Oct. 31, 2008 - 16 Greene Street closes around $1,000/ft, twice
Soho on the cheap, with reason
I noticed yesterday that the Manhattan loft #5N at 16 Greene Street was newly updated in our system as Sold & Closed, but no clearing price was visible yet in city records. But when I checked for #5N I saw that #4S closed there recently, with a deed filed September 2 for $1.415mm. Then I checked again this morning and there it was: the deed for #5N was filed on October 24 for $2.1mm. Quick work ACRIS!
#4S was said to be "1,400 sq ft" and was billed as a "bright renovated classic loft in historic cast-iron building", with a chef's kitchen, set up as a 1 bedroom (plus office/nrusery) and (only) 1 bath. Only 10 feet wide on the back (maser bedroom) and 17 feet wide on front (living room), the main photo presents a 'bowling alley' feel. (Dark floors adn white walls and furnishings were definitely a good idea, with only two windows at each end.)
#4S was new to market in January at $1.55mm, dropped to $1.495mm and found a contract in July.
My draft of yesterday said "#5N won't have done too much better than the price-per-foot of #4S, as it is said to be "2,070 sq ft" and was asking $2.1mm (this was a quick sale: offered pn Jluy 3 and in contract by July 25)" but the "quick sale" did yeield the asking price of $2.1mm (as noted above). I don't know if I have ever seen the locution "actual bedrooms" in a loft listing before, but here is the description: "This mint home has central air conditioning and has been architect designed incorporating actual bedrooms and separate living spaces while maintaining the integrity of the loft." You can see pix on the StreetEasy grab, here. Those 2 "actual." bedrooms ara in the back in the classic Long-and-Narrow array (the good news is that the North lofts in the building are 22+ feet in width at the back). With 3 windows in back and only 2 in front (the loft is billed as 92 feet long), there's a long way between windows -- good thing they are large windows.
how much renovation of #5N?
#5N changed hands in March 2006 for $1.65mm (off an ask of $1.795mm); then being sold as "in very nice condition" (that listing from Corcoran is here ). The 2006 pix show me a fairly primitive condition, but walls and plumbing apparently in the same places as in the 2008 sale. Hard to say from the descriptions and pictures how much renovation was done in between.
The building is old for a coop down there (mid-1970s conversion?), with rather low maintenance -- $999/mo for the larger #5N and only $795/mo for #4S. Especially with that low maintenance burden, $1,000/ft for "a Soho loft" seems low, right? But we are not talking prime Soho here. The building is nearly at the corner of Canal Street, which is a very gritty (hard) border with not-the-most-charming-part-of-Tribeca. Lots of car traffic zigging north from where Chruch Street "T"s into Canal; pain in the butt to get in front of 16 Greene by car or taxi, having to come from Canal Street....
in the Manhattan Loft Guy way-back machine
Astute readers will recall that I have hit this building before. Way back in March I posted about #4S in a post titled "16 Greene Price drops but still crowded", but took that content down in The Purge of April 9. From the archives, here is what that post said:
edging towards $1,000/ft
When I hit #4S at 16 Greene Street on January 22 as a new listing (new at 16 Greene Street is classic but may be crowded), they were asking $1.55mm but not even estimating a size. Now they have the size as "1,400 sq ft" and a new price as of Monday: $1.495mm. I suppose that gets them on the radar of someone with a Manhattan loft hard upper limit of $1.5mm, but I wonder if this change really broadens the appeal....
layout + other challenges
The layout is still challenging (1 bedroom + 1 bath + office); the footprint is still Long-and-Narrow with 17 feet as the widest Narrow and only 2 windows front and 2 in back; it is still oh-so-near the magnet for car horns that is the intersection of Greene and Canal; it still has that nicely blinged kitchen; it is still in a very handsome classic Soho loft building; and it still has a very low maintenance ($795/mo; did I have it wrong originally as $712, or has it gone up??).
Open House Sunday March 30 from 2 to 3:30 PM
The link to the earlier January 22 post should still work, in which I hit #4S when it was new to market.
That's what you can get in Soho for $1,000 a foot.
© Sandy Mattingly 2008
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