38 Warren finds agent + contract : Manhattan Loft Guy

Manhattan Loft Guy

Nov. 28, 2007 - 38 Warren finds agent + contract

FSBO week continues….
Unit 8A at 38 Warren Street (The Keystone Building) is in contract as of this week, after only 4 weeks of marketing by Paddington Zwigard and Beth Hirsch of BHS. They were asking $1.55mm and $1,393/mo (condo) for "1,248 sq ft" and I hit it for an open house review November 2 (snarking: "that is "sun-drenched" and "light filled" and "airy" and "open" (get it??)"), as "new this week".

Which it was, kinda.

I overlooked the fact that the owner had been trying to sell it through the NY Times website beginning October 1. Interesting that the owner's price was $1.595mm (and he was apparently willing to pay a buyer's agent 3%) but agreed to reduce the price $40k when he listed with BHS.

building history
This condo was developed in 2002, when four buildings were combined and four stories were added. The project was billed as having "affordable penthouses" for post-9/11 Tribeca, according to the Real Estate Weekly in April 2002:

At The Keystone Building, a 1,248-SF, 2-bedroom, 2-bath penthouse with a 648-SF private rooftop terrace can be had for $ 1.175 million. A 1,955-SF, 2-bedroom, 2-bath penthouse with a 1,001-SF private rooftop terrace is listed at $1.895 million.

what a difference a terrace makes
The interesting thing here is that the sixth floor units have roof terraces, since that is the part of the building that was put on top of the old buildings. The penthouses are on the (top) ninth floor, which also have terraces.

The last sale I see was #6C about town weeks ago, $2,687,500 for "1,850 sq ft" and two "large" planted terraces.

#9B was briefly on the market this spring without selling, asking $2.895mm for "1,950 sq ft" plus "700 sq ft" of (upstairs) private roof terrace. City records show #9A sold for $1.9mm in June 2006, but I can't see a listing for that sale in our inter-firm data base. Presumably that is the same interior footprint as #8A at "1,248 sq ft" but also had private roof space upstairs. (Presumably.) Presumably, that private roof terrace accounts for the premium between the prices for #8A and #9A. (Presumably.)

The last sales of units without terraces were 2+ years ago, #3B in July 2005 at the $2mm asking price (for "2,162 sq ft") and #2C in April 2005 at $1.975mm (for "2,815 sq ft"). Granted, these are more than two years old, but they reflect low-floor values then, without terraces.

The current #8A contract reflects current high-floor-no-terrace values.

© Sandy Mattingly 2007

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Nov. 12, 2009 - RE: 38 Warren finds agent + contract

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