356 Broadway penthouse in NY Post Just Sold / the back story : Manhattan Loft Guy

Manhattan Loft Guy

Aug. 26, 2007 - 356 Broadway penthouse in NY Post Just Sold / the back story

triplexes are so awkward

Yesterday’s NY Post RE section’s Just Sold feature includes 356 Broadway #PH-5C (sold at $2.145mm in “four weeks”), described as follows:

Two-bedroom, three-bath penthouse condo, 2,200 square feet, with double-height living room with 18-foot ceilings, formal dining room with wood-burning fireplace, gourmet kitchen, lofted area with full bath that could be used as third bedroom, washer/dryer, dressing room in master bedroom, video security, 600-foot planted terrace and western exposure. Building is pet-friendly. Common charges $1,045, taxes $677. Asking price $2,199,000, on market four weeks.

That’s less than $1,000 per foot for a Tribeca condo loft without taking into account the 600 sq ft terrace. Sounds like a steal, right? There are some “howevers” to contend with….

not loft-y in loft building

356 Broadway is a legitimate loft building, but the apartments strike me as very un-loft-like. The hint about this in the description above is the “double-height living room with 18-foot ceilings”; in other words the regular height of the ceilings in the bedrooms, the dining room, the kitchen) is a not-so-lofty 9 feet.

that awkward layout

This three level unit (a detail omitted by the Post) has about 1,000 sq ft on the lower (fifth) floor (with windows only on one narrow side, over Broadway), less on the middle (sixth) floor where there are two bedrooms and one bath, and one den or bedroom (apparently not master bedroom material) on the roof level with a bathroom and that “600 sq ft” terrace. One bedroom on the middle level has both windows to the street and interior French windows onto the double-height living room; the other “bedroom” n this level has only French windows over the living room.

Clever that the interior pix still in our inter-firm data-base are all of the double-height space. (Presumably, these were the official listing photos. Unfortunately, BHS takes down the web listings after deals close, so the official listing is now hidden.)

sold in 4 weeks? (not so fast)

I am not sure what standards the Post uses for its days on market number, but I can’t see any reasonable metric that results in a 4 week sale for this unit. It closed five weeks after a contract was signed. The contract was signed ten weeks after it was first offered by Susan Green and Wendy Maitland of Corcoran (who then moved to BHS). By which point it has been marketed for ten months by Paddington Zwigard of BHS (starting at $2.3mm).

That’s 14 weeks from last sales price change to contract, or nearly 14 months from first offering.

Details can be so messy….

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Nov. 12, 2009 - RE: 356 Broadway penthouse in NY Post Just Sold / the back story

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