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Manhattan Loft Guy

New York, New York

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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Manhattan Loft Guy

did a jazz fan or a muppet maniac buy Mingus's place at 5 Great Jones Street?

Aug. 11, 2009
Categorized in: loft neighborhoods / NoHo
The Manhattan loft #2 at 5 Great Jones Street was marketed for its character ("authentic artist" loft, 14 foot tin ceilings) and its provenance ("[o]nce the home of Jazz great Charles Mingus and the creator of Big Bird Kermit Love"). At "2,300 sq ft" on a

attack of the Killer Comp (when 2005 pricing does not help)

Jul. 29, 2009
Categorized in: Market Trends
There's a pretty big Manhattan loft in a Chelsea corner that has been patient at an asking price around $1,100/ft for 3 months, which is just slightly less than the loft sold for in 2005. Ouch. It is a lovely loft, full of mints and proper proper names, w

didn't build it, but they came to 21 Bond Street at $692/ft

Jul. 28, 2009
Categorized in: loft neighborhoods / NoHo
The Manhattan loft #3 at 21 Bond Street was sold this month (July 17, deed filed last Friday) in "bring your imagination" condition (no interior pix), and suggests that the limitation of a buyer needing 'extra' cash to fund a renovation -- like many -- ca

if you don't build it will they come? buy + build opportunity

Jul. 27, 2009
There's a Manhattan loft (fairly) newly for sale that caught my eye as a potential test of one of the limits that is more limiting in the current market than in prior markets: selling a space that will need substantial (if not gut) renovation. With mortga

big loft, big roof / 43 East 19 Street penthouse closes under $4mm for (maybe) 4,100 sq ft + 2,050 sq ft terrace

Jul. 26, 2009
The Manhattan loft #8 at 43 East 19 Street is a lot of loft: "4,100 gross SF per floor" plus a huge terrace (half the size of a full floor, at "2,050 sq ft"). The listing description emphasizes volume over finishes, while noting "wonderful original detail

29 East 22 Street closes but is the calendar off?

Jul. 22, 2009
Categorized in: Market Trends
Let's try something new for Manhattan Loft Guy. I give you two sales of same-size lofts in the same building, with condensed descriptions and listing histories, and you guess which one is from 2009 and which one is from 2005. Both are said to be "1,600 sq

courage is rewarded / 161 West 15 Street sells in the sweet spot of a cold market

Jul. 21, 2009
How's this for getting it right? The Manhattan loft #2A at 161 West 15 Street came to market on January 16 and found a contract in 32 days (it closed May 12 but took a long time to be public; the price is still missing on StreetEasy and can be found on Pr

100 Reade Street sale is straight out of 2005 while wishing for 2008

Jul. 19, 2009
The first Manhattan loft is #5A at 100 Reade Street, which came to market in August 2008 (immediately pre-Lehman, for those who need that reminder) at $1.95mm and changed firms and prices (trying $1.8mm, $1.75mm, $1,7mm, $1.65mm) before finding a contract

what a difference a year (and a view) makes, as 161 Grand Street closes

Jun. 29, 2009
Categorized in: loft neighborhoods / NoHo
The Manhattan loft #4B at 161 Grand Street closed last week for $1.71mm after a relatively brief (successful) campaign. This "1,831 sq ft" "beautiful and spacious" loft was marketed as being in "move-in" condition -- a relatively modest description for a

price drop can re-set expectations IF low enough

Jun. 15, 2009
There's a Manhattan loft newly returned to market in a brand-name Tribeca building that has been for sale for quite a while. It is now on its third firm and fourth price. It is hard to see that the new firm and new price will have more luck than the last

neighborly competition / laggard at 144 West 18 Street closes off 15% since December

Jun. 11, 2009
Two Manhattan lofts at 144 West 18 Street (known, not poetically, as the Chainworks Building) closed 6 months apart. You won't be surprised to learn that the one that closed 6 months ago (#4N) closed higher than the one that closed last month (#3N), thoug

ending up where they started / $4mm closing at 99 Jane

Jun. 9, 2009
The Market just proved that the Manhattan loft #10A at 99 Jane Street is worth $4mm, as that is the clearing price just now publicly available from the May 30 closing. That strikes me as at least a bit odd, as this loft started to market a year ago at tha

at 260 Park Avenue South 2006 = 2009

May. 8, 2009
The Manhattan loft #4-I at 260 Park Avenue South sold in March $2,000 lower than these sellers paid in July 2006.

pretty efficient (depressed) market at 505 Greenwich Street as both 6F and 7F sell, off 25%

May. 6, 2009
Categorized in: Market Trends
Here's another take on the theme of my neighborly competition thread: two all-but-identical Manhattan lofts at 505 Greenwich Street had overlapping marketing histories, prices and success, suggesting that even in this thin market The Market can be relativ

price of 'museum quality' in Noho = $1,000/ft / 644 Broadway closes quickly

Apr. 27, 2009
Categorized in: loft neighborhoods / NoHo
In the (entirely fictional) Manual of Style for real estate agents, the phrase "museum quality" is used because (I guess) "quadruple mint" just does not zing. (The fact that few people actually want to live in a museum may mean it is used ironically, but

flipping over a kitchen?

Apr. 23, 2009
Categorized in: Market Trends
Tagged with: comps, flip, kitchen, renovation
Can we agree that the peak of The Market was 1Q08? (Maybe not for very single property, I know, but let's speak generally about that.) Then how to explain this Manhattan loft, newly back to market? It sold in that peak quarter around $1mm and is now back

Then vs. Now / Then wins, I think, even if this one is better

Apr. 21, 2009
Categorized in: Market Trends
Tagged with: comps, neighbor, renovation, risk, walkup
The eight months it took to sell that Manhattan loft straddled the Lehman + AIG + miscellaneous crap = chaos turn of The Market, but it did sell -- around 67% of the original asking price. Now an upstairs neighbor is pushing the envelope a bit, in newly o

another seller who gets it / pricing 7% off 2007

Apr. 18, 2009
Categorized in: Market Trends
Tagged with: 2007, comps, renovation
There's a loft newly offered for sale in a Manhattan Loft Guy fave building (value!) that -- I think -- is taking the right approach to The Market. The 2009 seller was a 2007 buyer, and is starting in The (new) Market at 7% off the market price of The (ol

break away to win the neighborly competition / so many lofts, so many dollars ... but no sales (yet)

Apr. 17, 2009
Categorized in: pricing analysis
If this neighborly competition occurred in a cookie-cutter "apartment" building in Manhattan (even a high-end "apartment" building), the outcome would be clear: no one would bid on "B" or "D"; every serious bidder would bid on "F" and probably "E"; while

a tale of 2 Sohos, or 2 tales of Soho at $900/ft?

Apr. 15, 2009
Categorized in: Loft neighborhoods / SoHo
The Manhattan loft #5E at 362 West Broadway was marketed as a true project for real loft lovers ("original loft space"; "bring your architect"; "create your dream home") so you must assume that this "1,100 sq ft" space was not meant to be lived in (by the