Dec. 12, 2008 - more unintended consequences in petri dish of Tribeca neighbors

can you stir the pot in a petri dish?
I hit a Tribeca building with 3 active Manhattan loft sale listings on December 8 (selling the neighbor's loft / unintended consequences in a Tribeca petri dish?), another in my occasional neighborly competition thread (such as November 30: neighborly competition leads to neighborly mistakes? the laboratory at 24 East 22 Street). To continue to fracture metaphors, the plot thickens ... as a 4th unit is now for sale, with possibly interesting consequences for the neighbors.

That earlier post dealt with lofts listed at these approximate dollars/ft prices, all of which were functionally similar in size and layout, and which appear to be roughly equivalent in level of finishes: Loft 1 is now asking about $1,400/ft; Loft 2 is in contract off $1,200/ft; and Loft 3 was the newest at about $1,330/ft.

snark about wishing
My somewhat snarky comment to conclude that post was (the bold is added today):

going outdoors as a wisher or a seller?

The newest listing in the building is -- again -- roughly equivalent in size and layout (OK, a tad smaller) and likely equivalent to the neighbors in level of finishes and condition. The huge plus to this listing is a rather large outdoor space. There are some buyers who are unimpressed with outdoor space, but most will consider it a major plus factor, likely vaulting this listing to the top of the class in the building's (friendly??) competition. If so, one question is whether that class (building) is in the right price range. The other question is ....

what will the neighbors think?

I have updated the table from the December 8 post to include the new competition:

If I am the sellers of Loft 1 (priced only $30/ft below a neighbor with a terrace) or Loft 3 (priced $100/ft below a neighbor with a terrace) I would be worried that my listing will help sell Loft 4 to anyone who (all other things being equal) would prefer outdoor space (i.e., most buyers) -- especially after I have to wonder if I have already made it easier for my neighbor in Loft 2 to find a contract. Let's see if they counter this new Manhattan loft competition, or if The Market responds to any of these three opportunities at these price points.

© Sandy Mattingly 2008  

Dec. 13, 2008 - RE: more unintended consequences in petri dish of Tribeca neighbors

hi sandy - i know this one, too!  i figured it out when i saw the outdoor space listing pop up this week.  i actually know the building, as friends live there.  love the nabe, but the building itself is not that great, compared to some of its (same street) neighbors. 

Dec. 14, 2008 - RE: more unintended consequences in petri dish of Tribeca neighbors

JESS  --  Assuming that your friends are not among the sellers here, I'd be very curious to hear their assessment of relative values. Seems to me that there's a lot for sale here.

I agree that other buildings on this block are nicer. BTW, I *hate* the name of this building!

Dec. 15, 2008 - RE: more unintended consequences in petri dish of Tribeca neighbors

hi anon,

they are not the most impartial party - they are not the sellers, but let's just say the purchased in the past few years during a bidding war. 

agree with you on the name; also i think the "feel" of the lobby is quite... lacking.  nonetheless, it's a nice tribeca location. 

Feb. 12, 2009 - RE: more unintended consequences in petri dish of Tribeca neighbors

hi sandy - outdoor listing is in contract.