, with the emphasis on narrow. At 17 feet narrow there is no way to squeeze 2 bedrooms in that back area, hemmed in as it is by the mechanicals and stairway on the long north side and by the bathrooms on the long south side. While there is an ‘office’ with a window (‘office’ is a room title often converted to nursery or bedroom), that less than 9 x 7 foot room is wedged between kitchen and bathroom, so can’t be expanded an inch.
This unit has the benefit of 4 exposures, with 2 windows north and 3 south to go along with the 3 each that are front and back.
pause to appreciate the appreciation
The very handsome building was converted to condos in 2003, with the first sales in 2004. The 5th floor sold for $895k in March 2004 and the 4th floor for $880k in February 2004; curiously, these two full floor lofts are shown in city records as “1,146 sq ft” (5th) and “1,148 sq ft” (4th), perhaps via a typo. Nothing in the current listing description suggests that the March 2004 buyer has made any changes to the space or finishes.
Can this micro-nabe support a no amenities (not to discount the ‘fantastic’ common roof deck) condo at nearly $1,500/ft (if “1,300 sq ft” is tight)??
© Sandy Mattingly 2008
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Jan. 28, 2008 - minimal drop at minimal beauty / 8 West 13 Street drips
philistines force drip campaign?
I hit #2F at 8 West 13 Street when it was new at $1.5mm for “1,100 sq ft” of “museum quality” (July 9: min to the (small) max / new at 8 W 13; note Reader Jess’s citation to the August 2007 Architectural Digest) and again when the price dropped a second time, from $1.45mm to $1.35mm (December 17: not buying the minimalism (yet) / 8 W 13 drops).
I still have not seen it, but I love the pictures, floor plan and look. On the market for 7 months now, the seller has the painful choice to sit tight and wait for someone who will appreciate the loft, or drop the price. A painful choice. They have dropped three times in three months (November 27 to $1.45mm, December 17 to $1.35mm, January 24 to $1.325mm), so the chair must be getting snug.
what price beauty?
It is difficult to determine the Market Price for such a (yes, I have to use the “u” word) … unique loft. Someone could build another one like it, but they haven’t done that. Until they do, anyone who loves the look here will have to consider squeezing themselves (and a roommate, or not) into 1,100 sq ft.
I am rooting for this one, and watching the way you watch a potential car wreck in slow motion (screech of brakes, but will they hit??). Heart on sleeve, I hope this loft finds a buyer who will love it as is, at/near this price. Any takers?
Anyone care to argue the merits?
© Sandy Mattingly 2008
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View more entries tagged with: West 13, Union Square, Minimalist, Schaible, Renovation, Combination, Price Drop
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Jan. 27, 2008 - New Listings + Sales of Manhattan lofts in last 7 days
This is my fifteenth 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.
The stats as of Sunday night ...
- there were 26 lofts reported as new to the market in the last 7 days and only 15 as sold
- 18 of the 26 new ones are offered between $1mm and $3mm; while 14 of the 15 closed sales were under $3mm
- only 1 of the 26 new loft listings are in new development (Novare, 135 West 4 Street) but 7 of the 15 closed sales were (4 in Loft 25)
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By price
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New = 26
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Sold = 15
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$500k to $999k
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3
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4
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$1mm to $1.99mm
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12
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6
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$2mm to $2.99mm
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6
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4
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$3mm to $3.99mm
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3
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$4mm to $4.99mm
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$5mm+
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2
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1
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By neighborhood
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New = 26
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Sold = 15
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Battery Park City
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Chelsea
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2
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5
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Clinton
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East Village
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3
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1
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Financial District
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3
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1
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Flatiron
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4
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Gramercy
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Greenwich Village
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2
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1
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Kips Bay
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1
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Little Italy
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Lower East Side
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Murray Hill
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Midtown West
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SoHo
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7
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1
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Tribeca
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3
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3
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TurtleBay
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Upper East Side
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Upper West Side
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1
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West Village
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1
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2
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New loft listings in new developments
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135 West 4 Street (Novare)
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1
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Sold lofts in new developments
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420 West 25 Street (Loft 25)
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4
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211 East 2 Street
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1
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88 Laight Street
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1
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146 Chambers Street
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1
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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.
© Sandy Mattingly 2008
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View more entries tagged with: New Listings, Sales, Novare, Loft 25, East 2, Chambers, Laight
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Jan. 27, 2008 - new contract at 130 Watts Street after 3 months, old contract at 125 Watts in 2 weeks
I hit 130 Watts Street #1N when it was new on November 17 (new at 130 Watts / bonus open house at $1.999mm) and again in an open house review 2 weeks ago (8 Sunday open houses $1.8mm - $2mm). It is now in contract.
I am thinking that is pretty good work for a loft with a rather challenging layout (ground floor, 1 interior bedroom, no ‘public’ bathroom). Props to Paul Dawson of Corcoran.
Speaking of props, Patty LaRocco and Beth Bongar of PruDE took a FSBO on the 4th floor at 125 Watts Street in November (Nov 27 125 Watts is FSBO no more)and turned it into a signed contract within two weeks. Fancy dancing, well executed there!
© Sandy Mattingly 2008
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Jan. 26, 2008 - ‘new’ at 116 West 14 Street is recycled, green, pumped
center of it all, indeed
The 2d floor at 116 West 14 Street is “new to market” this weekend in the sense that it is a new listing for Sean Turner and Michelle Della Peruta of Stribling. But it was formerly offered through Urban Underground Realty, which we’ll get to in a moment.
They are asking an even $5mm and $3,641/mo (condo) for “3,948 sq ft” (precision implies accuracy, right?). I will quote just a bit of the listing description, but I can’t paraphrase and do justice to the rest so you will need to click through for the details (“[c]ustom built and brand-new, this home is full of luxurious finishes and features great flexibility”).
sponsor unit after 10 years
This is a sponsor unit in a building that was converted to condos 10 years ago. (Had it been rented out? Was a family member living there? Did the sponsor take back commercial space?) (N.B., expect to negotiate over the transfer taxes in a sponsor transaction.) Urban Underground Realty listed this unit in June 2007 at $4mm, then raised the price twice in 6 weeks to $4.5mm and $4.75mm before it was taken off the market just before Christmas.
They won’t be showing until February and will undoubtedly have pix and a floor plan up long before then. Floors 3 through 12 in the building originally had front and rear apartments; this full floor unit is part of the trend to larger “family-sized” spaces, no doubt. Does that justify a premium?
building data is available
I hit on #8A in an open house duel on January 19 (duel at $1.995mm / open houses at 808 Broadway, 55 West 22 Street, 116 West 14 Street, where you should note especially the first hand report from Reader Colgin), where you will see the floor plan for the southern half of the building; you can see the floor plan for the northern half on this Corcoran sale of #8N from last month at $1.995mm.
The very recent sale of “triple mint” #8N at $1.995mm for “2,000 sq ft” is a good indicator of market value in this building of $1,000/ft for a half floor in excellent condition. The sponsor and Stribling agree that the full 2d floor should earn a premium for being twice as big and (probably) in even better condition than the (mere) triple mint in #8N.
premium pricing on low floor
Interesting gambit, no? Especially after having not sold for six months last year at $4mm, $4.5mm and $4.75mm.
One more thing from the listing, perhaps a sign of marketing trends: “Green building materials and finishes make this a beautiful and healthy home.”
© Sandy Mattingly 2008
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Jan. 25, 2008 - all around the town / 3 open houses at $2.55mm
Here are three Sunday loft open houses at the same price in very different Manhattan neighborhoods, at sizes ranging from almost 2,400 sq ft to just over 1,600 sq ft, all with fairly deluxe finishes, all in new developments. One has a huge wrap terrace, one has (essentially) no amenities, one is a former recording studio. Two have building websites. One is in the up-and-coming Financial District, one is in the up-and-coming (way) West 50s, one is at the up-and-coming edge of tres chic Tribeca.
(Don’t forget to check the sites to make sure the open houses are still on Sunday morning – and make appointments where required)
421 West 54 Street #3D
$2.55mm and $2,143/mo (condo) for “2,388 sq ft” in The Hit Factory (former “legendary” recording studio; www.thehitfactorycondo.com ), which has lux finishes, concierge, fitness center, roof deck, on-site parking. This layout is a not-quite-rectangular Long-and-Narrow, about 18 feet wide in the Living Room and about 32 feet wide in the back (Bedrooms); there’s also a “study” that is about 11 x 11 that has a window
on the market 6 weeks
Open House Sunday January 27 from 1 to 3 PM
59 John Street #PH2
$2.55mm and $2,691/mo (condo; taxes abated?) for “1,612 sq ft” plus wrap terrace (“1,592 sq ft”!!) in new full service luxury finishes Andres Escobar development (http://fiveninejohnlofts.com/ ). 11 foot ceilings and “over-sized” windows, but there may not be much to see down in the canyons from the 13th floor.
on market since September 2005
Open House Sunday January 27 by appointment only
8 – 10 Warren Street #5W
$2.55mm and $2,616/mo (condo; low common charges + high taxes??) for “2,157 sq ft” in a new conversion (Trinity Stewart Condominium) with re-milled antique pine flooring, over-the-top kithchens, heated bathroom floors. Conventional Long-and-Narrow layout (23’ 8” wide) with 3 windows in front, 3 in back. With 2 bedrooms and 2 baths, it pretty much is what it is (i.e., little flexibility).
on market since March 2007
Open House Sunday January 27 by appointment only
© Sandy Mattingly 2008
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Jan. 25, 2008 - 2 are new at 468 West Broadway / classic, no bling
opposites: prime SoHo vs. northwest Tribeca
Yesterday I hit #2H at 416 Washington Street, asking $2.995mm and $1,559/mo (condo; abated) for “1,676 sq ft” in the River Lofts, which has a very high level of finishes (bling) and amenities, not to mention some celebrity cachet at the northwestern corner of Tribeca. (new at River Lofts / 416 Washington with street views)
Unit 5G at 468 West Broadway was also new yesterday, providing an interesting -- nearly opposite – loft in the center of SoHo. They are asking $3mm and $2,325/mo for “2,400 sq ft” of “classic loft”, featuring “rough hewn beams and columns” and arched windows pretty high over West Broadway, just below Houston Street. The kitchen is featured in neither the text nor the photos (except for being “open” and there being a separate wet bar and wine closet), but one of the 2 baths is “spa-like”.
The building was converted to coops 30 years ago, and had 40 units on 6 floors (some may have been combined since then). As for “amenities”, there’s a laundry room, common storage and a voice intercom. In other words, no bling, nobody wearing white gloves. (The resident super may wear gloves, but I bet they are not white.)
square with east windows only
The footprint is nearly square but the limitation is that “the 50-foot wall of east-facing windows overlooking West Broadway” is the only wall with windows and – with the kitchen near the windows – it would take some fancy drawing to get more than 2 real bedrooms (with windows) along that wall. There are two “sleep areas” in the current configuring, one of which looks like the Master Sleep Area, as it connects with several large closets, a dressing room, and the larger bathroom.
I would think those windows over West Broadway would get lots of light (especially in the morning), as the coop across West Broadway (a wide street with wide sidewalks) is only 6 stories.
one neighbor sold bling, another sold space
#6G sold here in September, with a different footprint from #5G. That duplex unit is nearly the same size (at “2,200 sq ft”) but that includes a library/den upstairs that is about 12 x 18 feet. That one was sold with many many proper proper names and a state-of-the-art renovation, so I would not see it s especially comparable to #5G. That one closed at $4.05mm, $150k above asking.
The combination of #4G/3H sold in June for $3.4mm. That one was “4,200 sq ft” with the #4G part with those same 50-feet of windows over West Broadway and the #3H part with mid-block “Parisian” views through (only) 4 windows. The listing description did not brag about finishes (“warmth, charm and character”) and this may have been a bit of a project – there were still kitchens on both levels and an alternate floor plan was provided.
one neighbor is modest
#5H was also new to the market yesterday, asking (only) $1.95mm and $1,872/mo for “2,200 sq ft”. This one features “exposed beams and brick walls” in a “warm and elegant home”, and has a new kitchen with top appliances, maple cabinets and granite counters. The floor plan is different from the bottom half of the #4G/3H combination, but the footprint is the same. So the “Parisian” views should be the same as on the 3rd floor, but in #5H they are reserved for bedrooms; the entire public space of the loft has but one side window.
AIR error?
(Both units are offered through Corcoran, but with #5H Patricia Dugan says “AIR certificate required”, while with #5G Trish Goodwin says “[t]his apt is not restricted to AIR”. That is a significant difference.)
compare and contrast
All in, #5G at $3mm provides much more space than yesterday’s River Lofts feature, with a lower level of finishes and (comparably) no amenities.
Compared to the closed sales in the same building, #5G has slightly more space than the very well finished (and $4.95mm) #6G and less space but less work than the very “flexible” (and $3.4mm) #4G/3H combination.
Compared to #5H down the hall (at $1.995mm), #5G has much more light and many more dollars. (Look for an open house at #5H next weekend.)
Take as much time as you need, but be sure to hand in your blue books before you leave.
#5G Open House Sunday January 27 from 2 to 3:30 PM
© Sandy Mattingly 2008
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Jan. 24, 2008 - new at River Lofts / 416 Washington with street views
amenities + bling …
Unit 2H at 416 Washington Street is new to market today, asking $2.995mm and $1,559/mo (condo; abated) for “1,676 sq ft” in the River Lofts. This is a 2003 conversion that has ‘uptown’ amenities (doorman, garage, ‘state of the art’ fitness center) and an ‘apartment’ layout (2 bedrooms + study that looks like an Upper West Side floor plan).
Among the interior brag points are the Varenna kitchen, the limestone spa bath, the Brazilian walnut floors and (making lemonade out of lemons??) the arched windows overlooking Washington Street.
recent comp
Other than penthouse units, the last sale I see was in March 2007, #3J (“1,278 sq ft”) for $1.35mm. It looks as though the Pashbys of Corcoran (who have #2H for sale) sold #2J (“2,000 sq ft” plus a garden of “539 sq ft”) in December off an asking price of $3.35mm, but I don’t see that closed deal in city records yet. Though bigger than #2H, #2J sounds much the same, though with interior (garden) views. That one went into contract at Labor Day after 5 weeks on the market.
Obviously, this seller and those Pashbys know the closing price a month ago for #2J, which has doing the math here) “324” more sq ft no the interior plus that “539 sq ft” garden. Weigh that against the Washington Street views vs. the garden views and see how they comp out.
… lead to celebs
For those who keep score in such things, this building has more than its share of celebrity residents. Just search Curbed.com for “River Lofts” and you will see at least three sets.
Open House Sunday January 27 from 2 to 4 PM
© Sandy Mattingly 2007
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Jan. 23, 2008 - 133 Mercer Street is new / giant windows don’t show Chrysler or Woolworth
location, location, location
133 Mercer Street 3rd floor is new this week, asking $1.925mm and $1,750/mo for “1,700 sq ft” with “giant” windows but only 1 bath. The location is prime SoHo, just below Prince Street; the footprint presents some issues.
This is a Long-and-Narrow that is less than 19 feet wide in the master bedroom, with one window there on each of 3 sides, and 3 windows at the front, over Mercer Street (the “giants”). Plus there’s a window in the bath and one in the 2d bedroom. A second bath is possible, they say, though the cost probably includes losing the washer-dryer room or shrinking / changing the bedroom configuration. (The plumbing is squeezed in pretty tight between the stairwell door and the bedrooms.)
what premium for Chrysler and Woolworth?
The 6th floor sold last March for $1.985mm (slightly above the ask of $1.95mm) with what reads to me to be a higher level of finishes. Plus, there are Chrysler (north) and Woolworth Building views (south) from this floor -- a neat trick. Another neat 6th floor trick was to move the kitchen into the middle of the space, but there is also only 1 bathroom on this floor.
feets don’t fail me now
I have a lot of trouble finding “1,700 sq ft” in these footprints. City records show the building dimensions as 30 x 71, but both the PruDE floor plan for the 3rd floor and the Corcoran floor plan for the 6th floor show much narrower space than that.
Open House Sunday January 27 from 12 – 2 PM
© Sandy Mattingly 2008
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Jan. 22, 2008 - new at 16 Greene Street is classic but may be crowded
#4S at 16 Greene Street is marketed without an even “approximately” for square feet, but looks to be roughly 17 x 80 feet (an irregular Long-and-Narrow with 2 windows front and 2 back). They are asking $1.55mm and $712/mo with a description that warms a loft snob’s heart: “beautiful and bright renovated classic loft in historic cast iron building”.
The rub is that this is set up as a 1 bedroom + 1 bath + office. But the pictures support the sense of a high-end renovation. Maple floors and custom lighting help. Open kitchen has some good kitchen bling. (Is it raised for esthetics or because the plumbing runs underneath?)
This may be a classic SoHo loft on a classic SoHo street, but this is awfully close to Canal Street at the congestion point where cars coming up Church zig across Canal to continue north on Greene. So don’t look for SoHo charm, outside.
Open House Sunday January 27 from 2 – 4 PM
© Sandy Mattingly 2007
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Jan. 21, 2008 - New Listings + Sales of Manhattan lofts in last 7 days
This is my fourteenth 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. Pretty slow start to the new year (it was a short week), but some high-end stuff leads the new-to-market.
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. (One of the closed “loft” sales this week [at 39 Gramercy Park North, a 1950s rental conversion] is definitely not a ‘loft’, but they called it a loft so it goes in the books as one.)
The stats as of Sunday night ...
- there were 22 lofts reported as new to the market in the last 7 days and only 16 as sold
- 15 of the 22 new ones are offered below $3mm, while 15 of the 16 closed sales were offered below $3mm
- only 1 of the 22 new loft listings is in new development (Flowerbox), and only 3 of the 16 closed sales
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By price
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New = 22
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Sold = 16
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$500k to $999k
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4
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3
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$1mm to $1.99mm
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4
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8
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$2mm to $2.99mm
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7
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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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1
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$5mm+
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3
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By neighborhood
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New = 22
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Sold = 16
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BatteryParkCity
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1
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Chelsea
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2
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2
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Clinton
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1
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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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2
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2
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Flatiron
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2
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Gramercy
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Greenwich Village
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3
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2
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Kips Bay
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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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1
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Midtown West
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1
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SoHo
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1
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Tribeca
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4
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5
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TurtleBay
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Upper East Side
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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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259 East 7 Street (Flowerbox)
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1
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Sold lofts in new developments
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112 East 36 Street (Morgan Lofts)
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1
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146 Chambers Street
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1
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137 Duane Street
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1
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© Sandy Mattingly 2008
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Jan. 20, 2008 - not lofty enough in Manhattan, smiling at Manhattan from DUMBO
poignant search profiled in NY Times
“Poignant” must be in the eyes of the beholder … as in whose buttons are being pushed. Today’s Joyce Cohen The Hunt feature in the NY Times pushed my buttons, very well.
Starting a New Life in Brooklyn outlines the search that a 72 year old artist started as her husband of nearly 50 years was dying, when she realized she could not bear to live in their 2 Fifth Avenue home of 20 years after his death. She
wished to find, for $2 million to $3 million, a big, bright, high-ceilinged place that could include an art studio for Ms. Alper’s painting and sculpture [and she] began hunting in SoHo and TriBeCa, two neighborhoods that Ms. Alper liked.
Sounds like a do-able proposition, doesn’t it?
light and views surprisingly hard to find in SoHo or TriBeCa lofts
It is ironic – but not surprising -- that this artist was not able to find enough light and space in the original artist loft neighborhood (SoHo) or its younger sibling (Tribeca).
“lofts” that are too much “apartment”
She rejected 53 Murray as “too apaprtmentlike” despite its provenance as a former lamp business. She was most likely looking at the penthouse unit here (#6), a 1,719 sq ft duplex with 2 terraces that closed in August at $2.35mm. Ceilings are 20 feet in the front and must be 10 feet where the upstairs master bedroom and main floor 2 other bedrooms are. The 25 foot wide space is not so Long-and-Narrow, but there may not be much wall space for hanging art and using one of the bedrooms as a studio would not work for someone looking for a studio with high ceilings. Kind of a typical Long-and-Narrow layout, nonetheless.
Similarly, 124 Hudson was “too apaprtmentlike”, not surprising for a “loft-like” building built in 2001 on a Tribeca parking lot. She probably looked at #4B, which was offered at $2.65mm for “2,110 sq ft” that is arrayed in exactly the same footprint that would be at home on the Upper East or Upper West Sides, but for the open kitchen (a “problem” easily fixed). (It closed in April juts under $2.5mm.) ‘Only’ 10 foot ceilings here, and not a lot of light from the 4th floor, looking west across Hudson Street, with ‘only’ 25 feet of windows in the public space (living room).
typical = boring
As her agent said “Anything that had the typical apartment, she found boring”. She also crossed off several unidentified downtown luxury buildings. “We were excited, but they looked like they were for people who wanted apartments, and I wanted more of an open space,” Ms. Alper said. “They were very elegant, and I realized I didn’t want such elegance. But I didn’t want raw space because I wasn’t going to have my husband to design it for me.”
Mick Jagger is smiling (pausing at “seemed right”)
Remember Jagger's Law of Imperfect Lofts / life is compromise (sigh)?
A $2.5 million duplex at 80 Warren Street, a co-op building once occupied by dairy wholesalers and then by employment agencies, had everything Ms. Alper wanted. She would put her art studio on the top floor. “I liked it so much, and it just seemed right,” she said.
But a relative who is an architect said they would need to remove a wall so the studio could overlook the terrace. Besides, surrounding neighbors could look right at her when she was outside. That gave her pause.
That listing is not on the web any longer, but it was a duplex with “1,750 sq ft” and those two terraces (“1,450 sq ft”) into which the pesky neighbors could look.
over the river we go
So she crossed over the river, after seeing pictures of the Manhattan views from DUMBO. But the real loft building at 70 Washington Street did not work for her either, as the light was not very good there (interior rooms without windows).
She ended up on the 32nd floor of the J Condo, a new 33-story tower next to the ManhattanBridge (she’s on the other side, facing Manhattan, of course). She found that “looking at the city, you feel you are in the city more than when you are in the city.” She even finds the BQE traffic 300 feet below her to be “cute”.
peace upon you, Ms. Alper!
As I said, this story pushes a lot of my buttons – not least the Manhattan loft angle.
May all of her surprises be pleasant. She’s paid some dues, no?
“It is really fun. It is a different Brooklyn than I remember. The neighborhood is full of surprises. That’s what I think my life should be. Lots of surprises.”
© Sandy Mattingly 2008
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Jan. 19, 2008 - duel at $1.995mm / open houses at 808 Broadway, 55 West 22 Street, 116 West 14 Street
duel at $1.195mm [oops - my bad - obviously, that is $1.995mm] / open houses at 808 Broadway, 55 West 22 Street, 116 West 14 Street
Here are 3 Sunday open houses at the same price, varying considerably in location, size and finishes. I see 116 West 14 Streetas likely to appeal to a different set of buyers than the other two, which might attract the same folks. Tell me what you think.
(By the way, doing the “open house” duel yesterday at $4mm and this trio at $1.995m might be a moiré [oops] more interesting way to look at open houses. At least to me.)
(Don’t forget to check the sites to make sure the open houses are still on Sunday morning)
on the one hand, space, convenience (+ upgrading?)
116 West 14 Street #8A is a little old to still claim ‘new to market’ (but for $1.995mm and $1,517/mo (condo) they are offering “2,000 sq ft” with the bones of classic loft: 13 foot ceilings, 6 columns, old wood floors.
All the plumbing is at one end and all the windows (5) at the other. The floor plan strikes me as one that evolved as their needs evolved (note the very different sizes of the 3 bedrooms). That separation between plumbing and windows makes for interesting challenges if one were to reconfigure this space. As is, whoever sleeps in the 2d and 3d bedrooms has a long walk in their jimmies to the 2d bathroom.
To me, this exudes “potential”. There is a lot one could do with 2,000 sq ft. They claim “professional large kitchen” but they don’t feature it in the photos. With only 2 windows in the living room, it is hard for this space to be very light, and they don’t talk about light or views in the listing.
This has been on the market since July and dropped from $2.3mm to $1.995mm a month ago. The building has a roof deck, but no other amenities. The location is a love-it-or-hate it thing: central and convenient, yes, and busy. There’s a recent nearby comp … next door. #8N was said to be a “triple mint designer loft” of “2,000 sq ft” that is “bright and airy”. It was offered for not quite the month of October 2007 for $1.995mm and closed a month ago at (no surprise) $1.995mm.
Open House Sunday January 20 from 2 to 4 PM
on the other hand, beauty, light + terrace
Penthouse B at 808 Broadway has a gourmet kitchen. And “fabulous” baths. And a landscaped terrace. And “sunshine galore”. For $1.995mm and $2,892/mo here, you get ‘only’ “1,400 sq ft”, but it is triple mint. The pictures support all of these claims. This one presents as it-is-what-it-is: a beautiful 2 bedroom with views, light and terrace that is remarkably peaceful (facing east) considering it has a Broadway in central Village address.
On the market since early December. There’s a recent nearby comp … next door. Penthouse C was offered for sale for a month this Summer at $1.895mm (and $2,351/mo) as “1,400 sq ft” with a ”perfect” chef’s kitchen and other finishes to match, plus a 500 sq ft terrace and views of Grace Church, Con Ed's tower and the Williamsburg Bridge. It closed in October at $1.987mm – after what must have been a lovely bidding war. (Weird that Penthouse B and C are said to the same size, both with terraces, yet the maintenance for B is said to be much higher than it was for C….)
For an older comp, Penthouse A sold in April 2006 for $1.7mm after another bidding war (the ask was %1.599mm). Also “1,400 sq ft”, also with terrace, also with chef’s “dream” kitchen. That sequence of A, C and now B is a lovely trifecta … it proves what those nasty real estate agents say about one sale begetting another.
Open House Sunday January 20 from 1 to 2:30 PM
on the other other hand, new development + roof
The Penthouse at 55 West 22 Street is said to be a duplex of “1,557 sq ft” with 2 “tremendous” decks, with a description of finishes that matches most in this neighborhood. In fact, this space is all about the outdoors, the finishes and the location. (Check out the photo of the building on the listing, with the modern rendering with the old cars; very cool.)
It is, of course, offered for $1.995mm and $1,723/mo (condo), Bring a ruler, as I am having a lot of trouble finding that may square feet on the floor plan.
They have 3 units in contract, including #3 with “1,472 sq ft” plus a terrace, which had been offered at $1.695mm with the exact same finishes. Clearly, they think the additional deck space warrants a premium. (Don’t know what the contract price is for #3, of course; but they do.)
Open House Sunday January 20 from 11 to 1 PM
© Sandy Mattingly 2007
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Jan. 18, 2008 - dueling $4mm open houses at 217 West 19 Street + 32 West 18 St
Chelsea or Flatiron? space or views?
My guess is that there will be about a 65% overlap between open house visitors on Sunday to 217 West 19 Street 9th floor and 32 West 18 Street #2B. The open house times overlap, they are both right around $4mm, one’s a little larger and the other a little smaller than 3,000 sq ft, they were both finished from the high end of the catalogue, and they are in new-ish condos.
views + terrace in new listing
217 West 19 Street 9th floor was new to market last weekend and was “designed for the most discerning buyer” (see the listing for the bling-bling verbiage). That’s all good, of course, but it will earn its money (or not) because of the 52 feet of north windows (that bright needle is the Empire State Building) and another 52 feet of south windows (windows are 10 feet tall). And the south wall has a full length balcony. There are not many lofts with this length of glass and this kind of view behind that glass.
They are asking $4.1mm and $2,703/mo (condo) for “2,611 sq ft”.
Open House Sunday January 20 from 1:30 to 2:30 PM
more space, fewer windows, amenities, longer history
Head east from Chelsea to the land known as Flatiron for 32 West 18 Street #2B (Altair 18), which has been for sale since October, starting at $4.6mm, dropping to $4.2mm a month ago, and has been at $3.995mm since Monday, with $5,186/mo (condo). The photographs here can’t compare to those at 217 West 19 Street, perhaps because this one was shot without furniture. (The condo was converted just last year and this unit has not been lived in yet.)
For the $3.995mm you’d get “3,292 sq ft” with “everything you expect” from architects Cetra/Ruddy (including a 23 foot long Rosewood kitchen), but you won’t get any views to speak of (2d floor) and only 4 windows at each narrow end. Altair 18 has an attended lobby (217 West 19 Street does not), with monthly expenses commensurate with a high level of service (concierge, La Palestra gym, roof deck with cabana).
The original contract for #2B was signed in October 2006 and this unit was among the first units to close, in August 2007. The then-buyer-now-flipper paid $3.45mm then and is (at least) approaching the point of pain by dropping the price to $3.995mm, considering just the big ticket round trip transaction expenses (transfer taxes on both transactions and commission on the sale).
Open House Sunday January 20 from 12:30 to 2 PM
I would love to hear from anyone who gets to see both units.
© Sandy Mattingly 2007
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Jan. 18, 2008 - 96 Grand Street contract is more grand than 184 Grand
Two similar Manhattan loft listings hit the market yesterday and today, one in the true SoHo stretch of Grand Street, one a bit farther east into NoLita. Both are top (6th) floor, full floor lofts. Both are all about the space and the roof rights. Both will probably require a million dollar build-out. Both were on the market last year, without selling.
96 Grand St 6th fl is the one with the contract. There were no pictures or floor plan up when I hit it in July, but they confirm that this “artist’s studio” that offers “a lot to work with” is pretty primitive, as predicted.
They had an accepted offer in September that did not mature into a contract, but this time they have cleared that hurdle.
Still looks to me like a ton of renovation to be done here.
(The other one from July 27, 184 Grand St 6th fl, is still on the market at $4.2mm.)
© Sandy Mattingly 2007
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Jan. 17, 2008 - 105 East 29 Street drops price
going for it, a bit less
I beat up on the 9th floor at 105 East 29 Street a bit when it came to market (September 23, 2007: 105 E 29 9th fl is new this weekend + going for it) in what I see (in retrospect) is a new-to-market-and-’going-for-it’ series. (Note to self: review these Going For It entries and see how they did, or did not do….)
In that post I discussed a recent sale in the building near this price, a not-so-recent sale at a much lower price, an 11 month For Sale at about this price, and a 15 month For Sale there at a much lower price, and wondered how The Market would react to this “3,000 sq ft” space at $3.75mm and $2,500/mo.
Short story is that they have just dropped the price to $3.495mm.
pix and floor plan help
No surprise that interior pictures and a floor plan have been up on the web for quite some time (though they were not when I first hit it). Two things jump out at me. First, it is a pleasure to see direct pictorial evidence of sunlight on the floor of a loft described as “light-filled”. Second, there are a lot of windows – 19 if I am reading the floor plan right (I count 4 exposures, though the listing says “triple exposures” so maybe I am reading it wrong).
All in all, it is a Long-and-Narrow with a lot of positives: all those windows and exposures, plumbing that extends into the space, and a width that permits good-sized bedrooms in south. Personally, I love the angled walls in the dining / living / master north end.
color on history
I have been given some interesting building history since my September 23 post. As I noted, the 11th floor was for sale for 11 months at $3.8mm without selling. I am told that there were several offers accepted at a high level, but the seller took it off the market after these offers did not result in contracts. So that price history may not be as negative a ‘comp’ for the 9th floor as I first thought.
Regardless, there is a new price for the 9th floor for The Market to chew on. Stay tuned.
© Sandy Mattingly 2008
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Jan. 16, 2008 - 48 E 13 new but does it 'have it all'?
listing says yes
Having just had a conversation with Reader Colgin yesterday about why a particular loft might not have sold (see comments in last weekend’s open house review 8 Sunday open houses $1.8mm - $2mm), I was intrigued by the description and pictures of #3B at 48 East 13 Street, which is new to the market as of yesterday.
They are asking $3.1mm and $2,108/mo for “2,300 sq ft” with this headline "dramatic triple mint loft has it all”, so the listing description starts “Space, Renovation, Location!”
the missing word
Yes, the “St. Charles’s Chef’s kitchen” is full or proper proper names (not to mention, it is huge), as is the master bath. But if you read between the lines and look closely what is shown in the 6 photos (and what is not) you won’t see “light”. Four windows in the living room (one with a large a/c unit on top). Two windows in the master bedroom (both with shades down).
Buyers who visit hoping that there is something out the 3rd floor windows are likely to be disappointed, especially if they consider the bedrooms to be dark.
selling the R word
Buyers will either love or hate being at 13th Street off the corner of University. Unbelievably convenient for mass transit, without the charm of the West Village or the Union Square views of nearby neighbors. Rather convenient to Whole Foods, whose rear sits across 13th Street. So they sell the L word (location) to draw the lovers and not the haters.
Without views or (much?) light, they are selling the interior experience – the “what a great space in which to spend time doing (anything)!”.The kitchen and master bath look not to disappoint, based on the photos and descriptions (I am a sucker for kitchens), and the rest of what is shown looks like a clean renovation. I love the bleached wood floor here (another read-between-the-lines about light?) and the understated lighting features, while the photos suggest a Long-and-Narrow foot print. (Not so Narrow, with a living room 24.5 feet wide; but maybe 90 feet Long.)
what else is missing?
But I can’t tell what the layout is behind the kitchen as there is no floor plan (yet?). If those two master bedroom windows are opposite the living room windows, there must be another window on the same wall back there somewhere for the 2d bedroom, and probably a nice shade on that window. (The 3rd bedroom or home office likely has no window.)
building history has a mystery
I find only one prior sale in the building, in August 2006, when #9C (of unknown size, condition or layout) traded at $3,217,500, apparently without a REBNY firm. So I can’t tell how helpful that sale is as a comp, but I bet this seller and Janet Weiner at Halstead know.
and an oddity
This building is one half of a tax lot, with 35 East 12 Street being the other half. My guess is that the two buildings are part of one coop. (The 12th Street side appears to be a little narrower, but they may even has been built as a single building, with 12th and 13th Street entrances.)
There is a “2,600 sq ft” “full floor” loft there for sale for $4.2mm and $2,616/mo. The 5th floor at 35 East 12 Street has been on the market for 12 weeks and is “filled with sunshine” (what a difference a block makes!). Compared to #3B at 48 East 13 Street, the 5th floor at 35 East 12 Street may just ‘have it all”: Space, Renovation, Location and Light (though #3B is dramatically lower priced).
I wonder how many people have called today asking for a floor plan for #3B….
[update 12.5.08: For the later (and closing) history of 48 East 13 Street #3B, see December 5: find the number, hit the number / 35 East 12 Street closes.]
© Sandy Mattingly 2008
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Jan. 16, 2008 - the horror of more bars in Tribeca / setback for Buster’s team
CB1 pulls back + piles on
I noted last week in update on Buster’s at 25 N. Moore / farts + frats in Tribeca bar war that the full Community Board 1 would meet to take another look at the attempt by the former owners of the much-maligned Buster’s Garage to get a liquor license to open at 25 North Moore Street (The Atalanta), after the CB1 Tribeca Subcommittee voted to rescind their prior approval of a “500 foot waiver” for a state liquor license.
As noted there, the full CB1 meeting was last night. I got an email from someone who was there, who reports that the full Community Board voted unanimously to rescind their prior approval and (with one abstention) unanimously to oppose the application. “Now we just have to hope that the SLA will not grant their license - looking' good”.
Stay tuned for word (not sure when) when the State Liquor Authority decides. As I said, these Buster’s folks have really pissed off the neighbors. Score another for the farts in the bottom of the eighth.
© Sandy Mattingly 2007
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on matters of interest to Manhattan coop or condo loft apartment dwellers, buyers, sellers, and others, especially about New York City real estate
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