Jun. 30, 2008 - Manhattan loft inventory as of June 29

Number of Manhattan lofts offered for sale as of Sunday night:
 

This total is (still) essentially unchanged since my first count on May 19, which was 745. See that May 19 post for what I am counting, and why it is difficult.

Jun. 29, 2008 - new Manhattan loft listings + closed sales in last 7 days

• there were only 19 lofts reported as new to the market in the last 7 days and 25 as sold
• 10 of the 19 new ones are offered between $1mm and $3mm, while 17 of the 25 closed sales were between $1mm and $3mm (and none above $3.6mm)
  
• 3 of the 19 new loft listings are in new development, and only 2 of the 25 closed sales were in new development
  
  

  By price	New = 19	Sold = 25
  $500k to $999k	3	5
  $1mm to $1.99mm	5	10
  $2mm to $2.99mm	5	7
  $3mm to $3.99mm	2	3
  $4mm to $4.99mm	1
  $5mm+	3

  
  
  

  By neighborhood	New = 19	Sold = 25
  Battery Park City
  Chelsea	2	1
  Clinton	1
  East Village		1
  Financial District	8	1
  Flatiron	2	5
  Gramercy		1
  Greenwich Village	3	3
  Kips Bay
  Little Italy
  Lower East Side		1
  Murray Hill
  Midtown West
  SoHo	1	3
  Tribeca		4
  Turtle Bay		2
  Upper East Side		1
  Upper West Side		1
  West Village	2	1

  
  New loft listings in new developments

  421 West 54 Street (The Hit Factory)	1
  45 John Street	1
  25 Broad Street (The Exchange)	1

  
  Sold lofts in new developments 

  20 Pine Street	1
  415 Greenwich Street (Tribeca Summit)	1

  
  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.
  

Jun. 26, 2008 - head-scratching over $650/ft and outdoor space

Jun. 25, 2008 - 23 days to nearly done (now done) at 19-21 Warren Street

brisk results
The Manhattan loft #2E at 19-21 Warren Street came to market at the end of February and had a signed contract 23 days later. It shows as Sold & Closed as of this morning (no clearing price available yet).

The 5 story loft was converted to condo in 1999 into the common 2 Long-and-Narrow units per floor, one east, one west. That was the time when Virtual Doorman seemed to gain some traction (didn't last, I don't think), so this one has that (potentially cool) feature. It is somewhat modestly named the Tribeca East (on the block that ends at City Hall Park), though it could just as easily be "Tribeca South".

not much bragging...
This one is said to be "1,602 sq ft", in "excellent" (presumably, original 1999) condition. Chef's kitchen, 12 foot ceilings, French doors, ceilings fans are pretty much the sole bragged-about points. The classic Long-and-Narrow layout has 3 windows in front, 4 in back, both bedrooms in back, with the plumbing running up the side that adjoins the west unit (of "1,619 sq ft") and common hallway. They were asking $1.85mm and $1,529/mo, and probably got it (or close).

There's a small "terrace" (balcony?) across the bedrooms, but that may not be such a plus on the second floor with the back of 9 Murray Street not very far away. (Check the bedroom photos.)

... but much appreciated
This seller paid $1.15mm in March 2004, a surprisingly large discount (to me) off the then-ask of $1.295mm. The only more recent sale in the building I see with a clearing price was #2W, which transferred only a year later (and only "17 sq ft" larger) for $1.515mm. (Which one is the anomaly??)

Jun. 24, 2008 - closing in the Textile Building 66 Leonard Street

Jun. 23, 2008 - Manhattan loft inventory as of June 22

This total is (still) essentially unchanged since my first count on May 19, which was 745. See that May 19 post for what I am counting, and why it is difficult.

Jun. 22, 2008 - new Manhattan loft listings + closed sales in last 7 days

• there were only 17 lofts reported as new to the market in the last 7 days and only 11 as sold
• 11 of the 17 new ones are offered between $1mm and $3mm, while 5 of the 11 closed sales were between $2mm and $3mm
  
• 5 of the 17 new loft listings are in new development, 2 of the 11 closed sales were in new development
  
  

  By price	New = 17	Sold = 11
  $500k to $999k		1
  $1mm to $1.99mm	8	1
  $2mm to $2.99mm	3	5
  $3mm to $3.99mm	2	1
  $4mm to $4.99mm		2
  $5mm+	4	1

  
  
  

  By neighborhood	New = 17	Sold = 11
  Battery Park City
  Chelsea	4	2
  Clinton
  East Village		1
  Financial District	1	1
  Flatiron	2	1
  Gramercy
  Greenwich Village	3	1
  Kips Bay
  Little Italy
  Lower East Side
  Murray Hill
  Midtown West	1
  SoHo
  Tribeca	3	4
  Turtle Bay
  Upper East Side
  Upper West Side
  West Village	3	1

  
  New loft listings in new developments

  420 West 25 Street (Loft 25)	2
  34 Leonard Street	1
  122 Greenwich Street (Jackson Square)	2

  
  Sold lofts in new developments 

  90 William Street (be@William)	1
  1 York Street	1

  
  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.
  

Jun. 20, 2008 - 11 West 20 Street #2 closes / did they get THAT??

Jun. 18, 2008 - the problem with anecdotes / reports from 40 Bond Street and Time Warner

At 40 Bond, the resale asking price on a three-bedroom triplex was cut by $1 million in late May, to $10.9 million, or about $2,900 a square foot. Dennis Mangone, a broker at the Corcoran Group who recently had three listings in the building (one was just rented), said that competition between the sponsor (there is still one unsold one-bedroom ) and individual owners had “cannibalized resales” and that he expected prices to appreciate considerably in the next year.

I read the story line of this piece as Manhattan-showing-signs-of-slowing. Here was the set-up for Barbanel's use of the 40 Bond and Time Warner anecdotes:

asking for the moon
Meanwhile at the Time Warner Center, one of those million dollar price drops was from $32mm to $29.995mm (it has just been dropped again, to $29.65mm) for a duplex (high floor, park views? you bet), the two original units of which were purchased for a combined $9.5mm in January and February 2004. I don't read a lot of market negativity into an asking price that is three times the 4 year oldpurchase price.

Again, StreetEasy is your friend,  with interesting building info for the two Time Warner towers here and here.

Again, not bashing Barbanel here. Just wondering about the specific "facts" offered to support a story line that don't quite do the trick. Though I would expect that an experienced reporter like Barbanel would ask about the sales history of the specific listings he uses to support his story line. Maybe next time....

Jun. 17, 2008 - another Broadway odyssey / 710 Broadway (finally) closes

Jun. 16, 2008 - Manhattan loft inventory as of June 15

This total is (still) essentially unchanged since my first count on May 19, which was 745. See that May 19 post for what I am counting, and why it is difficult.

© Sandy Mattingly 2008

Jun. 15, 2008 - new Manhattan loft listings + closed sales in last 7 days

• there were 22 lofts reported as new to the market in the last 7 days and 27 as sold (a rare week in which sales were greater than new listings)
• 17 of the 22 new ones are offered below $3mm, while 15 of the 27 closed sales were between $2mm and $4mm
  
• only 3 of the 22 new loft listings are in new development, but 11 of the 27 closed sales were in new development