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Apr. 15, 2009 - a tale of 2 Sohos, or 2 tales of Soho at $900/ft?


one tale: prime Soho bring-your-architect sells quickly at full ask -- PDQ, considering
The Manhattan loft #5E at 362 West Broadway was marketed as a true project for real loft lovers ("original loft space"; "bring your architect"; "create your dream home") so you must assume that this "1,100 sq ft" space was not meant to be lived in (by the buyer, at least) until some serious money had been spent in renovation / upgrade / gutting. Evidently, The Market thinks that such an opportunity in prime Soho (between Grand and Broome on Soho's 'main street') is worth $900/ft, as this loft closed at the full asking price of $999,000 on March 16. The sale did not take very long, all things considered in the modern world, as it started on October 27 and found a contract by January 14.

Perhaps it found someone who just had to be on West Broadway. Assume also that this someone had $250k or so in cash to pay the architect and create the dream. If so, they'd be all in at just over $1,100/ft for a central Soho loft.

another tale: completed gut renovation, still asking
The second loft will remain anonymous, as it is still on the market -- after quite some time: it has been for sale for nearly all of the last two years. It will probably be a poster child for 'chasing the market' down when (if??) it ever does sell.
 
I will describe it below, but the main point here is about pricing. It has had five prices and two firms over its two year odyssey and is now priced right around $900/ft -- down a third since it started.
 
Both are coops, in relatively small buildings. In very specific contrast to the 362 West Broadway loft above, this one looks to be a beautiful and complete renovation. I won't get into the proper proper names and some of the special features (as that might blow its cover), but take it from me that it should strike most buyers as a high-end job. It is rather larger than the other loft (they really did not compete for the same buyer pool), and it is not quite as centrally located as "Main Street', above, but it ain't in the Soho fringes either.
 
The different treatment of the two Manhattan lofts by the current (oh-so-cold, oh-so-impersonal) Market leaves me scratching my head. It probably has as much to do with the thin market as it does with specific a buyer on West Broadway who had the dream, the architect and the cash to make that relatively cozy space an ideal home.
 

© Sandy Mattingly 2009
 
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Apr. 16, 2009 - RE: a tale of 2 Sohos, or 2 tales of Soho at $900/ft?

Posted by jess

if the second loft is the one i'm thinking of... it's the cruved walls and odd room proportions that were the dealbreakers for me. 

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Apr. 17, 2009 - RE: a tale of 2 Sohos, or 2 tales of Soho at $900/ft?

Posted by Sandy Mattingly

Jess, Jess, Jess -- So, you're saying that a 2d BR 3x as long as it is wide has an "odd proportion"?? *That* is a room that puts the "long" and the "narrow" into Long and Narrow!

I get it that some of the walls are in unusual places, but it is still is a head-scratcher for me at this price (esp compared to 362 W Bway). Spend a few bucks ($25k?) to re-size that bedroom and eliminate the den and the proportions could work a lot better....

Nice catch! THX for playing.

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Apr. 17, 2009 - RE: a tale of 2 Sohos, or 2 tales of Soho at $900/ft?

Posted by jess

it's always fun playing, sandy!  

i took a look @ comps for the building... with the exception of 1 anomaly, previous trades in presumably the same line in the 2004-2005 time frame have been 20% less than the current asking.  wonder if these sellers will just barely break even when all is said and done. 

also, imo, master bath is a little quirky.  i would have designed it quite differently.  and the "up and down" of the kitchen would be awful for a klutz like me. 

looking forward to the next "guess this loft"!

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