Sep. 27, 2008 - flipper flips 225 Fifth Avenue #5P quickly, poorly
seemed like a good idea at the time
The Grand Madison is, of course, not on Madison Avenue -- that would be too obvious, right? At Fifth Avenue at the northeast corner of 26 Street, this condo at the corner of Madison Square Park was converted to lofts (as either "a" or "the" gift building, I think it had mostly been showrooms) with first sales in early 2007. Unit #5P sold for $965k in the first offering (a "1,024 sq ft" 1 bedroom; part of the last web marketing survives on StreetEasy here), with that deed filed February 14, 2007. That original buyer did not wait too long to flip, selling (profitably, clearly) for $1.245mm with a deed filed May 1, 2008.
one of those eight million stories
That buyer immediately put it back on the market (OK, not the next day, but on May 9), suggesting that something happened in his/her life after signing the contract to buy in March 5. With only one set of transfer taxes to pay, that May-buyer-and-May-seller stood a (small) chance of making a (small) profit, with an asking price of $1.335mm. They dropped to $1.299mm after a month and had a contract for $1.315mm by June 30 (and closed August 19, as now appears in city records) -- so that went pretty quickly above the (reduced) asking price. But I wonder what changed to cause such a quick and dicey buy+sell.
how far does $70k go?
Not far enough. Out of that $70k "profit", take off as round numbers $24k (1.825%) for city and state transfer taxes and -- if the commission was 'only' 5% on the sale -- another $65k. Oops ... that puts this flipped flip about $20k in the hole before getting to miscellaneous costs like attorneys. They never liked living there (they owned for 8 days before trying to sell), but they did get out from under. Hope they are happy with that.
© Sandy Mattingly 2008
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Jul. 1, 2008 - 116 West 14 Street closes at very old price / why so long?
recycled listing, very successful marketing
I hit on the Manhattan loft 2d floor at 116 West 14 Street when it was not-really-new-but-recycled to market at the beginning of the year (January 26, ‘new’ at 116 West 14 Street is recycled, green, pumped
). It closed recently, with a deed filed June 16 for $4.75mm.
I still think that January 26 has interesting commentary, but here's the punchline: it came
to
market originally in June 2007 (taking only 6 weeks off the market before
switching
firms in January 2008) for $4mm. That original firm offered it at two higher prices ($4.5mm after one week in June, then up to $4.75 in July), then
Stribling
had it at $5mm from January until the contract was signed in 4 weeks.
The
Stribling
marketing was beautiful (you can see some of it on this
StreetEasy link
), but it is weird that The Market did not reward the first firm with a contract off of $4mm, $4.5mm or $4.75mm yet
Stribling
got $4.75mm (quickly!) while asking $5mm.... This looks like a beautiful renovation, indeed, but the living room overlooks 14
th
Street from the second floor.
Props to Sean Turner and Michelle Della
Peruta
at
Stribling
.
© Sandy Mattingly 2008
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Jun. 17, 2008 - another Broadway odyssey / 710 Broadway (finally) closes
toddler no more
When I hit the Manhattan loft on the 2d floor at 710 Broadway in January, it was in its toddler stage, having passed its listing-birthday in December (Jan 9, 710 Broadway is slimmer after holiday break). Property Shark (but not StreetEasy) reveals the information that a deed was filed transferring this loft on June 5, for $2mm.
As I said in January about it's history
It took only 2 weeks off the market over the break of the year but is back today [January 9], at the slightly reduced price of $2.195mm. (It started at $2.5mm in December 2006, changed firms in March and has been at $2.295mm since April, with a long summer vacation off the market.)
negotiable, indeed
Thus, the sellers were rather negotiable off of the $2.295mm asking price, with a deal struck at $2mm even (how low did the bidding start??). If the quoted size is accurate, that is $816/ft.
I noted in January that the layout was both quirky and challenging:
This “2,450 sq ft” space is relatively narrow at 21.5 feet, with the classic three windows in front (over Broadway) and in back; it is also tall enough (at 14 feet) to have a mezzanine over the kitchen and bathrooms with 2 sleep loft / office spaces. The footprint is challenging, so narrow that the 2d “bedroom” in the back is only 7.5 feet wide, with a long ‘dressing room’ between it and the window. The plumbing is in the middle of the loft, so the bathrooms are back-to-back and a long way from the bedroom.
There are no pictures of the kitchen or baths (and no bragging unless you count “jacuzzi”), which is consistent with my recollection that these elements are pretty dated.
"Quirky" may limit the market of potential buyers (fewer people appreciate your quirks), but "challenging" definitely limits the market. The result (at this location) is a clearing price wll below average for a Manhattan loft.
long, but not that long
This is the second recently completed odyssey on this block. 714 Broadway #4 took more than two years, as I noted in an April 30 post, O - d - y - s - s - e - y ends at 714 Broadway with 4th floor closing. (Irritating fact out of the Manhattan Real Estate Industrial Complex is that that coop sale -- for which a deed was filed almost 3 months ago -- does not yet have a publicly available sales price that I can find.)
© Sandy Mattingly 2008
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Apr. 30, 2008 - O - d - y - s - s - e - y ends at 714 Broadway with 4th floor closing
not 10 years, but 2 counts for something
In the entire long history of 714 Broadway #4 it is surprising that I have only hit it once before February, in a Manhattan loft open house review on October 26 (Broadway from Houston to Grace / 4 Sunday open houses). How long a history?
New to market in September 2006 (at $2.1) with a contract signing (December) and Board approval (February), then some unspecified disaster, as it was back on the market in September (at the vastly improved price of $2.5mm), then a price drop in November ($2.4mm) and another in January $2.35mm), then … finally … a(nother) contract signed as of February (that contract generated a since-removed post on Feb 12, "the middle of the end of a long history?") and then -- yes -- a closing (not yet reflected in city records). Whew! (Maintenance is $2,649/ft, commensurate with a no-amenities loft building.) What a long strange trip it had been..
As I said in February (and can now repeat, as it is no longer an active listing of another agent), in October it was marketed as having "3,050 sq ft" of "tremendous potential", with just 1 bathroom and a very Long-and-Narrow footprint. (Curious … the floor plan shows 2 baths.) More recently, it has been described as “3,100 sq ft” “full of charm”, with windows overlooking Washington Square. The web listing is still up, at least as of today.
charm in bricks, pipe and wood
”Charm” is such a personal reaction. I see in the pix the high ceilings (13 feet), exposed brick and pipes, and wide plank floors of many a classic loft. I see virtually nothing of the kitchen or bath(s), implying that this is a “project” – essentially a buy-and-gut job at this price point.
no premiums nearby
I see no sales in this building in nearly five years, since the 9th floor sold in August 2003 off an asking price of $1.55mm (check out picture #2 for an “awww” shot of snowy Washington Place toward the square and #14 for a shot of how an “artist’s” loft earns that name). I have no idea what the trading price was then.
I have hit this block four times since New Year’s, about a new listing at 718 Broadway (on January 30), a contract at 704 Broadway (January 12), a birthday loft at 716 Broadway (January 11) and a price drop at 710 Broadway (January 9). Not a $1,000/ft closing in the bunch….
Of course, to determine if there are any active listings in the building, one can try the building page on Street Easy, here.
© Sandy Mattingly 2008
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Apr. 18, 2008 - quick sale at 244 Madison
The combo loft at #11CDE 244 Madison Avenue joined 3 units but only got "1,650 sq ft" out of it. Better, they got a contract within 3 weeks of coming to market in January and have just closed. (It hit our data base as closed on Wednesday, but I tried to wait for the clearing price to be posted before posting this; nahh -- still not on city records.)
According to the official building website (! -- more on that below), this a former greeting card factory and was converted to a coop in 1984. They count 180 units in the 17-story building. While definitely a Manhattan loft building (prior industrial history, high ceilings), it has relatively small windows in many units and was cut up into very un-loft size units. In the original residential floor plan from 1984, each floor had a single 2 bedroom unit (950 sq ft), five 1 bedrooms, and 6 studios. I guess they figured that The Market in 1984 in this non-residential area would prefer small units to true loft-size spaces.
buy the neighbor
This unit looks as though it had been combined pretty recently, as #11DE was offered for sale for about a year, then was taken off the market 3 years ago. Instead of selling then (they were asking $695k at the end), the #11DE owners bought #11C next door in May 2005 (for $337,500). Three years and one gut renovation later, they got a quick contract while asking $1,000/ft -- a pretty heady price point for this building.
local history
#10H (one of the 950 sq ft 2 bedrooms) sold in February in "newly renovated" condition for $825k. #10A did not sell, when it was on the market the second half of 2007 for $979k (this was said to be 1,000 sq ft and was also newly renovated).
There are four units in contract in the building, none of which appear to have been asking more than $800/ft. There are also a bunch of units for sale, but you'll have to go to StreetEasy or a similar source for information about those. (Sigh.)
Point being, #11CDE looks as though it did pretty well compared to the building's history, but I will update this when I see the clearing price recorded.
244 Madison .com is way cool
The official building website is a treat. Intentional or not, the whole site seems accessible by anyone (some building sites restrict access after the home page to shareholders by passwords). In addition to the building history, managing agent, board and staff info on the Facts page, the building forms are available for everything from the alteration agreement, house rules, the full purchase application -- a terrific service for real estate agents, prospective buyers and shareholders.
No guessing about what the purchase application requirements are -- what a concept!
no-smoking building
Most of the listings I have seen note that dogs are not permitted here. None also notes a restriction typed onto the form of Purchase Application: "No Smoking allowed. This is a smoke-free building". I don't think I can think of another building that is smoke-free (though if there's one, there's more.) I guess ifyou have a tobacco habit you need a strong umbrella to live here.
electric building
I don't see anything in the building documents, but this building is one of the relatively few without gas for cooking. All of the apartments I have been in (a handful) have had electric ranges and ovens -- too many to be a coincidence. Maybe there is an indication of this in the House Rules, but I did not search for that.
© Sandy Mattingly 2008
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Mar. 26, 2008 - having it all gets cheaper at 48 East 13 Street
I have removed the content of this blog post, as it comments about the current listing of another agent. For information about why, check out end of an era for Manhattan Loft Guy / a new day dawns? from April 9.
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Mar. 25, 2008 - 39 East 12 Street has 2 new, with terrace + without, priced accrodingly
I have removed the content of this blog post, as it comments about the current listing of another agent. For information about why, check out end of an era for Manhattan Loft Guy / a new day dawns? from April 9.
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Mar. 7, 2008 - New School tower on Fifth Avenue at 13th Street + 74 Fifth Avenue views
tower that teaches, but blocks
A January post about Manhattan loft #8A at 74 Fifth Avenue triggered a discussion (with links) to the proposed tower the New School (New School University?) wants to build on the east side of Fifth Avenue between 13th and 14th Streets. (January 8, 74 Fifth back on market / ‘potential’ costs money).
exposures from "magnificent" to "missing"
As I noted in a comment response to readers Jess and Lofty,
What is touted at #8A [at 74 Fifth] as the “open exposures [that] are quite magnificent” are mainly the eastern exposures, which “flood[] this unique voluminous space with light all day long”. Maybe not in the morning for so long….
Curbed had a post yesterday about further efforts by the Greenwich Village Society for Historic Preservation to oppose this "350-foot-tall" proposal, with a nice graphic and news of another public meeting at the New School to discuss this next Thursday.
meanwhile, back at 74 Fifth Avenue...
#8A is still on the market at 74 Fifth Avenue, still asking $2.595mm and $2,234/mo for “2,400 sq ft” with the “potential to be a showcase apartment”. As I noted in January, it started listing life in April 2007 at $2.85mm and #10A came to market in that time at $2.95mm. Reader Lofty saw both #8A and #10A and agreed with the thrust of my post "that a steeper discount is going to be required for 8A to move". It may be time to shop for a birthday card for #8A, as the more newsworthy the proposed 350 foot tower across the street becomes, the more skittish buyers will be.
(Weird that I can't find a closing price for #10A in city records, which has been in contract since June and supposedly closed in September, but a reliable source says it was $1.925mm.)
More "A" line news from 74 Fifth: #7A sold in May 2006 for $2.65mm in not only "triple mint" condition, but one featured in Interior Design magazine. (Of course, #8A is offered for its "potential".)
© Sandy Mattingly 2008
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Feb. 19, 2008 - another minimal drop in minimal masterpiece at 8 West 13 Street
I have removed the content of this blog post, as it comments about the current listing of another agent. For information about why, check out end of an era for Manhattan Loft Guy / a new day dawns? from April 9.
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Feb. 14, 2008 - 116 West 14 Street is new, or is it?
I have removed the content of this blog post, as it comments about the current listing of another agent. For information about why, check out end of an era for Manhattan Loft Guy / a new day dawns? from April 9.
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Feb. 6, 2008 - does 48 East 13 Street have 92% of it all?
price drop within 3 weeks
I hit unit 3B at 48 East 13 Street when it was new to market, asking on January 16 48 E 13 new but does it 'have it all'? because the headline was "dramatic triple mint loft has it all”. Being the skeptic that I am, I checked and – in that January 16 post – provided some reasons why this loft might not quite have it “all”.
At that point there was no floor plan no the web (there is now), so I was unsure about the light, especially in the 2d bedroom. Turns out that the 2d bedroom is in the front, so it probably has better light than the master, which is pictured with the shades drawn. (Were the living room pictures taken on a foggy day??)
quick move
Turns out that this loft did not, quite (yet) have it all (unless “all” includes a price drop). They dropped the 3 week old original price of $3.1mm today to $2.85mm, with $2,108/mo for “2,300 sq ft”.
little direct comp info
I touched on the (lack of) building price history in that January 16 post, as well as the quirk that the building behind this one (fronting on 12th Street) seems to be part of the same coop but has very different valuations.
Let’s see if The Market thinks that #3B – with all it has – is correctly priced above $1,250/ft.
open house Sunday, February 10 from 11 - 12:30 PM
© Sandy Mattingly 2008
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Jan. 28, 2008 - minimal drop at minimal beauty / 8 West 13 Street drips
philistines force drip campaign?
I hit #2F at 8 West 13 Street when it was new at $1.5mm for “1,100 sq ft” of “museum quality” (July 9: min to the (small) max / new at 8 W 13; note Reader Jess’s citation to the August 2007 Architectural Digest) and again when the price dropped a second time, from $1.45mm to $1.35mm (December 17: not buying the minimalism (yet) / 8 W 13 drops).
I still have not seen it, but I love the pictures, floor plan and look. On the market for 7 months now, the seller has the painful choice to sit tight and wait for someone who will appreciate the loft, or drop the price. A painful choice. They have dropped three times in three months (November 27 to $1.45mm, December 17 to $1.35mm, January 24 to $1.325mm), so the chair must be getting snug.
what price beauty?
It is difficult to determine the Market Price for such a (yes, I have to use the “u” word) … unique loft. Someone could build another one like it, but they haven’t done that. Until they do, anyone who loves the look here will have to consider squeezing themselves (and a roommate, or not) into 1,100 sq ft.
I am rooting for this one, and watching the way you watch a potential car wreck in slow motion (screech of brakes, but will they hit??). Heart on sleeve, I hope this loft finds a buyer who will love it as is, at/near this price. Any takers?
Anyone care to argue the merits?
© Sandy Mattingly 2008
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Jan. 26, 2008 - ‘new’ at 116 West 14 Street is recycled, green, pumped
center of it all, indeed
The 2d floor at 116 West 14 Street is “new to market” this weekend in the sense that it is a new listing for Sean Turner and Michelle Della Peruta of Stribling. But it was formerly offered through Urban Underground Realty, which we’ll get to in a moment.
They are asking an even $5mm and $3,641/mo (condo) for “3,948 sq ft” (precision implies accuracy, right?). I will quote just a bit of the listing description, but I can’t paraphrase and do justice to the rest so you will need to click through for the details (“[c]ustom built and brand-new, this home is full of luxurious finishes and features great flexibility”).
sponsor unit after 10 years
This is a sponsor unit in a building that was converted to condos 10 years ago. (Had it been rented out? Was a family member living there? Did the sponsor take back commercial space?) (N.B., expect to negotiate over the transfer taxes in a sponsor transaction.) Urban Underground Realty listed this unit in June 2007 at $4mm, then raised the price twice in 6 weeks to $4.5mm and $4.75mm before it was taken off the market just before Christmas.
They won’t be showing until February and will undoubtedly have pix and a floor plan up long before then. Floors 3 through 12 in the building originally had front and rear apartments; this full floor unit is part of the trend to larger “family-sized” spaces, no doubt. Does that justify a premium?
building data is available
I hit on #8A in an open house duel on January 19 (duel at $1.995mm / open houses at 808 Broadway, 55 West 22 Street, 116 West 14 Street, where you should note especially the first hand report from Reader Colgin), where you will see the floor plan for the southern half of the building; you can see the floor plan for the northern half on this Corcoran sale of #8N from last month at $1.995mm.
The very recent sale of “triple mint” #8N at $1.995mm for “2,000 sq ft” is a good indicator of market value in this building of $1,000/ft for a half floor in excellent condition. The sponsor and Stribling agree that the full 2d floor should earn a premium for being twice as big and (probably) in even better condition than the (mere) triple mint in #8N.
premium pricing on low floor
Interesting gambit, no? Especially after having not sold for six months last year at $4mm, $4.5mm and $4.75mm.
One more thing from the listing, perhaps a sign of marketing trends: “Green building materials and finishes make this a beautiful and healthy home.”
© Sandy Mattingly 2008
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Jan. 17, 2008 - 105 East 29 Street drops price
going for it, a bit less
I beat up on the 9th floor at 105 East 29 Street a bit when it came to market (September 23, 2007: 105 E 29 9th fl is new this weekend + going for it) in what I see (in retrospect) is a new-to-market-and-’going-for-it’ series. (Note to self: review these Going For It entries and see how they did, or did not do….)
In that post I discussed a recent sale in the building near this price, a not-so-recent sale at a much lower price, an 11 month For Sale at about this price, and a 15 month For Sale there at a much lower price, and wondered how The Market would react to this “3,000 sq ft” space at $3.75mm and $2,500/mo.
Short story is that they have just dropped the price to $3.495mm.
pix and floor plan help
No surprise that interior pictures and a floor plan have been up on the web for quite some time (though they were not when I first hit it). Two things jump out at me. First, it is a pleasure to see direct pictorial evidence of sunlight on the floor of a loft described as “light-filled”. Second, there are a lot of windows – 19 if I am reading the floor plan right (I count 4 exposures, though the listing says “triple exposures” so maybe I am reading it wrong).
All in all, it is a Long-and-Narrow with a lot of positives: all those windows and exposures, plumbing that extends into the space, and a width that permits good-sized bedrooms in south. Personally, I love the angled walls in the dining / living / master north end.
color on history
I have been given some interesting building history since my September 23 post. As I noted, the 11th floor was for sale for 11 months at $3.8mm without selling. I am told that there were several offers accepted at a high level, but the seller took it off the market after these offers did not result in contracts. So that price history may not be as negative a ‘comp’ for the 9th floor as I first thought.
Regardless, there is a new price for the 9th floor for The Market to chew on. Stay tuned.
© Sandy Mattingly 2008
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Jan. 16, 2008 - 48 E 13 new but does it 'have it all'?
listing says yes
Having just had a conversation with Reader Colgin yesterday about why a particular loft might not have sold (see comments in last weekend’s open house review 8 Sunday open houses $1.8mm - $2mm), I was intrigued by the description and pictures of #3B at 48 East 13 Street, which is new to the market as of yesterday.
They are asking $3.1mm and $2,108/mo for “2,300 sq ft” with this headline "dramatic triple mint loft has it all”, so the listing description starts “Space, Renovation, Location!”
the missing word
Yes, the “St. Charles’s Chef’s kitchen” is full or proper proper names (not to mention, it is huge), as is the master bath. But if you read between the lines and look closely what is shown in the 6 photos (and what is not) you won’t see “light”. Four windows in the living room (one with a large a/c unit on top). Two windows in the master bedroom (both with shades down).
Buyers who visit hoping that there is something out the 3rd floor windows are likely to be disappointed, especially if they consider the bedrooms to be dark.
selling the R word
Buyers will either love or hate being at 13th Street off the corner of University. Unbelievably convenient for mass transit, without the charm of the West Village or the Union Square views of nearby neighbors. Rather convenient to Whole Foods, whose rear sits across 13th Street. So they sell the L word (location) to draw the lovers and not the haters.
Without views or (much?) light, they are selling the interior experience – the “what a great space in which to spend time doing (anything)!”.The kitchen and master bath look not to disappoint, based on the photos and descriptions (I am a sucker for kitchens), and the rest of what is shown looks like a clean renovation. I love the bleached wood floor here (another read-between-the-lines about light?) and the understated lighting features, while the photos suggest a Long-and-Narrow foot print. (Not so Narrow, with a living room 24.5 feet wide; but maybe 90 feet Long.)
what else is missing?
But I can’t tell what the layout is behind the kitchen as there is no floor plan (yet?). If those two master bedroom windows are opposite the living room windows, there must be another window on the same wall back there somewhere for the 2d bedroom, and probably a nice shade on that window. (The 3rd bedroom or home office likely has no window.)
building history has a mystery
I find only one prior sale in the building, in August 2006, when #9C (of unknown size, condition or layout) traded at $3,217,500, apparently without a REBNY firm. So I can’t tell how helpful that sale is as a comp, but I bet this seller and Janet Weiner at Halstead know.
and an oddity
This building is one half of a tax lot, with 35 East 12 Street being the other half. My guess is that the two buildings are part of one coop. (The 12th Street side appears to be a little narrower, but they may even has been built as a single building, with 12th and 13th Street entrances.)
There is a “2,600 sq ft” “full floor” loft there for sale for $4.2mm and $2,616/mo. The 5th floor at 35 East 12 Street has been on the market for 12 weeks and is “filled with sunshine” (what a difference a block makes!). Compared to #3B at 48 East 13 Street, the 5th floor at 35 East 12 Street may just ‘have it all”: Space, Renovation, Location and Light (though #3B is dramatically lower priced).
I wonder how many people have called today asking for a floor plan for #3B….
© Sandy Mattingly 2008
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Jan. 8, 2008 - 74 Fifth back on market / ‘potential’ costs money
yes, location-location-location, but work-work-work
#8A at 74 Fifth Avenue is back on the market this morning at a new and improved price, perhaps getting this bring-your-architect project closer to a buyer. They are now asking $2.595mm and $2,234/mo for “2,400 sq ft” with the “potential to be a showcase apartment”.
Like 57 Bond Street yesterday, this listing took some time off for the holidays (less than 3 weeks in this case) but – unlike 57 Bond – came back at a reduced price. This was first offered last year in April at $2.85mm, before dropping to $2.75mm in September and holding there until mid-December.
The real story here is the reaction of The Market to having to renovate this place, but it will take me a while (below) to explain that story.
many walls to come down
#8A has a terrific corner footprint, with 5 windows east and 4 south. What is interesting to me is that it is marketed as a bring-your-architect, though the space is fully built out and does not look (in the pix) all that badly in need of renovation. But as you toggle between the pictures and the floor plan you begin to understand that the current interior arrangement is both choppy and awkward.
So rather than present this to buyers as potentially in move-in condition, buyers are conditioned by the listing description to ignore the fact that one enters the loft by the kitchen, then walks around the kitchen into the dining room in order to get to the living area or the second or third bedrooms, and then continues going around the kitchen to get to the master bedroom. Then there’s that piece between the dining and living rooms, presumably anchored on a structural column hidden In the wall. Then there’s the number of rooms … I wonder if the space got broken up as the seller’s family grew….
If it had been marketed as a replace-the-kitchen-but-otherwise-move-in-condition loft, nearly everyone would be disappointed by the layout. “Bring your architect” solves that marketing problem, though it has not found the buyer yet.
Recent building history helps to understand that problem.
contrast with #10A
The listing description for #10A is similar to #8A in talking about the views, but it has a very different history and layout. It is likely that #10A’s experience has been very frustrating for #8A.
#10A came to market 2 months after #8A at $2.95mm ($100k more than #8A was at that time) and found a buyer within 3 weeks. (It closed in September, but I can’t find a price through city records, but the velocity suggests close to ask, or more.)
Obviously, #10A and #8A share the same corner footprint. They even share a high number of rooms (#10A is not only 3 bedrooms plus den, but has an office). The only difference I see in the listing descriptions is that #10A was sold as “move-in condition”, though without bragging about any finishes.
same (crowded) footprint, very different floor plans
If the formatting holds, the floor plan for #10A will be here. It looks to me to be the same footprint, though with one additional south window and the entry being in a different place than on the 8th floor (that one is on the PruDE site, as well as here). The flow of the two floor plans is completely different, with the 10th floor kitchen over on the south wall, rather than in the (functional) center of #8A.
wisdom of The Market?
Assuming that #10A got close to the $2.95mm asking price and that it is in move-in condition, #8A may still have a way to go before finding the buyer-with-architect-and-renovation-budget. With “2,400 sq ft” and a ballpark figure for renovation of $200/ft (see December 10 need renovation stories / a reader writes for help; THX again A Maddry!), #8A will be more expensive to buy-and-build at the current price than #10A was to buy.
caveat read-or
Keep in mind that I have not seen either of these lofts, and that the listing description (and pix) for #10A are no longer on Halstead’s site, since it is a closed sale. So things may not be exactly as they seem to me, reading the descriptions and between the lines.
But The reaction of The Market to these two listings – separated by two floors – suggests that I am on the right track here. If so, the #8A sellers made the difficult choice to present their home for sale as though it has to be ripped apart but they may not – yet – have appreciated the dollar value to potential buyers of all that potential. “Potential” ain’t cheap.
#10A implies a deeper discount yet for #8A. Fascinating. Does anyone who has seen one or both of these lofts have a comment??
© Sandy Mattingly 2008
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Dec. 17, 2007 - not buying the minimalism (yet) / 8 W 13 drops
#2F at 8 West 13 Street is a beauty that The Market has yet to appreciate enough to buy (or, that the seller has yet to appreciate that The Market is not as fond of this minimalist masterpiece as he is). They dropped the price a month ago to $1.45mm from $1.5mm and today down to $1.35mm. (The maintenance has gone up from $746/mo to $818/mo in the interim.)
loving the look
I hit it when it was new, essentially in a fan letter (July 9: min to the (small) max / new at 8 W 13), in which reader Jess contributed the name of the “renowned designer” who owns it and the dates of its Architectural Digest features.
major premium for building
As I noted in July, the last sale in the building then was #11F (with “tons more light, clearly”) for $1.1mm in January 2006. #4RW was then in contract (off an asking price of $1.095mm) for what is also said to be “1,100 sq ft”; it closed in August at $991,700.
So far, it is clear, The Market has not been willing to pay a 30+% premium for the low-floor-but-done #2F over the clearing price for #11F. The new price shrinks that premium to only $250k.
This is one of those lofts that earns the clichéd “unique”. With those finishes in a central Village location, I suspect that anyone who sees this place will love it; the question is how much will they love it?
other side of the coin
The entire 9th floor is for sale as a to-be-combined total gut job, as I noted on October 14 when it was so new there was new floor plan on the web (combo job at 8 W 13 needs answers). Now there is a floor plan for Unit "9FRW", so you can at least see where the plumbing risers are. They are asking $2.495mm for this one (maintenance was $1,505/mo but may have changed) for what should be about 2,200 sq ft.
#9FRW and #2F will attract different buyers because they are different sizes, of course, but a rational market should avoid paying over $1,100 a foot for the opportunity to spend another $200/ft (my new ballpark number for a decent gut renovation, as discussed in my December 10 post need renovation stories / a reader writes for help) to renovate #9FRW when the lovely #2F is available at only $1,268/ft.
Stay tuned.
© Sandy Mattingly 2007
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Nov. 24, 2007 - quick contract at 120 East 29 Street
$1.995mm and $2,168/mo (condo) for "1,780 sq ft" plus balcony in a 2004 conversion with a nearly Long-and-Narrow layout with all the windows on the long south wall, set up as 3 bedrooms, 2 baths, with the kitchen at the entry
Sotheby's Mara Flash Blum described it as a "fabulous find at a fabulous price". the Market evidently agreed.
seller + agent + Market Price = contract
It surely is not easy for the seller to set a price that will actually get a loft sold quickly, in this (or nearly every) Market. It takes the combination of good advice from the agent and motivation from the seller. From the outside, it is impossible to tell what the 'breakdown' is when a loft listing suffers the ignominy of a birthday - a stubborn owner who is only a reluctant 'seller', advice from an agent that turns out to be wrong, or simply a change in The Market's 'appreciation' for a loft that (based on sales data) should sell at a given price.
Kudos to the seller here, and to Mara, for getting it done.
© Sandy Mattingly 2007
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Nov. 7, 2007 - another quick contract at 720 Greenwich
The Towers earn an impressive premium
Two weeks ago I posted about #6D at 720 Greenwich Street, as it went into contract within about three weeks of being listed (Oct 24: quick contract, long history of appreciation at 720 Greenwich).
That experience has been repeated in the building at #1J, which came to market in October 18 and is in contract as of this morning. Asking $1.45mm and $1,200/mo for "1,200 sq ft" (partially duplexed) with 18 foot vaulted ceilings and renovated kitchen. As with #6D mentioned two weeks ago, this seller must be very appreciative of the appreciation.
freshly minted?
Presumably, the chef's kitchen and the "new" oak floors in #1J were added since this unit sold last - 19 months ago for $985k.
Presumably, the new contract price is at or near the ask, as an offer was accepted within a week, then it took a week to update as Contract Out, and until yesterday to update as In Contract. Nice work by Mary Combs and Suzanne Brose of Custom Brokers.
one of these little lofts left
Unit 4V is the only one of five still available for sale, as #1B and #3N both have contracts out. #4V Is on the market six weeks, asking $950k and $1,101/mo for "800 sq ft" that have been "meticulously renovated". Open Houses Thursday 5:30 to 7 PM and Sunday noon to 1:30.
Richard Meier effect?
No offense intended, but this building does not strike me as a premium building. It was converted 20 years ago to a coop (from a warehouse?) and all the units are small - especially for lofts. The part-time doorman must have been a real plus when the building was freshly converted, and is a significant plus now (for people who like that sort of thing).
But I have to believe that the values have increased so much in an only OK coop building because of Richard Meier's three buildings just to the west, and the impact those ridiculously uber developments have had on values.
© Sandy Mattingly 2007
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Nov. 5, 2007 - new at 43 Clarkson / bring your shoes
if at first you don't succeed, wait a year
#3C at 43 Clarkson Street is new to the market today, asking $2.695mm and $2,284/mo (condo) for "2,200 sq ft" that includes a custom shoe closet.
This loft had been offered for sale from May 2005 to at least March 2006 at from $2.5mm to $2.2mm, with one contract signed but no sale. I don't know if the unit has been upgraded from that sales effort to this one, but I did not see any building permits for this unit.
The layout is essentially Long-and-Narrow, with the master bedroom and living area at the wider narrow end with 6 arched mahogany windows (west, overlooking Greenwich Street?), with the second bedroom on the opposite narrow wall, with two windows. Plumbing is on both long sides. Can't tell from the floor plan which closet is custom-designed for shoes, but the storage looks challenging (one closet in the master is through the bath). I am pretty sure this is the first "luxury" kitchen I have seen with corian counters.
West Village grit, not charm
This stretch of Clarkson (at Greenwich) is a bit desolate and gritty - definitely not part of the old West Village residential area. There are garages in both corners across Greenwich and a commercial building across Clarkson. There's a 6-story factory building just to the east on Clarkson, so don't expect much light in that second bedroom.
This block probably feels more like the greater-Trump-Soho-Ear-Inn-"Soho" area than it does the West Village.
© Sandy Mattingly 2007
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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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