Loft neighborhoods / SoHo : Manhattan Loft Guy

Manhattan Loft Guy

Jun. 12, 2008 - (not very) recent NY Times Residential Sales / 22 Mercer Street loft sold in February

silly me
I just checked the fine print in this past Sunday's NY Times feature Residential Sales Around the Region and was surprised not to see the word "recent" modifying "sales" anywhere on the page. I have just been assuming that the sales reported in this feature would be recent sales ... how newsworthy is old data?? Newsworthy or not, the one loft in Sunday's report closed 4 months ago. Weird. (I assume that the reporting firm [Corcoran, which must have represented the buyer, not the seller/developer] recently sent it to the Times; after all how newsworthy is old data??)

aged sale, long time coming
The common charge and tax data for the 22 Mercer Street loft reported as taking 3 weeks from "most recent listing to the sales agreement [i.e., contract]" correspond to Unit 4D, with a sales price of $3.55mm. Couple of things are interesting about the timing. First, according to city records this was the first sale of this unit (i.e., not a resale, but a direct sale from the developer) in a 16 unit building in which the first condo sales were in December 2006. Second, that "3 weeks" may be technically true but is essentially untrue: yes, the deed was recorded on February 14, the contract was signed (per our inter-firm data base) on January 16 and the "most recent listing" was December 27 BUT that followed 2 weeks of being "temporarily off the market". In fact, the unit had been marketed by Halstead beginning October 1, 2007. In fact, the unit had been represented by Corcoran from October 2005 into January 2007, then taken off the market for more than 9 months by the developer, who then switched to Halstead.

The developer kept raising the ante over this long time, by the way. According to the available listing history, they started with Corcoran at $2,750,800 on October 3, 2005, immediately pulled it off the market (October 4), then jumped to $3.15mm when it came back on February 27, 2006 and again to $3.3mm on June 28, 2006, where it sat until being taken off the market on January 5, 2007. When it was revived with Halstead on October 1, 2007 they offered it at $3.6mm.

some contracts during construction
Remember 2005? That was back when it was fairly common for buyers to buy in new development off floor plans and examples of finishes. The #2D history shows a similar (though shorter) history: originally offered on October 3, 2005 for $2,392,000, then raised quickly (October 6) to $2.55mm, then taken off the market on October 25 until March 17, 2006 when it returned at $2.95mm. It found a buyer and contract May 15 and closed on January 12, 2007. Apparently, they did not like the (low) level of sales activity beginning in October 2005, but found the stage of construction more conducive to contracts by Spring 2006. Except for #4D, of course.

one more, and I will stop
#3D has an interesting history, according to our data base. Offered in October 2005 at $2,631,200 then pulled back, and then the data got garbled. Not sure when the contract was signed, but the developed sold to someone who -- per the data on Street Easy -- flipped it through PruDE, starting at $3.495mm in January 2007, dropped immediately to $3.395mm (so quick the first resale price may have been a typo), then in contract by February 22 and closed by March 29, 2007 at $3.2mm.

This is a bit garbled because StreetEasy does not show the original sale, just the flip in March 2007. Property Shark, in contrast, does not show the flip, but does show the original sale at $2.2mm as being recorded on March 27, 2007. Perhaps this flip was an assignment?? So the original buyer bought at $2.2mm (the Property Shark price) and transferred the same day at $3.2mm (the StreetEasy price)??

Whatever, the key is that the flipper/assignor in #3D began to offer that unit in January 2007 at $3.395mm just 3 weeks after the developer pulled #4D off the market after not selling at $3.3mm -- and #3D got a contract and closing in March at $3.2mm, while the developer waited until October 2007 to bring #4D back at $3.6mm. Fortunately for the developer (and for Halstead), #4D ended up fetching $355k more than #3D, though I bet the developer made a concession about transfer taxes.

I have to stop. That was so garbled even I have to go back and look at the numbers in order to follow what I am saying here. Let's just say -- if you have followed along this far -- that the #4D sale reported in last Sunday's Times was not "recent" and that the developer recouped on #4D a Little of what it 'lost' on #3D (after all, the #3D flipper grossed $1mm but had to pay at least one set of closing costs, probably two).

as always...

To keep up with this building fairly easily, check the StreetEasy page for this condo here.

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Mar. 31, 2008 - if at first ... 543 Broadway back with fewer dollars

upgraded with fewer dollars + feet
The 4th floor at 543 Broadway has a long sales history and -- as of today -- a new firm and price. Shawn Felker and Denise Joseph of PruDE are now marketing this "classic Soho loft!!" of "2,200+ sq ft" for $1.995mm. I hit it in its last round of marketing, on October 11 (bring architect + ton o’ money to 543 Bway (sound familiar?)), when they were asking $2.45mm and $1,500/mo. In addition to the price change, maintenance is now up to $1,550/mo and there has been some significant shrinkage: what is now "2,200+ sq ft" used to be billed as "2,600 sq ft".

They talk about "recent upgrades [that] make it in move in condition", but it is hard to see what those upgrades could be. (New shiny finish on the floor??) When i hit it in October, I said

this seems to have been used as an artist's live/work studio with one bathroom and only the 4 windows east in a space that might be 25 x 105 feet. (The floor plan is a trove of contradiction: the dimensions are given as 20'2" x 105' 8" but 2,430 sq ft, and notes there are 11 foot ceilings rather than the numbers claimed in the listing text.)

(Note that PruDE does not have a floor plan for this unit on the web, but maybe that will come in a day or two.) The PruDE pix are a little confusing, as the first 2 are the same living room (I am pretty sure) but taken at slightly different perspectives and with slightly different furniture / bookcase arrays (note how the art placement on the walls is the same). Based on the former floor plan, the 4 windows in the first 2 PruDE pix are the only windows in the place. And there is still only 1 bathroom. "However this Loft could easily be redesigned to create a magnificent entertaining space for that hip buyer wanting to live in the center of it all!!" So they say.

critical feedback from The Market?
My guess is that the sellers realized The Market did not like the old price, The Market felt the space was smaller than previously advertised, and The Market may have suggested some (minor?) upgrades were needed. Whatever was done as upgrades did not take very long, as it was Temporarily Off the Market for only 2 weeks before coming back today with a new firm.

2d floor is gone
I mentioned in October that the 2d floor (in much better condition than the 4th floor) was then in contract off and asking price of $1.895mm after starting in April 2007 at $2.275mm. That has since closed at that new asking price -- $1.895mm. The nicer-but-lower-and-cheaper 2d floor could not have helped sell the 4 th floor, so maybe they will do better at a new price and without that nearby competition. (Comps are comps, however.)

© Sandy Mattingly 2008

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Mar. 24, 2008 - 16 Greene still crowded but price drops

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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Feb. 2, 2008 - sweeping the new at 477 Broome + 458 Broome + 354 Broome Street

There are 3 new Manhattan loft listings on Broome Street, from Greene to Elizabeth, 2 at $3.495mm (coincidence?), 1 at $2.2mm. Two feature multi-level space; two feature outdoor space; two feature three mints worth of renovation.

it’s the terraces, Mars
477 Broome Street #61 is offered through Doug Russell (and son Matthew?) at BHS for $3.495mm and $2,172/mo for duplexed space with 3 bedrooms, but the glory of the space is the skylight light and the two terraces. The lower space looks to be roughly 30 x 40 feet with windows only in the 2 north-facing bedrooms; the 13.5 x 11 foot master bedroom is upstairs, with closets and master bath; the light in the living/dining area is from the skylight above the stairs, which – as pictured – brings much light into that public space.

There’s no link, but they say the loft was recently featured in the NY Times (before this listing, apparently). The recent renovation added the upper level and the two terraces (looks as though they raised the roof, put down a deck on the old roof around the master bedroom and added the upper terrace and skylight on top of the master bedroom and stairway.

For the person who wants real outdoor space (not a balcony or small terrace) and loves SoHo, run, do not walk. The interior space may only be about 1,500 – 1,600 sq ft, but there are very few opportunities to get this kind of outdoor space in SoHo (about 1,000 sq ft on the 2 terraces). If the prime SoHo (apparently) prime renovation is worth $1,500/ft for the interior (#22 was said to be “1,399 sq ft” when it sold in November 2006 for $2.1mm), the terraces will cost another million bucks at the current ask.

What is that outdoor space worth to you?

what is this outdoor space worth to you?
The 5^th floor at 458 Broome Street is newly offered by Corcoran’s Ernie Goldberg and friends for $3.495mm and $2,574/mo for “2,300 sq ft” that features 17 foot ceilings, 3 mahogany windows , 2 skylights, and … (you knew it was coming, right?) 1 roof terrace (“950 sq ft”). Set up as a 1 bedroom + 2 baths, but the Long-and-Narrow footprint can be reconfigured. (I see only 1 bath on the floor plan; hmmm.)

Until further evidence comes in, figure this one as an upgrade / renovation project, as there is no bragging and no photos of the kitchen or bath(s). And if you go, tell me if the place is furnished with the orange (pix 3 and 6) or the blue/black furniture (pix 4 and 5).

With the roof deck fences and screens, this deck does not (to me) have the same sense of being-on-top-of-SoHo as the top deck at 477 Broome one block west; nor is it a much outdoor space as the 2 decks there. The interior space here is larger of course (about half again as large), though the Long-and-Narrow footprint here is somewhat limiting, even with the 2 skylights.

fruit to fruit
Comparing the 2, 477 Broome is clearly in move-in condition; 458 Broome may require some work. 458 Broome has larger living space, but 477 Broome has larger outdoor space. Depending on the work, the dollars fall in favor of 458 Broome (especially with 1/3 of the maintenance being offset by commercial income) if the work is manageable, but in 477 Broome’s favor if a lot of upgrading / renovation is needed at 458 Broome.

Choices, choices.

further east, fewer dollars + feet
354 Broome Street #5G is 7 blocks east of 458 Broome and is offered by Charles Ward and Ron Taub of PruDE at $2.2mm and $1,327/mo (condo) for “1,700 sq ft” with 18 foot ceilings and triple mints of “architectural renovation” with a very cool floating stair but, alas, no outdoor space. It was also new this past week.

Neither this neighborhood nor the building quality here matches 458 or 477 Broome, of course, and I am having trouble finding the feet here. You’ll see that the high ceilings are used to mezzanine a bedroom over the kitchen that is open to the ‘double height’ living room and that the 2d ‘bedroom’ is a window-less den under that master bedroom. You’ll also see that there appears to be only one window in the space. Those quirks aside, it is hard to apply the room dimensions as given to the total of “1,700 sq ft”. I get the upper level as roughly 23 x 20 (460 sq ft) and the lower floor as roughly 23 x 45 (1,035 sq ft). Perhaps they assign some common space to the official measurement of this condo unit, but with the one window and a mezzanine bedroom, this place is not likely to feel like “1,700 sq ft”. (Compare the utility of this floor plan to that of 477 Broome #61.)

The highest price-per-foot in this building in the lat two years was #3I, which sold for $1.26mm for “1,123 sq ft” (city records show “1,024 sq ft”) in January 2007, also in triple mint condition. #5C was sold in June 2007 for $1.915mm (“1,664 sq ft”), but that was to the next-door neighbor and does not seem to have been publicly marketed.

not so many months ago
There was another sale here last June – of this unit 5G for $1.4mm (city records reflect “1,589 sq ft”). Assuming the triple mints were added by those June-buyers-January-sellers, I wonder if they added $800k in value with that renovation.

Open house Sunday February 3 from 12 to 1:30 PM

© Sandy Mattingly 2008

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Feb. 1, 2008 - contracts at 95 Greene show value + velocity + sloppy paperwork

2 January listings in contract
I noticed that #3F at 95 Greene Street was in contract as of yesterday in very quick time. It was new to market on January 11, so that is just under 3 weeks.

well-priced lofts sell …
… quickly, of course.

This one was offered at $1.795mm and $1,066/mo (condo) for “1,300 sq ft” set up as 1 bedroom + 1.5 baths that is said to be “superbly appointed” and “oozes (!) relaxed sophistication”. At this velocity, expect that it went at or above ask.

Given this rapid success, it would be quibbling to note that one enters the loft right at the kitchen counter and that to create a 2d bedroom would forfeit the dining area and require re-jiggering of bedroom and bathroom entries. Mere quibbling, that.

details, details
Imagine my shock when I noticed today that #5A was shown in our system as in contract as of today, again with a January listing date. The contract is as of today in our system, but the January was 2007 – not this year.

But it turns out that city records show that this actually sold in May 2007, at $1.775mm, so I guess the agents are just cleaning up their REBNY paperwork by showing this as In Contract today (but why not as Sold??).

4% discount
The #5A sellers never dropped the asking price of $1.85mm from January 25, 2007 for their “1,310 sq ft” that is “exquisitely renovated” and “light flooded”, with 2 bathrooms, a fireplace, a “chic” kitchen and the possibility of “easily” adding a 2d bedroom. What it doesn’t have (now) is a floor plan or pictures. (Maybe they were up earlier and came down for some reason?? Why is the listing up at all on PruDE if it has closed??)

The two lofts sound as thought they have a similar level of finishes, but it is hard to tell without seeing both (or having pictures of #5A). #5A claims to have large west windows and to be quiet, but I doubt that is much of an advantage over #3F.

Both #3F and #5A were represented by the Steinberg – Senequeir bunch at PruDE, so the agents were able to share the #5A history with the #3F owner.

Even the $1.7mm asked for #3F puts this building in the price-per-foot neighborhood of the beautiful spaces at 100 Greene Street that are in contract, and that were featured in 100 Greene hits market comfortably, beautifully (November 7; another Steinberg – Senequeir effort) and new at 100 Greene St / uber chic for uber bucks (March 13).

city records lose feet, have sales
By the way, the city thinks these two units are “1,201 sq ft” (#3F) and “1,205 sq ft” (#5A).

City records show that #2E traded in August for the $1.525mm asking price (also for “1,201 sq ft”) and that #3D sold in March for $1.765mm (“1,205 sq ft”), $16,000 above the asking price.

wondering, wondering
I wonder if they priced #3F at $1.7mm – below the clearing prices for #5A 8 months ago and for #3D 10 months ago –to stimulate a bidding war. (Clearly, it did whatever it was intended to, generating a contract within 3 weeks.)

© Sandy Mattingly 2008

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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. 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 3^rd 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. 23, 2008 - 133 Mercer Street is new / giant windows don’t show Chrysler or Woolworth

location, location, location
133 Mercer Street 3^rd 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 3^rd floor and the Corcoran floor plan for the 6^th 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. 18, 2008 - 96 Grand Street contract is more grand than 184 Grand

whole lotta space
One of the two parallel lofts I hit when new on July 27 in 2d time is how grand at 96 and 184 Grand? has found a buyer, with a contract signed as of yesterday.

Two similar Manhattan loft listings hit the market yesterday and today, one in the true SoHo stretch of Grand Street, one a bit farther east into NoLita. Both are top (6^th) floor, full floor lofts. Both are all about the space and the roof rights. Both will probably require a million dollar build-out. Both were on the market last year, without selling.

96 Grand St 6^th fl is the one with the contract. There were no pictures or floor plan up when I hit it in July, but they confirm that this “artist’s studio” that offers “a lot to work with” is pretty primitive, as predicted.

They had an accepted offer in September that did not mature into a contract, but this time they have cleared that hurdle.

Still looks to me like a ton of renovation to be done here.

(The other one from July 27, 184 Grand St 6^th fl, is still on the market at $4.2mm.)

© Sandy Mattingly 2007

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Dec. 18, 2007 - perseverance pays in contract at 514 Broadway

15 months + 4 price drops + 3 contracts out = 1 contract signed (whew!)
#3H at 514 Broadway was a fresh listing at Labor Day 2006, asking $2.3mm for “2,100 sq ft” in a 1 + 1 set-up (one bedroom, one bathroom), with mezzanine. The seller was motivated enough to drop the price to $2.2mm within 6 weeks, then again to $1.995mm 2 months later, with no takers. I hit it after the price drop to $1.895mm in July 2007 (avoiding the anniversary sale at 514 Broadway / new price for 3H), which attracted enough serious interest that an offer was made and accepted; then a contract was sent out in August but that was not signed. Same thing in September into October. Yet another offer was accepted in late October, without a contract being signed.

Finally, a December offer was accepted and the parties signed a contract his week, still off that $1.895mm asking price. Clearly, there was enough market activity on this listing from August to December to provide very good data to the seller (and to Alan Pfeifer of Halstead) to support $1.895mm as an asking price that could generate offers.

As I noted in July, the layout works in a very specific way, for a relatively narrow set of buyers:

Though marketed as in “mint condition”, the condition is only truly mint exactly as is – for the one bedroom buyer who does not need a closed bedroom and does not mind taking the corkscrew to the bathroom. That is a pretty small slice of the Soho loft market, apparently.

For most people, this will look like an opportunity for a brilliant architect to figure out how to take advantage of the height and the one-sided light to get two sleeping and two bathing areas out of it. Factor that cost in, and it is quite a different proposition.

I’d love to know whether the now-in-contract-buyer is planning a major renovation.

© Sandy Mattingly 2007

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Nov. 18, 2007 - fun, fun, fun as motivated seller at 25 Houston finds buyer

#2C at 25 Houston Street is in contract as of Thursday after a brief but passionate marketing campaign that centered on how much fun (!!!) one could have here.

shedding $$$ proves motivation to me
First, how's this for motivation?

Sept 13 new to market at $2.658mm
Oct 9 price drop to $2.495mm
Oct 23 price drop to $2.25mm

Nov 6 contract out
Nov 14 contract signed

exuberance, unbound!!!!!!!!
This unit is said to be "1,564 sq ft" and is set up as a 1 bedroom (with a 2 bedroom layout proposed) and has common charges and (abated?) taxes of $1,819/mo. I suspect that it had to grow into (shrink into) the marketing lead of "for this price? too good to be true!!!", but the triple exclamation exuberance include the odd "safe, fun and so convenient" and closes with "it is so much fun in here. Must see!!!!!!".

That is an awful lot of exuberance (not to mention exclamation).

This building was new in 2003 so (I assume) the windows are up to the task of keeping the Houston Street hustle and bustle out of this second floor corner unit (overlooking Mercer Street).

This unit was bought in May 2005 for $1.695mm and there have been only three sales in the building in 2006, and none in 2007. #4A traded at $1.25mm ("838 sq ft") in February 2006; #3A cleared in July 2006 for $1.125mm; and #5A in October 2006 for $987,500. (How's that for backward 'progress'??)

© Sandy Mattingly 2007

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Nov. 5, 2007 - cash back on new one at 93 Mercer

new this weekend
#4W at 93 Mercer Street appears to be something of a sweet deal for a classic loft in the heart of Soho and was new to the market this weekend. They are asking $2.49mm and $1,896/mo for "2,200 sq ft" and offering 11 foot ceilings (tin, or some patterned material), exposed sprinklers, columns, maple flooring.

The kitchen does look very "chef" and the master bath very "spa" (whether you would use the bathroom as a retreat is a personal choice). The footprint is nearly square, with those large west windows overlooking Mercer Street and one window in the second bedroom (can't be much light back there). I would not describe this layout as "great", as the bathrooms are somewhat removed from the bedrooms, but it should certainly feel spacious.

no premium to speak of
The Market has not treated this building as a premium Soho building, though there are no recent sales. #2E was said to be "1,900 sq ft" and sold "as a true wreck" (honesty is the best policy) in December 2005 for $1.245mm. #3E was said to be "2,000" sq ft and sold in March 2005 for $1.54mm. #2W was said to be "2,300 sq ft" (notice how frustrating it is to have coop measurements) and sold in June 2004 for $1.23mm.

Just down the street, 85 Mercer has done a bit better, despite not having an elevator. #2R at 85 Mercer Street sold quickly for $2.695mm in August and is said to be "2,000 sq ft". #2F was said to be "2,500 sq ft" of gut-renovated "movie start" space, and sold a year ago for $2.995mm.

73 Mercer is a condo, where #3S sold in March 2006 for $2.5mm ("2,000 sq ft").

Crossing Broome Street, the next block has more high-priced lofts, such as at the Hohner Buildings, 46 and 48 Mercer and - of course - the bling-bling at 40 Mercer.

ka-ching ka-ching
The coop at 93 Mercer must have very sweet ground floor leases, one that appears to have been set up right so as to generate income to shareholders without violating the 80/20 rule. The listing says the buyer of #4W will own shares in those leases that not only are valued "up to" $600k but generate shareholder dividends of $50k a year (divided among 10 or 11 lofts).

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Nov. 3, 2007 - 100 Greene hits market comfortably, beautifully

lovely, indeed
The 4th floor at 100 Greene Street is new to the market this weekend, asking $2.795mm and $2,700/mo for "2,000 sq ft" but no floor plan. The text offered by the PruDE Steinberg - Senequier team is so nice I won't paraphrase, but will note that there are high tin ceilings, big windows, exposed brisk and original detailing.

nice comp
Since the 2d floor is now in contract off an asking price of $2.65mm (in more or less equally beautiful condition, it seems), chances are that they have a very good idea of where The Market is for this building. For that kind of money, Richard Orenstein of Halstead was willing to throw in a floor plan, showing a (roughly) 23 x 81 ft Long-and-Narrow with plumbing on both long sides. That one took 4 months to find a buyer and started at $2.8mm. (A curiosity: the maintenance is $675/mo higher on the 4th floor than the 2d floor.) I hit that one when new in March (new at 100 Greene St / uber chic for uber bucks).

built-in market
The nice thing for the 4^th floor is being able to take advantage of the marketing already done by Halstead for the 2d floor. Assuming the 2d floor got close enough to the asking price of $2.695mm to make the 4^th floor's $2.795mm a reasonable place to start, the 4^th floor should not take very long to find a buyer at an acceptable price.

© Sandy Mattingly 2007

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Oct. 26, 2007 - the opportunity in an artist’s loft / new at 152 Wooster

possibilities can be expensive
When the listing description says "full of character and possibility" and "currently configured as a largely open 2 BR artist's loft", you should plan to visit with your architect and your contractor.

So come on down to 152 Wooster Street #2A, which is new to market today - so new the pix and floor plan are not yet up on Halstead's site.

Said to be "2,800 sq ft" with a 60 foot west exposure, asking $2.925mm and $1,889/mo, it has the loft bones: 11 foot ceilings, "huge" arched windows, cast-iron columns. But you must be brave - if this is really an "artist's loft" it is likely to be so primitive that this is a buy-and-gut deal, where the floor plan will be much more important than the pictures. (With only 1 bathroom in such a large space, where are the plumbing stacks?)

the SoHo premium
The asking price in primitive condition is over $1,000/ft. Someone able to spend about $3mm will want to dress up an authentic loft considerably - another $200/ft for renovation, I would think at a minimum. SoHo is a very expensive neighborhood, no?

alias 2F?
City records show one recent sale in the building, which must not have been through a REBNY firm since we have no record in our inter-firm data base. Unit "2F" sold in June 2006 for $2.3mm. Since the building looks west, what the City calls "2F" is probably what Halstead calls "2A".

Assuming it is the same unit, that buyer-now-seller probably did not do much to exploit the "possibilities". I don't see any building permits filed on this unit, so it is very likely to be in the same condition as when it sold in 16 months ago, which is very likely to be the same "artist's loft" condition it has been in for quite some time.

I wonder what changed in the sellers' life to cause a sale so soon, with possibilities left unopened….

Whatever happened, that owner thinks a new buyer will appreciate the possibilities 20% more than she did. Stay tuned for pix and floor plan, and resolution.

© Sandy Mattingly 2007

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Oct. 16, 2007 - all feet at 108 Wooster are square but not equal

a tale of two footprints

My jaw dropped when I clicked on the floor plan for the new loft listing #5E at 108 Wooster Street. Celine Coudert of Corcoran is representing the sale for $1.275mm and $926/mo for "1,140 sq ft" of the least efficient small space I can recall. Simply staggering in its wastefulness!

So I was curious to see how that asking price per foot of $1,118/ft compares to other offerings in the building.

not looking far for a good data match

As it happens, #5A at 108 Wooster Street is in contract since May (why hasn't it closed yet??), "1,200 sq ft" and $925/mo, asking $1.3mm - only $1,083/ft.

#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.

By the way, the agent offering #5B for sale is the very same Celine Coudert of Corcoran, so the #5E seller knows the contract price for #5B. Either that seller knows that #5B will close at a significant premium to the asking price, or that seller has a fanciful notion of value that The Market is unlikely to appreciate.

(scratching head)

[this just in ... meant to check city records before hitting Add Entry and - sure enough - #5B closed in July above asking. But not enough above asking ($1.36mm) to really change the analysis here; more head scratching]

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Oct. 11, 2007 - bring architect + ton o’ money to 543 Bway (sound familiar?)

The 4^th floor at 543 Broadway is new to the market today, with an exceptionally long history revealed in our data-base.

On the one hand, they are asking (through Benjamin Dayette of the boutique Luxe Group) only $2.45mm and $1,500 sq ft for "2,600 sq ft" with a fireplace and (perhaps) "13 foot" vaulted ceilings for authentic SoHo loft space.

On the other hand, this seems to have been used as an artist's live/work studio with one bathroom and only the 4 windows east in a space that might be 25 x 105 feet. (The floor plan is a trove of contradiction: the dimensions are given as 20'2" x 105' 8" but 2,430 sq ft, and notes there are 11 foot ceilings rather than the numbers claimed in the listing text.)

multiplying value over 10 years

Our inter-firm database has an unusually long history for this unit, tracking not only sales since 1997 but Dayette's career. Dayette was with PruDE in 1997 when this loft was offered for sale for $495k, then with William B. May when it was offered for sale in 2002-03 for prices starting at $1.2mm and dropping to $920k.

what a difference 25 feet makes (maybe, maybe not)

There is some very relevant recent history in this building, suggesting that $2.45mm is a stretch for gut-and-build space. The 2d floor - about 25 feet closer to the Broadway sidewalk - is on contract as of 3 weeks ago off an asking price of $1.895mm, having started in April at $2.275mm in much better than the primitive (high renovation cost) state of the 4^th floor (in broker-babble, the 2d floor has "[s]exiness, charm, and luxury" with "Italian marble bathroom countertops, renovated kitchen with Viking and Sub zero appliances, and surround sound wiring").

I hit the 2d floor listing when new (wondering about the 1 Bed Wonder at 543 Broadway - how much for how big?), and after a $250k price drop in August (getting very serious about price at 543 Broadway). Despite all that sex, charm and marble, that unit took 5 months and two price drops to find a contract off a price $550k lower than the new price for a primitive 4^th floor.

The August post addressed the real size of the unit and a dialogue I had with that listing agent, Greg Leveridge of JC DeNiro.

My email dialogue with Greg was about whether or not the space is "really" "2,500 sq ft" [compared to the dimensions on the floor plan, which he then removed from the web]. Here's what he said about how the building derived that number:

"If you also look closer within propertyshark.com you'll see the residential square footage of the building as a total of 50,000sf. Divide that among the 20 apartments within the coop which are all of identical size and you get the 2500 square feet which the building offers its approximate square footage as."

We also have a long past sales history on the 2d floor unit, showing a 1998 asking price of $450k, a fanciful June 2001 asking price of $3.185mm (after the sex, charm and marble were added, presumably), a post-Sept 11 asking price of $1.4mm - all without sales being recorded.

It is hard to see how being two floors higher is going on the 4^th floor is going to generate a significant price premium over the 2d floor.

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