Feb. 21, 2008 - new at 16 Hudson / once more into the breach (but higher)
[update 12.4.08: I have restored this post (below), as the reasons for having removed it in April no longer obtain]
[ The original post:]
#4B at 16 Hudson Street is new to the Manhattan loft market today, at a rather different price point (and condition?) than other units in the building I have discussed.
got green?
This one is smaller than the other two units, at “1,500 sq ft” but has a north orientation that – even from the 4th floor just above Chambers Street – offers Chrysler and Met Life views (with 10 windows). This one looks to be a fairly high-end renovation, with wide-plank mahogany floors, built-ins, a kitchen that is the “epitome of 21sdt century chic”, with stainless + stone + top appliances + tile, French doors and at least one “gorgeous’ bathroom. (The green tile kitchen startled me; I assume that will be a love-it-or-hate it feature.)
The layout is a bit of a corner triangle, with bedrooms, office and master bath along the long side. The master bedroom windows (at least) are fully doubled, with an interior set with wood frames, which should reduce or eliminate any noise issues along this heavily trafficked block.
premium pricing
#4B is offered through Tamir Shemesh of PruDE at $2.15mm and $1,979/mo, a healthy $1,400/ft. The “magnificent” views and the 21st century finishes may justify that; other units have sold at lower levels.
#3A vs. #3C score, still pending
I hit the ‘sibling rivalry’ between #3A and #3C on November 29 (16 Hudson contract / 3A beats 3C?), in which I laid out their respective listing histories to that point:
#3C was asking $2.175mm and $1,891/mo for "2,000 sq ft" that had been on the market since November last year (starting at $2.295mm). It had a rough as well as long history, with one aborted accepted offer and one aborted contract, before landing in July to the contract that closed on September 18 at $2,087,500.
#3A (“1,860 sq ft”) had just gone into contract, but had not yet closed:
If the #3A sellers did not know #3C's contract price when they came to market in early September for $2.495mm, they should have found out soon after the September 18 closing. Then it was four weeks before they dropped the price for #3A to $2.395mm, then another four weeks before dropping to $2.325mm, and then two more weeks before having a contract signed.
(It still hasn’t closed; what’s up??)
The finishes at #3A may be comparable to #4B (cook’s kitchen, custom millwork and built-ins), but the larger footprint is not as efficient and (to me) lacks the ‘flow’ of #4B (none of the 3 bedrooms are very large; the largest is far from the bathrooms). The 3rd floor park and city views probably don’t compare to the “magnificent” 4th floor views that include icons.
The #4B owner and agent presumably know the contact price for #3A, but the last asking price for that November contract was ‘only’ about $1,250/ft. [Update 12.4.08: #3A had a deed filed at $2,109,750 on March 5 -- $1,134/ft ; #4B's deed was filed on September 16 for $1.775MM -- $1,183/ft]
© Sandy Mattingly 2008
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Comments (3) :: Post A Comment! :: Permanent Link
View more entries tagged with: Hudson, Chrysler, Met Life, Views, Renovation, Comps
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Feb. 21, 2008 - RE: new at 16 Hudson / once more into the breach (but higher) |
| Posted by Lofty Expectations |
What ever happen to the PH Loft at 284 5th Ave? I saw it twice, but it was way overpriced, now it is listed as not available on StreetEasy.
Thanks |
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Feb. 21, 2008 - RE: new at 16 Hudson / once more into the breach (but higher) |
| Posted by Sandy Mattingly |
Mr/s. Expectations - Looks as though the developer of the 284 Fifth PH gave up (for now) after not getting the (any?) price. It shows as officially Permanently Off The Market as of Feb 1, after dropping from $3.25mm to $2.995mm to $2.795mm from September to October. There was supposedly a contract out 6 weeks ago, then it came back a week later. Then … poof on Feb 1.
Great space in a tough nabe in a difficult building. Agree? Disagree??
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Feb. 21, 2008 - RE: new at 16 Hudson / once more into the breach (but higher) |
| Posted by Lofty Expectations |
As I saw the place twice, my opinions:
1) Hood not so great, kind of in no man's land
2) Building lobby not visually appealing at all, no doorman or services, super high maintenance
3) Apt. layout not so great...master bed is small with one medium sized closet, and even though the kitchen was nice and new, the oven was tiny and was not really built for cooking
4) Outdoor space was great, but inside was a generous 1,400 sf (broker said closer to 1,800, but she was on crack)
So, overall this place would need to be in the $1.9mm area to make sense, given the high $5k maintenance
My guess is that the buyer could not get a mortgage as the appraisal came in WAY low
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on matters of interest to Manhattan coop or condo loft apartment dwellers, buyers, sellers, and others, especially about New York City real estate
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