Sep. 3, 2008 - 434 East 10 Street closes / way east with stairs + work to be done
$641/ft, perhaps
The Manhattan loft Unit 4 at 434 East 10 Street closed with a deed filed on August 29. There's no clearing price available yet through city records, but the asking price of $995,000 (about $641/ft for "1,550 sq ft") looks pretty darn strong to me,considering (a) that it probably needs a gut renovation (the web listing says " currently configured as a 1 bedroom, 1 bath, with a huge living room plus a massive open artist workspace, it could be re-configured into a 2 or 3 bedroom .... bring your vision and architect"), (b) there's a bunch of stairs to this penthouse (a 4-story building), and (c) it is way east -- almost at Avenue D, 4 long + 4 short blocks to the "L" at First Avenue or 7 long + 4 short blocks to Union Square.
Alpha City indeed
On the one hand, the self-managed coop has been here for 20+ years (they just re-did the facade and installed large double-pane windows; nice job with maintenance of $510/mo), with a mix of old tenement buildings, garages, warehouses and other artist-type loft buildings on the block. On the other hand, there's a park and outdoor pool across East 10th Street, a self-storage warehouse next door to the east, and a pair of NYCHA buildings across Avenue D. Did I mention that it is way east?
On yet another hand, it didn't take long to sell: it came to market on May 27 at $1.095mm, dropped $100k in 3 weeks, then found a buyer and contract 2 weeks later.
long + winding road next door
I hit a listing in the building next year way back in July 2007, price drop for raw Alpha-Land space at 430 E 10 St (bring caution).
The 4th floor at 430 East 10 Street is “3,600 sq ft” that is not only an “absolute rarity”, “unique”, and “an exceptional opportunity”, but it is “spectacularly large spaciousness”. But they are having a bit of trouble finding out what it is worth, in its raw, walking-up-stairs, pre-Certificate of Occupancy state.
This loft space came to market in January for $2,570,500 (huh?), dropped to $2.195mm in March, and then again this week to $1.975mm. How do you value something like this?? How do you get your lawyer to figure it out?
They changed firms with that listing in January and in February dropped the price (again) to $1.825mm.
StreetEasy's
building page (
here
) shows a completed sale in April for this space, but I don't see a clearing price anywhere and I can't tell if any C of O issues remained. Assuming they got the most recent asking price (a generous assumption in this scenario), that is roughly $500/ft for a huge amount of space and a large renovation budget. Not to mention, all those steps.
Street Easy has information on 434 East 10 Street,
here
.
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Jun. 14, 2008 - (actual) recent Manhattan loft sale at 115 Fourth Avenue reported in NY Post
unlike the Times ...
... the NY Post's weekly feature Just Sold does claim to be about "recent" Manhattan sales, and the report from June 12 includes a loft at The Petersfield, 115 Fourth Avenue, that closed with a deed filed May 1 -- that's pretty "recent", and far more recent than the NY Times hit on June 8 that I addressed in (not very) recent NY Times Residential Sales / 22 Mercer Street loft sold in February.
The Post said:
EAST VILLAGE $2,060,000
115 Fourth Ave.
Two-bedroom, two-bath loft condo, 1,800 square feet, with dining room, granite kitchen countertops and S/E exposures; building features doorman and roof deck. Common charges $1,200, taxes $883. Asking price $2,175,000, on market 26 days. Broker: Wendy Richardson, The Corcoran Group
They are right. We show the loft as a new listing on February 15, with a contract signed on March 12. In a leap year, that's 26 days (I overlooked the leaping in my first calendar count.).
StreetEasy's got a cache of the Halstead listing, here. (Street Easy shows this deed as filed May 3; I took the May 1 date from Property Shark; why can't we all just get along??) Further weirdness: StreetEasy doesn't have the trading price yet, but Property Shark shows it as $2,020,000 -- not the $2,060,000 reported in the Post. (Gimme an arrrggghhh...)
As always, StreetEasy is a good source for information about current listings in a building (and past sales); click here for this building's info.
© Sandy Mattingly 2008
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Jan. 3, 2008 - this time may be a charm for 808 Broadway / another contract
It has "1,100 sq ft" and a "zen-like 200 sq ft private outdoor space" (I get 364 sq ft from the 26 x 14 dimensions given). As configured, it has only one bedroom and only one bath. (They say it "easily transform[s]" to two bedrooms, but I ain't buying that.)
With a price history that starts in March at $1.25mm, this would have been a long year for the seller. Add to that history a contract signed in June (when the ask was $1.125mm) and two price drops thereafter, 2007 must have been a very long year.
With any luck, this buyer will sail through the Board at The Renwick.
© Sandy Mattingly 2008
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Dec. 7, 2007 - head scratching / penthouse at 6 East 1 St gets new price (as birthday present?)
a few things I know
I am going to express a lot of ignorance about developer pricing in this discussion of #5A at 6 East 1 Street, as there is much I don't understand. But first, here is what I know (based on what I have been told): this penthouse unit is asking $6.9mm and $3,119/mo in a newly developed condo (Brick House Lofts), for "3,082 sq ft" of triplexed space with a huge terrace off the "middle" level and a roof terrace on top. I also know that it was first offered at $5.35mm 13 months ago, that they raised the price to an even $6mm in May, and just raised it again to $6.9mm.
Halstead's Richard Orenstein also tells me (and you) this:
features grand-scale entertaining space with 12' beamed ceilings, a wood-burning fireplace, enormous state-of-the-art chef's kitchen, 3 bedrooms, 3.5 luxury baths + floor-to-ceiling glass doors which open onto magnificent outdoor space. The entire apartment is flooded with natural light exuding a Zen-like tranquility throughout.
I know from city records that the condo declaration was filed in January and the only sales in our system were #4A ("1,774 sq ft", closed at $2.1mm, asking had always been $2.15mm) in June and #4B ("1,760 sq ft", closed at $2.006mm, asking had always been $2.05mm) in July.
#5B is for sale, "1,900 sq ft" for $2.295mm, has pictures, and was also offered beginning 13 months ago, starting at $2.85mm. City records show four other residential units in the condo declaration, but I see no indication they have been offered for sale yet.
a few things I don't know
But I don't know what it looks like on the interior, as there are no pictures. And I read the floor plan as a duplex with roof terrace, rather than as a triplex, as I don't see any living space on the upper level. Unless the space has not been completed, I don't understand why there are no photos.
And I don't understand the pricing strategy.
does developer want to sell?
If there is such a thing as Typical Developer Behavior, I thought that it involved setting original prices that generate sufficient profit (and perhaps a downside cushion), then selling to the first person willing to pay that price. In the absence of willing buyers, you drop the price (as happened with #5B, unsuccessfully so far) or accept a lower-than-asked price (as happened with both #4A and #4B). With many willing buyers, you raise the price. Then you take your money and put is elsewhere.
With #5A, they did not find a buyer at $5.35mm since before the condo declaration was filed. They did not find a buyer at $6mm beginning in May, after they had contracts for #4A and #4B. Yet they have raised the price again, to $6.9mm this week - a 15% increase over the last price and a nearly 30% increase over the original asking price.
What am I missing here??
© Sandy Mattingly 2007
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Nov. 15, 2007 - quick contract at 211 E 2 / move me to Missouri
At this healthy price for this eastern edge location, I'm from Missouri (you gotta show me there's a market at this level).
OK, they showed me that Avenues B and C can support a healthy price - even if #5W dropped its price to $1.585mm last week.
If anything, the layout for the 2nd floor is more challenging than #5W, as it is a tiny bit narrower. They were asking $1.45mm and $1,134/mo (condo) for "1,280 sq ft" for the 2nd floor and did not have to ask for very long.
#5W has an Open House Sunday Nov 18 from 1:30 to 3 PM
© Sandy Mattingly 2007
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Nov. 8, 2007 - sweet + quiet at 840 Broadway
drool-worthy
I think I was drooling on my keyboard when I looked at the pictures and floor plan for the 8th floor at 840 Broadway, which is on the market less than two weeks. The space is said to be "2,700 sq ft" with 10+ foot ceilings and 14 windows that are each 4 x 7 feet. The views include the Empire State Building and Union Square to the north and roof tops to the west. The layout is largely open, featuring a 19 x 42 foot living room.
The location is tres central, at the southeast corner of Broadway and 13th Street (the building with Forbidden Planet on the ground floor), with a long run of windows along the long north wall. With a huge volume of traffic crossing 13 Street and coming right down Broadway at this building (and being opposite the movie theater entrance), the loft is described as not just quiet, but having a "soothing silence" (due to the double pane windows) and this must be true; no one would market in this way at this location and exaggerate about that. Having central air certainly helps on the noise issue, as well.
Said by Carol Frederick of BHS to be a "stylish renovation", I hope I am not being paranoid in wondering why there is no description or photo of the kitchen. (The master bath is the subject of boasting: "remarkable limestone master bathroom".)
it costs money
I have not mentioned the price yet, as my appreciation at this point is truly esthetic - regardless of price it appears to be a magnificent classic loft with an unusual combination of both light and views. But they ain't giving it away.
the money may have strings
They are asking $3.85mm and $3,050/mo, and that may get a little complicated. First off, Frederick notes that the ground floor commercial lease offsets the maintenance by $1,000 at the end of the year. Second, the BHS site does not say how much financing is permitted, but does note "Tax deduction: 0%"; if true, it is because the "coop" does not qualify for favorable income tax treatment for maintenance payments. In turn, that means that buyers may not get a "residential" mortgage (if the lenders are paying attention), the interest on the loan is not deductible, and the primary-residence-non-recognition-of-gain favorable tax treatment won't apply when it is sold.
Be sure to ask. Maybe start with your lawyer if this appeals to you.
I am going to sign off here and clean my keyboard.
Open House Sunday Nov 11 from noon to 2:30
© Sandy Mattingly 2007
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Oct. 19, 2007 - 1 month to contract at 28 E 4, with numerous possibilities, as aggression is rewarded
got change?
The One Bed Wonder (Feb 24: what is a 1 bed wonder?)
at 28 East 4 Street #7E
has found a buyer after one month on the market. Asking $1.995mm and $1,792/mo for "1,900 sq ft", this 2 bath unit is
described by PruDE's Abigail Agranat as "open and airy" with "numerous possibilities for change".
The footprint is classic Long-and-Narrow, with four windows along the long east
(unprotected?) side and the plumbing arrayed along the long west wall. With the kitchen and baths conspicuously missing
from the measly three interior photos, count the plumbing among the possibilities for change.
aggressive, hardly passive, on price
Agranat just represented #6W in the building, which sold in May as a fully finished (indeed,
"splendidly renovated", of the "highest quality") loft. That one took all of two weeks to find a contract in January.
Consistent with such a quick contract, that one went for the full asking price of $1.795mm.
Adding $200k to #6W's clearing price for the numerous possibilities (and dollars
for renovation) for #7E's price was a pretty aggressive choice. Signing a contract in 4 weeks seems a reward for this
aggression.
© Sandy Mattingly 2007
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Oct. 18, 2007 - déjà vu (again) as 808 Bway drops price (again)
feeling more pain at #2J
Too late to change The Market's impression of value, perhaps, but six figures is a healthy cut off a barely seven figure
price. And there would be seem to be enough value there to attract a six figure buyer, or two.
As I said on August 24:
It has "1,100 sq ft" and a "zen-like 200 sq ft private outdoor space" (I get
364 sq ft from the 26 x 14 dimensions given). As configured, it has only one bedroom and only one bath. (They say it
"easily transform[s]" to two bedrooms, but I ain't buying that.)
The long history may be hurting this one.
no pain at the top, or down the hall
There were two units that had not yet closed in the building when I wrote that
post; they have since closed. PH-C
(asking $1.895mm for "1,400 sq ft" and "500 sq ft" terrace) closed for $1.987mm two weeks ago. #2F (asking $725k for "800 sq ft") closed for $685k three weeks ago.
Open House Sunday Oct 21 12 - 1:30 PM
© Sandy Mattingly 2007
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Oct. 9, 2007 - paying (way) up (way) east on 2nd St / new at 211 E 2 St
#5W at 211 East 2
Street [I fixed the link] is new to the market this week. The 6-unit building seems to have been converted to
condos only a year ago and I don't see any sales here since the condo declaration was filed, so this may be the first
offering of any space here. (The pictures portray an empty space.)
Asking $1.695mm and $1,213/mo (condo) for "1,310 sq ft" with 4 exposures, 11 ft ceilings, exposed wood beams and brick
walls and chef's kitchen. The footprint is Long-and-Narrow with 17 ft narrow sides and plumbing in at least two places,
but there's not a lot of flexibility in space that narrow.
At this healthy price for this eastern edge location, I'm from Missouri (you gotta show me there's a
market at this level).
Open House Sunday Oct 14 1 - 3 PM
© Sandy Mattingly 2007
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Sep. 27, 2007 - canvas is blank + new at 5 East 3rd (not cheap)
exposed brick, original oak floor, high ceiling, needs architect + big budget
The 3rd
floor at 5 East 3 Street is newly for sale, asking $1.7mm and $1,360/mo (condo) for "1,860 sq ft" of essentially
raw space. The web has one interior photo (yes, there are many, many bricks exposing themselves here) and one exterior
photo - but the exterior photo is of the building across the street (the "super trendy Bowery Hotel"), showing
graphically that this is "truly a hip part of the city".
This is a total build-out project, putting another spin on selling a "fabulous loft in the Wyoming Building ... at
under $1,000 a square foot". The floor plan shows seven windows on one long side and two on the other, plus the
wall-to-wall north and south windows. The floor plan does not show where the second plumbing riser is
for a bathroom or where the kitchen might go, so it is hard to say how flexible the space may be.
why the City?
I had never heard of the Wyoming Building before seeing this listing. City title records show this was
City-owned for some period, that the City sold the building to Wyoming Arts LLC 15 months ago for $630k, and that the
City provided a nearly $5mm mortgage at the time (and The Community Preservation Corporation another two mortgages
totaling $1.5mm). I can't imagine why the City would sell below market and provide a large mortgage to a condo
developer. Be sure to ask about the history and any restrictions on the building.
© Sandy Mattingly 2007
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Aug. 24, 2007 - oh dear / 808 Broadway #2J is back
guessing a board turndown
#2J at 808 Broadway came to market in March at $1.25mm (maintenance is $1,500/mo) and after two little price drops found a buyer and a contract in early June off of $1.125mm.
But it is back to the market as of yesterday. Ten weeks between contract and BOM suggests a Board turndown rather than cold feet or short cash (though only the principals and the board really know). So I don’t think this is one of those deals that are falling victim to the change in the credit and mortgage markets – of which there certainly are some.
It has “1,100 sq ft” and a “zen-like 200 sq ft private outdoor space” (I get 364 sq ft from the 26 x 14 dimensions given). As configured, it has only one bedroom and only one bath. (They say it “easily transform[s]” to two bedrooms, but I ain’t buying that.)
I have seen a number of units in the Renwick, but haven’t had a buyer intrigued enough to buy here. It is on a very busy stretch of Broadway (11th and 12th Streets), but many lofts (like #2J) face away from Broadway and are legitimately quiet and peaceful, and it is right next to Grace Church. The building requires 25% down (a possible indicator of a more conservative approach) but does permit parents to buy for adult children (a definite indicator of a more liberal financial approach).
a busy board?
PH-C here (asking $1.895mm for “1,400 sq ft” and “500 sq ft” terrace) has been in contract for just about the same length of time (a week less than #2J was) and should be just about at the board approval stage.
#2F (asking $725k for “800 sq ft”) has also been in contract since June. We’ll see what happens with both of those.
I wonder what really happened with #2J…
Open House Sunday Aug 26 noon – 2 PM
© Sandy Mattingly 2007
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Aug. 19, 2007 - Bond, 19 Bond / new loft listing asks ‘got love’?
quintessence and renovation
Unit 2A at 19 Bond Street is new to market this weekend, a “quintessential NYC loft” with uber-loft neighbors at #40 and #48. “1,600 sq ft” corner, with 13 foot ceilings, one kitchen and one bath, this can be a “dream home” if only someone brought the “right amount of love”. Love plus the $1.65mm asking price ($1,019/mo in common charges and real estate taxes). Sounds like a gut renovation to me….
No pix or floor plan on the web (yet?), but maybe pictures would indicate something on the interior to be preserved. But I doubt it.
No showings until August 23, so may be there will be more web info before then.
I see no recorded sales in this 5-story 1o unit building for the last three years.
© Sandy Mattingly 2007
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Aug. 7, 2007 - new at 43 Great Jones / too many features, too many steps?
meticulous yes, but do you have to walk up?
The 4th floor at 43 Great Jones Street hit the market today through Martin Eiden of PruDE, asking $2.665mm (and $1,100/mo maintenance) for “2,200 sq ft” of “meticulously renovated” “Noho Zen!!” on a full floor with four exposures. (But no floor plan.)
I feel Eiden’s enthusiasm, so I don’t doubt that there are “too many exquisite architectural features to list”. My question is whether there are stairs, lots and lots of stairs, going up to the fourth floor, as our inter-firm data base says but which Eiden is silent about. (I left a message, so should have an answer on that soon.) [update Aug 10: Eiden reports that there is an automatic elevator]
I assume there was an awful lot of meticulousness in the renovation, and that it was done since this unit changed hands in late 2003 – as that asking price was $1.199mm.
First showing at the Open House Sunday, August 12 1 – 3 PM
© Sandy Mattingly 2007
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Jul. 27, 2007 - loft contracts galore this week / eastern edition
As I said Wednesday, many Manhattan lofts came through the inter-firm data-base as In Contract this week; here are some from east of Fifth:
125 East 12 Street #1A is a triplex loft of “2,300 sq ft”, so there is a lot of up-ing and down-ing to be done here. It came out in April ($2.795mm and $2,300/mo in taxes and charges) and has had no price change since then. The master bedroom is a mezzanine, (partially) open to the living room below – but at least you can put other sleepers on the bottom level.
210 Lafayette Street #7B (Kenmare Square) raises the existential question: how small can a “loft” be? This “768 sq ft” “loft” came back to the market in May at $1.375mm after bouncing for most of last year from $1.45mm to $1.295mm, then falling off the market last October. Let’s accept – for argument’s sake – that this is a “sleek and modern re-interpretation of loft living”.
382 Lafayette 4th fl is quite the other end of Lafayette from Kenmare Square, figuratively if not geographically. It came out in February at $2.75mm and dropped to $2.495mm in April (only $975/mo in taxes and charges). This one is more a ‘classic’ loft and is quite big enough at “2,050 sq ft”. Note especially the artistic use of the fire escape out the bedroom window – brilliant!
© Sandy Mattingly 2007
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Jul. 24, 2007 - price drop for raw Alpha-Land space at 430 E 10 St (bring caution)
no C of O, no elevator, much space, fewer dollars
The 4th floor at 430 East 10 Street is “3,600 sq ft” that is not only an “absolute rarity”, “unique”, and “an exceptional opportunity”, but it is “spectacularly large spaciousness”. But they are having a bit of trouble finding out what it is worth, in its raw, walking-up-stairs, pre-Certificate of Occupancy state.
This loft space came to market in January for $2,570,500 (huh?), dropped to $2.195mm in March, and then again this week to $1.975mm. How do you value something like this?? How do you get your lawyer to figure it out?
Corcoran says it is a coop (maintenance is only $1,100/mo, but that may not be a good thing), but it is hard to see how it can be a formal cooperative housing corporation if there is no Certificate of Occupancy. (The Attorney General would know.)
Property Shark shows no activity filed with the city in 17 years for this address. A corporation called something like “428-430 East 10th Street Corp” apparently owns the building (and has since 1985), and it looks from the 1990 building permits that there is some relationship among the neighboring buildings at 432-434 East 10 St and 735 East 9 St, as the 1990 building permits have to do with converting “dry” pipe sprinkler system in the two 10th St buildings to a “wet” pipe system, with the water supply coming from the 9th St building. (I’ve come across 735 E 9 St before; I will have to find the blog reference).
pioneering is hard, lonely, and expensive
Many buildings this size were converted into coops by pioneers in SoHo more than 30 years ago. Presumably, this building has been a (legal?) rental, but there is much pioneering to be done – including by the lawyers. (N.B., lawyers tend to charge a premium for pioneering.)
If the 4th floor is the only “coop apartment” so far (or the only non-sponsor apartment), that shareholder (who are the others?) can be outvoted on everything. Chances are that the building will need a capital budget (how to fund?) and that there isn’t much of one yet. If there are two units each on the 2nd and 3rd floors (and ground floor commercial?), that is a pretty intimate coop.
The ‘small coop’ risk seems much greater here than in a more established building.
If you go, bring a pen and lots of paper. Ask lots of questions.
© 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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