Jul. 17, 2008 - Chelsea House flipper did not reach for stars, but got out via 6 week contract
modesty wins
The sale of the Manhattan "loft" 130 West 19 Street Unit #6B that was reported this week in the inter-firm data base caught my eye as possibly the first flip at the Clarett Group's Chelsea House development (more "loft like" than true "loft", since it was built in 2006 but that's not a battle I am going to win). Next, I noticed it was a pretty quick sale (March 22 listing at $1.475mm, May 2 contract); the deed was filed July 3 at $1.45mm though only updated in our data base this week.
But what really stood out when I dug into the building history was that the asking price for this "1,100 sq ft" 2 bedroom unit was only $75,000 more than the 2008 seller paid as the original buyer in May 2007. The "profit" of $50,000 on the July 2008 flip of the May 2007 purchase is more than eaten up by the round trip expenses (two sets of transfer taxes, broker commission on sale being only the big tickets), which was very likely a bitter pill for the seller.
Props to the seller and PruDE agents Dennis St. Germain and Scott Allison for understanding where to price the unit to sell.
averages don't apply easily
This sale is an excellent demonstration that gross market data about year-over-year price appreciation is of very limited utility in looking at specific properties. Unit 6B appreciated 3.5% from May 2007 to July 2008, lower than the gains reported in any of the Second Quarter market reports, but the facts are the facts.
In fact, the July 2008 value for #6B is lower than the original sale price of the identical #9B in June 2007 ($1.475mm). The neighbors can't be happy with the modest price for #6B, but the seller must be happy to be out.
© Sandy Mattingly 2008
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Jul. 15, 2008 - 130 West 17 Street #9S went for it + got it
how to determine "worth"?
A top-floor Manhattan loft at 130 West 17 Street was the subject of one of my occasional Going For It! posts way back on September 23, 2007 (when I was still commenting on other firm's active listings), 130 W 17 9S is new + really going for it. As in similar Going For It! posts, I was intrigued by an asking price that I could not find justification for in any traditional analysis -- nearby comps, past sales in the same building, particularly.
first, the listing history
The loft came to market on September 20 "[as a] "2,000 sq ft" loft with a skylight and the possibility of purchasing roof rights, asking a new-construction-like Manhattan loft price of $3.2mm and $2,062/mo". As I said in September, "this listing description presents a premium justification (persuasive or not is a different story), dropping "exquisitely finished", 4 exposures, "beautifully appointed", "sky-lit cook's kitchen" and "superb bathroom renovations". The listing pix are consistent with this prose...."
The price dropped on November 14 to $2.995mm, then they had a couple of "almosts": an accepted offer, then Back On the Market in January; then another accepted offer and BOM in February. Pay dirt came when a contract was signed on March 5, followed by a deed being filed June 5 for $2.85mm. (I saw that it had closed soon after, but waited to blog about it until the clearing price was available on ACRIS.)
All in all, this was a very successful marketing campaign that took longer than average to get to contract (almost 6 months) despite taking a lager than average discount off the asking price (11%).
the definition of 'successful' marketing
I characterize this as very successful because -- in my judgment -- they stretched significantly in their pricing and closed above where the comps and building stats indicated the range of values.
Data like these make the Manhattan loft market so interesting and -- to me -- so very different from the "apartment" market. Yes, all real estate is "unique", but scarcity drives value. In this case, the buyer obviously determined that this specific loft represented value for him/her at levels not implied by the comps or past building sales.
(Note that I am not saying that this buyer overpaid. Since I assume that no guns were involved in the negotiation, this buyer paid no more than s/he was willing to pay and no less than he seller was willing to accept. The 'fact' that other market data implies a lower valuation means only that they'd have had trouble financing a 'standard' mortgage.)
a lofty conundrum
As I noted in my September 23 post, the last sale in the building was " the much smaller #6S ("1,300 sq ft" which is charming, but not very bright, and in serious need of updating, even though designed by an award-winning architect (I have seen it; funky rather than spacious). It sold fairly quickly in May for $1.25mm (above the $1.195mm asking price). That's under $1,000/ft for the mathematically challenged."
Two years ago the other loft on the top floor sold. " The last sale before that one was #9N, which sold in February 2006 (and went to contract in two weeks). City records don't show that closed price, but the ask was $1.85mm for "1,700 sq ft" described (modestly?) as having "brilliant light and towering city views" and "intelligent room coordination, design and fine fixtures". Not a premium description like that for its neighbor on the 9th floor, but one could do a lot of renovation in 9N's 1,700 sq ft before getting close to $1,600/ft all-in". (With a little more digging, I see that the clearing price for #9N was [a heavily negotiated] $1,792,500; less than $1,100/ft and about $400/ft lower than #9S traded for.)
I scratched my head in September, searching for the plus factor for #9S.
For buyers to pay the primo premium asked for 9S, there's gotta be something special about it. The other sales in the building indicate that location is not the plus factor here. The views could be a plus factor, but they appear not to have helped 9N much. The "possible" roof deck should not be a plus, since (a) you'd still have to pay for it, and (b) it is merely possible at this point. (Out door space -- especially private roof space -- can be a significant plus factor, I just don't think this possibility qualifies.) Perhaps it is the finishes and fixtures.
For finishes and fixtures to be the plus factor driving an atypically high price, they have to overcome the buyer's mental math how much would it cost me to build out my dream loft? and it has to match the buyer's tastes. So the market of really interested buyers shrinks as the finishes and fixtures become more (personally) stylish. The seller wants a buyer whose taste exactly matches theirs, or else the buyer won't be willing to pay a premium.
Time will, of course, tell.
points, general and specific
My general point here is that the truism that The Market Is Determined By The Decisions Of Individual Buyers And Individual Sellers generates -- in my opinion -- more variation for lofts than for "apartments". Perhaps because there are so many more "apartments" than lofts in Manhattan, an "apartment" buyer is more likely to have more directlycomparable choices of units in similar locations, of similar size, in similar condition. Thus, the general market should be more 'efficient'.
My specific point is that this loft closed above where it could have been expected to (by me, at least), taking into consideration its location ( a great Chelsea block, yes, but one that did not generate a premium for #9N or #6S), condition (is that renovation worth $400/ft over #9N? or even more over #6S?) and thepossibility of paying an additional and unknown amount for roof rights.
The Market is The Market is ...Whatever I think, this buyer and this seller established The Market Price for #9S at $1,450/ft. Props to the LaChance team at Corcoran. Best wishes to the buyer for a long enjoyable life in the loft.
Hate to sound like a snob, but cookie cutters can be easier to value than "unique" lofts.
© Sandy Mattingly 2008
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Apr. 22, 2008 - waiting for the final number for Steiner sale / looks like a premium
#2D was quick, so probably close
Unit #2D at 257 West 17 Street (The Steiner Building) shows up today as Sold & Closed in our inter-firm data base, though not yet posted with a clearing price through ACRIS.
Here are the quick details, but this one is interesting for a couple of reasons. It is "1,889 sq ft" and is said to be both "stunning" and "gorgeous". It came to market in January at $2.895mm ($1,431/ft) and found a buyer in 7 weeks.
The footprint is a wonderful variation on a Long-and-Narrow Manhattan loft layout in that it is a little more squat and in that it has 60+ feet of south-facing windows, which is ample for a decent master suite and 2 other bedrooms with enough room (and 4 windows) left over for a well-proportioned living/dining room. Plumbing is all along the opposite long wall, enough for a 16 foot kitchen, laundry room and 2.5 baths.
In other words, this is a terrific layout for people who are frustrated over the classic Long-and-Narrow without side windows and with 2 bedrooms in the back. But that long run of windows sits about 12 feet off of (the rather busy) West 17 Street.
comps you can count on
How does this unit compare to recent sales in the building? Glad you asked....
The most recent sale is of #5B, on December 17. That "1,245 sq ft" that was fully renovated traded at the reduced ask of $1.615mm after taking nearly 5 months and 2 price drops ($1.789mm to start) to find the contract that closed. Need to use a calculator for that one: $1,297/ft.
#2A sold in September at $3.15mm for "2,579 sq ft" of "stunning, well-appointed" loft with a 650 sq ft terrace. That one took 3 months and two prices ($3.4mm and $3.25mm) to find a contract. That's $1,221/ft, ignoring the terrace (obviously, no one ignores the terrace, but I hope you get the point). So far, #2D's asking price looks like a bit of a stretch....
But then there's #8C, which took 3 weeks to find a buyer in September 2006 and sold in December 2006 at $2.875mm, slightly above the asking price of $2.85mm. That was a "many times published" loft of "2,008 sq ft" (an "architectural masterwork", in fact). That sale matches exactly the asknig price for #2D, $1,431/ft.
the 'net is your friend (and mine)
StreetEasy is a great source for information about current listings and past sales data, especially as it has at least a peak at the cached listings pages for closed sales (only Corcoran keeps the 'old' listing sheets on line after they close). For this building, click here for the StreetEasy trove. StreetEasy should have the clearing price for #2D on that page after the price hits ACRIS and get scrubbed by StreetEasy.
© Sandy Mattingly 2008
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Mar. 21, 2008 - the Steiner Building premium (or not) / 257 West 17 Street has a new one
I have removed the content of this blog post, as it comments about the current listing of another agent. For information about why, check out end of an era for Manhattan Loft Guy / a new day dawns? from April 9.
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Jan. 10, 2008 - 107 W 25 goes over ask / back story to NY Times item
Today’s NY Times Residential Sales featured one loft, described as selling after 13 weeks on the market with multiple bids.
CHELSEA $1.445 million
107 West 25th Street
2-bedroom, 1-bath, 1,300-sq.-ft. co-op in a prewar loft building; keyed elevator; renovated kitchen, renovated bath, exposed brick walls; common roof deck in building; maintenance $1,305, 60% tax deductible; listed at $1.4 million (multiple bids), 13 weeks (broker: Corcoran Group)
Yes, it took 13 weeks for Unit 4C to close, but only 9 days (from July 21 to July 30) to get the accepted offer that later closed in October. Pretty darn quick.
love the turn-of-last-century details
The Corcoran listing shows “turn-of-last-century details” (nice locution, that) such as tin ceilings and exposed piping and describes the loft as newly renovated. The “1,300 sq ft” layout is essentially Long-and-Narrow, at 20 feet wide, with the significant benefit of 2 long-side (east) windows. Those windows are significant because this 6-story 100 year old building sits on the bursting-with-30-story-towers 6th Avenue corridor.
towering neighbors
Chelsea Stratus is the brand new 38-story condo across 25th Street from 107 West 25 Street, while the 33-story rental tower 757 Sixth Avenue wraps nearly around 107. That rental tower eliminates any ‘views’ to the north, but the low commercial base of 757 6th at the 25th Street end of that building is low enough to preserve some eastern views and light. Lucky for these 4th floor owners, though the even more brand new 36-story rental tower across the street at 756 6th Avenue (site of the former parking lot / flea market) severely shortens those “open city views”.
107 West 25 Street has been one of those small no-doorman-no-amenities-but-roof-deck Chelsea loft buildings that has had relatively strong values in this micro-nabe, despite being in the center of the (now depleted) flea market district.
Unit 2B sold a year ago at $1.605mm for “1,475 sq ft” and a terrace (the terrace must be in the shadow of 677 6th Av); unit 5E closed in October 2006 at $970k for “965 sq ft”.
trading views for towers = ‘progress’
But that is how this micro-nabe is changing. The gaggle of 30+ story towers from 23rd Street to 29th Street brings more services, more restaurants, more people. Values increase. That’s life in the big city.
© Sandy Mattingly 2008
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Jan. 4, 2008 - real price drop at 112 W 18 but still a real project
still no size, but floor plan will do
I hit 112 West 18 Street #4C in an open house review when it was new 2 months ago (6 Sunday Open Houses in the 1.4s if you set your clock right), saying tersely: "yes, it is hard to get excited about such a "rare offering" without a floor plan or size…." At that point it was $1.495mm and $1,348/mo for a 3 BR + 1 bath "white box", but the price has just been dropped to $1.35mm.
architects, please call in
I don't know that I have seen a "white box" with 3 bedrooms before, but clearly this is being marketed as a gut-and-build job. The floor plan has since been added to the listing and shows plumbing in only one corner, which would be a major limitation to creative design if there are no risers elsewhere.
The space is (very) roughly 29 x 45 feet if the room dimensions are accurate, yielding something under 1,300 sq ft of serious renovation project. Using my new ballpark figure for a gut renovation of $200/ft (see Dec 10: need renovation stories / a reader writes for help), that is 'only' about $1,200/ft to buy-and-build in a central Chelsea location.
engineers, too
The key to whether this makes sense near this price point as a renovation project will be whether there are hidden (so far) issues with a renovation. Are there other risers? Does the whole place have to be re-wired?
But it is a condo with low monthly expenses ... if you are interested in a project and need only about 1,300 sq ft, this may get interesting for you.
© Sandy Mattingly 2008
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Dec. 26, 2007 - 161 W 15 drops down to add up to contract
very enthusiastically presented ("stunning", "one of a kind", "meticulously renovated" in an "imposing, fantastically convenient building"). Cook's kitchen with the proper proper nouns. Central air. 14 foot vaulted ceilings.
They must have been motivated, as the priced dropped within four weeks to $1.895mm and on December 10 to $1.839mm. That price drop succeeded in generating a willing buyer with a pen, as a contract was signed as of today’s updates.
sell this year? check
That will make for a happy new year for the seller (and buyer, no doubt).
tough footprint
The challenge of the (nearly square) footprint is obvious: the 4 west windows are it, so you either put any bedrooms on the dark walls near the front door (as the seller has done) or use all the windows for bedrooms and have the public space in the dark. With the plumbing along the north wall, the larger of 2 bedrooms in the current configuration is a stroll-in-PJs from the ‘public’ bathroom, with the smaller (guest) bedroom en suite. Hardly an ideal layout, but perhaps the most logical one once you have decided to maximize the windows and light. Especially as those second floor windows overlook Seventh Avenue.
My guess is that the seller is disappointed not to have gotten $1,000/ft after #5A closed a year ago at $1.475mm for “1,450 sq ft”. My second guess is that the seller is relieved to be in contract within 12 weeks.
© Sandy Mattingly 2007
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Nov. 19, 2007 - 3 firms, 7 prices, 3+ years / patience paying off at 521 W 23
love to hear this story….
Unit 7F at 521 West 23 Street came to the market with PruDE in June 2004 for $1.775mm. Since then, it has been off the market in March and April of 2006 and August in 2007. It has been offered by PruDE, Corcoran (same agent, changed firms), PruDE again, and (finally) Pam d'Arc at Stribling. It was offered for $2.15mm in October 2005 and has had four price changes since then, settling at $1.945mm the last two months.
It went into contract last week. Whew!
It is said to be "1,800 sq ft", 13 foot ceilings, an open cook's kitchen, partial river views, stacks for a third bathroom, and $1,420 per month in taxes and common charges.
It has hard to know why this lingered, or why it sold now - it has been within a narrow range of the current asking price for nearly two years (as much as $30k higher or $46k lower than the current offering of $1.945mm). It is almost as if The Market got bored with it enough that someone just had to buy it…..
not a premium building, historically
The only thing to sell in this building in the last two years is #7R, the other unit on this floor, which sold for $1.6mm in August. That one is said to be "1,902 sq ft" using city records; #7F is only "1,650 sq ft" under those records.
High Line effect is split
This building was one of the early condo conversions in the pre-High Line area (west of Tenth Avenue); the High Line has always been there, of course, but it was not a draw until recent plans for the High Line park have been acted on. It is hard to believe that the High Line accounts for the premium for #7F over #7R, but perhaps the #7F seller took a big discount from the asking price.
After being on the market for 26 of the last 29 months, something had to give. (Buyers usually don't give.)
© Sandy Mattingly 2007
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Nov. 13, 2007 - wearing a $500k renovation on your sleeve / 158 W 23 is flipping
bragging, not showing
The 5th floor at 158 West 23 Street was (apparently) sold by the developer in August for (probably) $1.699mm as a white box special. The August buyers are nothing if not quick … as the "1,865 sq ft" unit has been "gut renovated" and is now offered through Shelly Russell of Corcoran for $2.55mm $2.595mm [price change Nov 14; correcting typo??] (and $1,594/mo in taxes and common charges).
It is hard to say just how beautiful the space is without seeing it, of course, but they are not giving you much help. With only 3 pictures, I guess they figure that is enough of a hint (tease?) for the truly 'selective' buyer.
was this their plan all along?
I really wonder if they are flipping on purpose (if they bought in order to dress + flip), or whether something happened to make them change their minds about making this their home. But that's just me being curious (nosy). Always looking for another of those eight million stories in the naked city….
does their math make you flutter?
Let's do the crass numbers on a back-of-the-envelope basis, as it is impossible to know exactly what their actual expenses are, or how they structured these transactions and renovation (did they pay $500k for a "$500k gut renovation masterpiece" or did they pay wholesale for $500k in value?). But clearly, it is generally risky to renovate on spec - especially at the high end, where you shrink your buyer pool the more 'special' a renovation is. How risky? Time will tell, but the rough numbers below show that (in this hypothetical case), it is very risky.
If the August-buyers-now-sellers paid the asking price in August of $1.699mm (the 3rd floor went above the ask of $1.559mm), they also incurred closing costs on the front end (usually higher from a developer sale), they brag about a $500k renovation (including $150k for the kitchen), and they will have closing costs again on the other leg of the round trip. Here are just the big ticket items.
front end:
$169,900 down payment (minimum)
$16,990 "mansion" tax
$31,431 NYC + NYS transfer taxes (assuming no sponsor concession)
$500,000 renovation (did they finance it?)
= $718,321 in front end costs (with renovation paid as cash)
= $218,321 in front end costs (if they financed the renovation 100%)
back end (if they get the $2.55mm asking price):
$47,175 NYC + NYS transfer taxes
$153,000 commission (they are offering 3% to co-brokers, so I assume that is a 50/50 split of 6%)
= $200,175 in big ticket back-end costs
Of course, they also had to pay common charges and taxes ($1,594/mo) and the (hypothetical) 90% mortgage. Assuming they got 7% on that $1,529,000 mortgage, their monthly principal and interest is $10,474, so their monthly big-ticket nut is $12,068.
mistake, unless they financed the renovation
No one would do this on purpose if they had to pay cash for the renovation, as their round trip big ticket expenses are at least $918k.
If they financed the $500k renovation at 9% on a balloon loan, their big ticket round trip costs drop to $418k, but their monthly expenses go from $12,068 to something like $15,768.
best case = close at the ask in January
$2,550,000 sale proceeds
($218,321) front-end big ticket costs
($200,175) back-end big ticket costs
($78,839) carrying apartment September - January at $15,768/mo
($1,529,000) (roughly) the mortgage principal repayment
($500,000) renovation loan repayment
= $23,665
That is a hypothetical return of $23,665 on nearly $500k cash investment in five months, but my guess is that meager amount is eaten up entirely by small ticket expenses on the two sides of the round trip (attorneys, title, etc, etc, etc). In any event, even that "gain" will be wiped out by a month and a half of additional carrying costs.
At this level, it does not matter much if they put down more money on the purchase or paid for all or part of the renovation in cash. Doing so would reduce their monthly nut (but not dramatically) but would also increase the cash investment against which to measure any "gain".
Regardless, it seems like an awful lot of work (and risk) for that kind of "return".
I don't think they are doing this on purpose.
© Sandy Mattingly 2007
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Nov. 8, 2007 - 142 W 26 still large, but fewer $$$
another in the 3s
Speaking of lofts in the high $3mms (as I did earlier today about sweet + quiet at 840 Broadway), the 8th floor at 142 West 26 Street has had a price drop.
I hit it when it was so-new-no-pix-yet (Sept 12: big week for big new lofts / 142 W 26 joins parade), but it seems that not enough other people have hit it to sustain the $3.995mm asking price. Today's new price is $3.75mm, which is a healthy drop (no one should sneeze at a quarter million dollars), but probably not a category-changer (anyone who would look at $3.75mm should have been looking at $3.995mm).
The pix show some very lonely pieces of furniture and a kitchen from a long angle. Yup, the space is huge (nearly 4,000 sq ft), but it does not show as well empty as it would furnished, so bring your imagination (leave the architect home).
Open House Sunday Nov 11 from 2 - 3:30 PM.
© Sandy Mattingly 2007
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Oct. 29, 2007 - 38 W 26 has a new one, stretching
pushing the envelope
Unit 3A at 38 West 26 Street is newly for sale as of this weekend, asking $2.16mm and $1,200/mo for "1,790 sq ft" of "classic loft of yesteryear". [Update Nov 2: loft is marked Temporarily Off the Market and is off Corcoran's website]
gritty block
This block has only a few residential buildings on it (2 rentals, one other loft coop), and is a bit of a micro-nabe with the (tacky?) street (and [tacky!] sidewalk) retail of Broadway to the east and the newly looming rental towers of Sixth Av to the west. The blocks west of Sixth have traditionally carried higher values than the blocks between Sixth and Broadway / Fifth Av above 23rd Street. There are now four restaurants or clubs next to across the street from this building.
tough comps
There have been only three sales in this building in the last four years, clustered in 2004 and 2005, none at prices like this one.
#10A was said to be "3,000 sq ft" in original condition and had 3 exposures and sold in August 2005 for $2mm.
#7B was also said to be "3,000 sq ft" and sold in July 2004 for $1.55mm, very likely in original condition.
The coop loft building down the street is 22 West 26 Street, where there have been exactly two sales above $1,000/ft. The last sale was #5C in August, $1.9mm for "1,780 sq ft" in triple mint condition with "stunning" kitchen and spa-like baths. PH-B sold in March, $2.295mm for "2,200 sq ft" after a very expensive renovation.
#2B sold in July, "2,190 sq ft" for $1.85mm. (This was an over-the-top renovation, and my original One Bed Wonder [Feb 24: what is a 1 bed wonder?], as described here.) #2A sold in March, $1.5mm for "2,000 sq ft".
Hard to find much local support for expecting #3A at 38 West 26 Street to fetch nearly $1,200/ft.
challenging layout
Few people would buy #3A and move in without moving some walls or adding a second bathroom. The footprint is a squat "T", with the 10 north windows along the "T" and the plumbing on the opposite wall. Clever architects will find ways to have 2 (real) or 3 (interior) "bedrooms", and to efficiently use the space. The current use has one bedroom plus artist's studio, with the bedroom a long PJ walk to the one bathroom. The kitchen is of the "new" and "chef's" variety, but everything else may have to go.
back in the day
The same agent offered this unit the last time it was publicly for sale - in 1996. The asking price then was $499k.
Open House Wednesday Oct 31 from 12:30 - 2
Open House Sunday Nov 4 from 12 - 2
© Sandy Mattingly 2007
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Oct. 27, 2007 - new with open house at 114 W 29
worth its own entry?
The "Penthouse" at 114 W 29 St is new this week, with the first showing at tomorrow's open house. "1,500 sq ft" of open loft, asking $1.495mm and $1,342/mo.
The good news is that this is a no-detail-overlooked renovation with "the ultimate in luxurious modern design", chef's kitchen, spa bath, 25 feet of custom closets, 2 skylights. All that, and "too many details to list".
The bad news is that it is 3 flights up the stairs and pretty darn narrow, at 17.5 feet, with plumbing (at least now) only at the south end, with essentially no walls (a true One Bed Wonder). I had been hoping to see private outdoor space in a "penthouse", but the outdoor space is a (small) "semi-private" (?) roof deck. (In a 3-unit building, the lobby is probably "semi-private", too.)
has The Market caught up?
This unit was offered through the same agent (Paula Manikowski, before she went to Corcoran) in 2005 at $1.425mm and $1.495mm without selling. Clearly, The Market was not ready for that price at that time.
visual trickery?
Is it just me, or do those ceilings look nowhere close to the "14 feet" advertised??
Open House Sunday Oct 28 from 12 - 2 PM
(C) Sandy Mattingly 2007
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Oct. 26, 2007 - 8 million stories / 236 W 26 for sale again
life sometimes gets in the way of real estate
Unit #1003 at 236 West 26 Street (The Capitol) is for sale for the second time this year. I wonder what happened to make an August buyer an October seller....
City records show this unit changed hands on August 16 for $1.8mm (off an asking price of $1.695mm, so there must have been competition there). It is for sale again since Oct 17 through Corcoran at $1.845mm (much less than a break-even price, netting expenses) and $1,347/mo, for "1,686 sq ft".
another architect special
I am trying to remember if I have ever seen a loft described as "architect-ready" before; it Si an interesting locution. The meaning is clear: buy this baby above $1,000/ft and then put another $100k to $300k to fix it up. The kitchen and baths are said to be "renovated", but the kitchen has a pretty strong do-it-yourself look to me.
building history
A large 7th floor unit sold in March for $2.75mm (above ask), with "2,717 sq ft" -- but that one was beautifully done. My buyers who learned about Mick Jagger were just starting their search when they saw that one. (March 15: Jagger's Law of Imperfect Lofts / Life is Compromise (sigh))
A small unit ("850 sq ft") on the 11th floor sold in January for the $995k asking price.
Unit 1003 has the benefit of high floor views and is its own best comp. That said, repeating a sale above $1,000/ft for architect-ready space may be a bit of a stretch. Their best bet will be to find the people this seller evidently out-bid on her August closing.
Open House Sunday Oct 28 from 2 - 4 PM
(C) Sandy Mattingly 2007
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Oct. 3, 2007 - will the new one at 161 W 15 St add up?
Trying to figure out the new listing #2H at 161 West 15 Street (in the Jensen-Lewis building, for you shoppers). Asking $1.949mm and $1,233/mo for "1,850 sq ft" that is very enthusiastically presented ("stunning", "one of a kind", "meticulously renovated" in an "imposing, fantastically convenient building"). Cook's kitchen with the proper proper nouns. Central air. 14 foot vaulted ceilings.
what's not to like?
We'll know better when the pictures and floor plan hit PruDE here [fixed the link; THX Adam], but it is tantalizing, in a coop that has gotten $1,000/ft before.
As you will see when it hits the website, Stanley Ginsberg of PruDE notes that few units change hands in this building. But #5A sold last December, "1,450 sq ft" for $1.475mm, an $80k premium over the asking price. That listing description was not neatly as excited as the new one for #2H.
This building is a relatively large loft building, with 63 units, and has a resident superintendent and a porter - though no doorman.
© Sandy Mattingly 2007
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Sep. 28, 2007 - West 20s open house review
(remember to check the agent websites Sunday morning to see if open house is still on)
$1.895mm and $1,907/mo for "2,300 sq ft"; nearly square but only one wall of
windows, one bathroom; as I said last week "the owner-resident-broker has very little to say (curious); my guess is she
has lived here a long time since it was renovated"
new to market last week
Open House Sunday Sept 30 1- 2:30 PM
"1,853 sq ft" of "loft treasure ... infused with comfort and style", offered
for $2mm (common charges and real estate taxes are $1,668/mo). The category of prose that Curbed.com refers to as Broker
Babble is a personal taste, of course, but I have always been a fan of the enthusiastic and specific way that Phillips and
Gardiner present their lofts
Open House Sunday Sept 30 2 - 4 PM
Open House Sunday Sept 3012 - 2 PM
This "beautifully renovated" "1,800 sq ft" loft (asking $1.975mm and $1,420/mo
in taxes and common charges) shows up as new on the market Tuesday because there is a new exclusive arrangement with Pam
d'Arc of Stribling. That arrangement succeeded the one with PruDE that lasted 13 months, ending in August, which followed
an exclusive arrangement with Corcoran that lasted 5 months beginning in October 2005, which was preceded by an exclusive
with PruDE that began in June 2004 (can't tell how long that lasted officially). Yikes. [and]
The unit has a great layout, more "T"-shaped than Long-and-Narrow, with only
the 8 south-facing windows along the top of the "T", but with plumbing in enough places to give maximum flexibility. It is
rather loft-y, with 13 foot ceilings and has the requisite beautiful "chef's" kitchen with the proper proper names.
Open House Sunday Sept 30 1 -3 PM
$3.999mm and $2,359/mo (condo) for "3,000 sq ft" that "must be seen to be
believed"; anything designed within an inch of its life will either appeal to you, or not; at this price, don't buy it and
change the knobs
on and off the market (mostly on) since November 2005 [two-oh-oh-five!]
($4.7mm)
Open House Sunday Sept 30 2 - 3 PM
$4.35mm and $3,037/mo (condo) for "2,515/sq ft" of "classic" loft with beamed
ceilings and a low word-per-dollar ratio in the listing; nearly square layout with plumbing spread around provides maximum
flexibility; windows on opposite walls (8 north, 8 south).
new this week
Open House Sunday Sept 30 12 - 2 PM
© Sandy Mattingly 2007
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Sep. 28, 2007 - anyone as confused as I am? rare foreclosure sale + rare pricing at Lion's Head 11E
price is now $3.7mm plus 6%
I have blogged about Penthouse E (#11E) at 121 West 19 Street several times, once even drawing a comment from someone from the Elaine Clayman team "correcting" some data I reported from ACRIS (I still don't see what error I made and she has not returned to tell me).
But now the listing has been changed to specifically note that it is a foreclosure sale, raising the price yet again (to $3.7mm) and adding the vig to the buyer's side of the ledger ("buyer pays the 6% fee").
Bank does not seem very motivated to me. Confusion reigns in my brains.
Open House Tuesday Oct 2 6 - 7:30 PM
© Sandy Mattingly 2007
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Sep. 27, 2007 - West 19 St open house review
(remember to check the agent websites Sunday morning to see if open house is still on)
$1.525mm and $820/mo (condo) for -- as I said in a September 14 open house
review -- "1,085 sq ft" with balcony (though what they are really selling here is serenity: "you are immediately taken by the beautiful courtyard visible from any of your oversized
windows or private terrace"); on the market 3 weeks
Open House Sunday Sept 30 1 PM -2:30
$1.575mm and $1,422/mo (condo) for 1,342 sq ft of duplexed space with a
fascinating price and listing history (it dropped $320-k last week); here's what I said about it on Sept 2
(price drop at 251 W 19 (not #3C))
in a post focused on another listing in the building:
[it had been] an "ours alone" listing from DG Neary for $2.295mm and now an
exclusive listing with Corcoran at $1.895mm [price has dropped again] …. (It traded at $1.875mm only 14 months ago; wonder
what the story is there....)
[#1C] is said to be "1,342 sq ft" (duplexed) in "impeccable condition". (There
is actually a fairly small area where those "17 foot" ceilings are not halved by the mezzanine.) (This is the first
Corcoran listing I remember in which there is no prose description of the apartment; I hope they did that on purpose.)
Even at the new price of $1.895mm, that is a pretty premium for "1,342 sq ft" of mostly-mezzanined (8 foot ceilings)
"loft" space, no matter how impeccable. But The Market (in the person of the current sellers) thought it was worth
$1.875mm in June 2006. It will be very interesting to see when these folks find other buyers who agree with them about the
value.
I am truly astounded that this web listing still has no prose description.
Open House Sunday Sept 30 2 -- 4 PM
$4mm and $1,776/mo for (2,800 sq ft??) plus "spectacular terrace"; check the
pictures of this "super sexy PH loft" - I am not getting a vibe of "recently renovated by an influential, well-known designer. An exceptional blend of pre-war
industrial loft spirit with today's luxuries, this one-of-a-kind designer loft is exquisitely and tastefully
done" but maybe it shows better in person (or maybe it is just
me)
new to market 3 weeks ago
Open House Sunday Sept 30 1:30 PM -3
© Sandy Mattingly 2007
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Sep. 27, 2007 - open house review across 17 Street
(remember to check the agent websites Sunday morning to see if
open house is still on)
You can walk from Eighth Avenue past Third Avenue on Sunday and see a wide range of Manhattan lofts (and 'loft-like'
properties).
$1.699mm and $1,207/mo (condo) for "1,245 sq ft" in with "sophisticated
design, flexibility and, dare [he] say, character"
on the market since June ($1.789mm), but it traded last August for $1.225mm
-- presumably before being renovated
Open House Sunday Sept 30 2 PM - 4
$1.95mm and $1,204/mo (condo; taxes abated) for "1,470 sq ft" in The Campiello
Collection (the pride of 2002), more 'loft-like' than classic loft
new to market 4 weeks ago
Open House Sunday Sept30 2 PM -3:30
$1.449mm and $855/mo (condo; taxes abated) for one-bedroom with "1,088 sq ft";
we'll leave it at the rhetorical question ("How does one define the
perfect living space?").
on the market 6 weeks
Open House Sunday Sept30 12:30 PM -2:30
$4.75mm and $4,254/mo (condo) for "2,895 sq ft" and "500 sq ft" terrace at
The Lyla (never my idea of the pride of 2002), part-time doorman
supplemented by a Cyber Doorman
on market 3 weeks
Open House Sunday Sept 30 11 AM - 1 PM
$1.395mm and $994/mo (condo) for "1,046 sq ft" on (what they say is) the quiet
side of the building
new to market this week
Open House Sunday Sept30 1 PM -3
$2.887mm and $2,843/mo (condo) for 2,273 sq ft of "one of a kind space" with
"106 sq ft" of outdoor space at Landmark 17 (a walk-up, bit how far??)
on the market 14 weeks
Open House Sunday Sept 30 2PM - 4
© Sandy Mattingly 2007
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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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