Mar. 11, 2010 - serial renovaters / selling 45 Crosby Street to buy 18 Desbrosses Street

they've got the bug
In doing (now frequent!) updates on the Master List of Manhattan Loft Closings, I sometimes notice that the same people who have sold one loft have just bought another. Not that I am stalking these people, just that the names ring a bell if the two transactions are close enough together.

It happened this morning when I noted the recent buyers of the "Artist’s Classic Loft brimming with potential" that is 4th floor at 18 Desbrosses Street (aka 463 Greenwich Street) are the sellers of the very successful renovation that I hit in my post on March 9,  45 Crosby races to contract above ask / could it be a million dollar renovation?  It looks as though they are about to embark on yet another major Manhattan loft renovation, using some money they did not expect to get when their old loft sold above ask.

how much renovating can you do for $115,000?
You should go back to that March 9 post to see how nice a job they did in renovating the Manhattan loft #7S at 45 Crosby Street. In summary, they started with "unbelievable" light and "gorgeous" views, then added some things (kitchen, baths, a steel-and-glass third "bedroom") and changed others:

the old ceiling has been covered, recessed lighting added, much brick has been covered with built-ins, and that the loft has been completely flipped (the current master bedroom is in the back, where the old living room had been).

Along with general market appreciation between their purchase in 2004 and sale this year, that renovation contributed to an increase in value from $1.6mm (2004) to $2.765mm (February 25, 2010). I am sure they did not pay a million bucks for the renovation, and not all of the 'added' value is from the renovation, but I am sure they took more dollars out because of the renovation than it cost them to do the renovation. And they took out more than they anticipated, since they sold above their asking price (and found a buyer and contract in 19 days!).

how much renovating will they do to a classic artist's loft?
I may have to wait another six years before they sell their new loft on the 4th floor at 18 Desbrosses Street to see what kind of renovation they do, but they are starting there with not much more than "[g]ood light, great bones and inherent warmth", and nearly the same size space they sold on Crosby Street ("2,215 sq ft" now; #2,350 sq ft" then). They've fixed up this shape before, as both lofts are Long-and-Narrow, with the significant difference being that 45 Crosby Street had 3 windows on the south (Long) side.

The new loft at 18 Desbrosses Street has no side windows, 3 in front and 4 in back, in a configuration that suggests a total gut job: the 4 back windows are in a bathroom and the open kitchen. Assuming the risers are there, I expect they will slide the kitchen up the west (Long) wall and (probably) that bathroom up the east (Long) wall to get 2 real bedrooms in the back, with the master capturing that east bathroom in the master suite.

east side, west side
These folks are moving from a beautifully renovated loft with great light and views on the east edge of Soho to a build-your-dream loft on the northern edge of western Tribeca. They got out of Soho at $1,176/ft ($2.765mm) and into Tribeca at $812/ft ($1.8mm), moving nearly due west while crossing the angled Canal Street. The contract to sell 45 Crosby looks like it was effective a full week after the contract to buy at 18 Desbrosses; that took some nerve. Maintenance will be nearly $1,000/month higher in the new place. I wonder why they did it.

© Sandy Mattingly 2010