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
|
3
|
2
|
|
Kips Bay
|
|
|
|
Little Italy
|
|
|
|
Lower East Side
|
|
1
|
|
Murray Hill
|
|
1
|
|
Midtown West
|
1
|
|
|
SoHo
|
1
|
|
|
Tribeca
|
4
|
5
|
|
TurtleBay
|
|
|
|
Upper East Side
|
1
|
|
|
Upper West Side
|
|
|
| |
