May. 30, 2007 - 3,600 sq ft of ‘warm + cozy’ (?) goes to contract at 129 W 22
Chelsea loft at $920/ft lasts 3 months
Couple of puzzles about the 2d floor at 129 West 22 St, which went into contract this week off an asking price of $2.995mm ($3,000/mo maintenance): (1) how is a full-floor loft that is 3,600 sq ft with windows on the narrow ends “warm and cozy”? (2) how does a second floor unit get “great light”?
They tried to sell it through PruDE for six months spanning 2005-2006, without success, then started again in February this year with Reid Price (then at Corcoran / Sunshine, now at Brown Harris) at $3.395mm. It took a mid-April price drop of $400k (my kind of aggressive response to non-selling; see more price pain on 16 St /if you knew then what you know now… about death-by-small-price-drops) to get into contract this week.
The 2d floor is said to be newly renovated, about 100 feet long, with big windows front and back (and two at the front corners). They say “great light”, consistent with the pix, but from the second floor mid-block that is a bit of a mystery, as the buildings across 22nd Street are 12 stories high, and the buildings in the back (which front along 23rd Street) are three and four stories high.
This building has had enough recent activity to say some things about the Manhattan loft market.
agent knows the market
Price and Brett Miles know the market for this building, as they just sold (this month) the full-floor 6th floor. That one started in November (when Price was at Corcoran) at $2.695mm, and then went on steroids to $3.1mm in December [btw, Barry Bonds is in town] before going into contract in February and closing this month. Can’t get any pictures on the web from this closed listing, but the description implies that the 6th floor is not ‘done’ at all.
The interesting thing about the sale price for the 6th floor is that – after jumping from $2.695mm to $3.1mm (and holding there) – the seller did the deal at $2.75mm without reducing the asking price from $3.1mm.
this one lasts two months, and counting
#10A is for sale through Alex Nicholas and Gabriella Winter at Corcoran at $1.995mm ($2,000/mo) for 2,525 sq ft. (The finishes may be terrific in this unit, but the floor plan is rather choppy, with an odd footprint that they cleverly refer to as a “flexible and meandering space”, with a huge kitchen that dominates the floor plan.) They started here at $2.295mm in mid-March, dropped to $2.175mm on May 1 and then to $1.995mm on May 16 (cumulatively, my kind of aggressive response to non-selling).
this one lasted a year, then ….?
#5A had been for sale in March last year, first through Citi-Habitats for $2.4mm, then with Halstead in June for $1.999mm. It seems to have dropped off the market somewhere between June and March 2007. It is said to be 2,400 sq ft of “great bones” that needs “a little polish”.
but this one took (only) 7 months to close
#12A closed in November for $2.215mm off an asking price of $2.3mm. This one seems to be a little smaller than #10A, but has 1,500 sq ft of roof rights. It was sold as in good condition but in need of renovation, through Ingrid Weigand.
© Sandy Mattingly 2007
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View more entries tagged with: 129 W 22, 8020 Rule, Irs
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May. 31, 2007 - re: 3,600 sq ft of ‘warm + cozy’ (?) goes to contract at 129 W 22 |
| Posted by LoftLover |
| I saw 10A, 2525 sq ft. It is not bad, and a good enough space for that price. However, it does require some work. The kitchen is not in a good position, and neither is the bedroom. Untidy and choppy. The bigger problem is the windows. The floorplan shows no windows on the side, but actually the place does have windows. However, for some reason, there is going to be some renovation and there are going to be no windows on the side. So the only source of light will be the living room and master bed. Master bed doesn't really have natural light, and whatever it does have will be blocked by a building coming up right there. I really really don't understand why they would want to get rid of the windows, but that is the plan. Which of course was a deal breaker for me. I can deal with less space, but not claustrophobia. And did I mention that it does require some work? Maybe around $200K or so. |
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May. 31, 2007 - re: 3,600 sq ft of ‘warm + cozy’ (?) goes to contract at 129 W 22 |
| Posted by Sandy Mattingly |
Yes, LoftLover, I guess you have been around.
With that kitchen in #10A as big and nice as it is -- in the middle of the loft -- my guess is that most people either buy 'as is' or buy and gut. Hard to justify the price as a buy-and-gut.
Did they say anything about the income-producing ground floor and 80/20? |
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Jun. 1, 2007 - re: 3,600 sq ft of ‘warm + cozy’ (?) goes to contract at 129 W 22 |
| Posted by LoftLover |
No, they did not say anything about the income-producing ground floor. What is all that about? Do tell...
They had the blinds down on the windows to indicate that there would be no windows. Really, are there no good architects in the city? There are so many walls and shelves, and frankly the apartment would have seemed much bigger without the extra walls. I have seen 1900-2000 sq ft look much bigger because of effectively used space.
But the 3600 sq ft one looks really really nice. Plus it went for less than $1000 per sq ft in Chelsea! |
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Jun. 1, 2007 - re: 3,600 sq ft of ‘warm + cozy’ (?) goes to contract at 129 W 22 |
| Posted by LoftLover |
BTW what is buy and gut?
Did you check out Anderson Coopers' place on 28 West 38th St? Beautifully done! But not the ideal floorplan - nevertheless, beautiful! And the large Sony TV comes with the place. The prettiest place I have seen till now. I think that he (Anderson) sold it to a broker who is re-selling it. At least that is what I figured from Street Easy. |
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Jun. 1, 2007 - re: 3,600 sq ft of ‘warm + cozy’ (?) goes to contract at 129 W 22 |
| Posted by Sandy Mattingly |
The “issue” with the ground –floor commercial space generating income is that if it is not set up correctly the IRS may take the position (if it ever looked) that the income counts as “non-shareholder income” for purposes of the 80/20 rule. (Essentially, that rule permits shareholders to take personal deductions for what would otherwise be corporate deductions [for the underlying mortgage and building RE taxes], with the requirement that the coop has to get at least 80% of its income from shareholders to qualify for this special treatment.)
Any careful lawyer doing adequate due diligence on a coop building with commercial income will pay close attention. If the income is less than 20% of the building’s overall income, no problem. If the income is significant (why else would they mention it?), it can generate a form of dividends to shareholders that – if done right – don’t screw up the tax advantages of coop ownership.
But if the commercial income is not done right, it will count against the 80/20 limit and – potentially – ruin the tax advantages. So careful lawyers pay attention. And transactions with complex commercial income arrangements take more time for due diligence. Worst case, the so-called “coop” is not a qualifying coop under IRS rules, so the purchase of shares is not equivalent to a residential purchase, so residential mortgage rates may not apply and the purchaser will not be permitted to deduct even the interest on the loan taken to purchase the “coop” shares.
BTW, when I said “buy-and-gut” I mean a loft that people who buy will factor in non-load bearing demolition (and maybe kitchens + baths) and a more or less complete renovation. As a seller, you might attract people at $X price who have a family structure and taste like yours, so to get top dollar means finding people who will only paint and decorate. But some units need to be sold as Renovation Opportunities to get top dollar. I don’t see there being enough dollar room for both a close-to-ask-purchase of #10A and any significant renovation. The big kitchen right in the middle surely does restrict the options for any “minor” renovations.
I have seen the Anderson Cooper listing only on Curbed.com but will take a look at the building later.
Twice again, thx for stopping by, LoftLover. |
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