Jun. 26, 2007 - window shopping the loft aesthetic at 143 Reade + 421 W 54 St with NY Times
“harbingers of … a refreshing return to an aesthetic that celebrates the qualities of loft living”
Suzanne Slesin’s ‘Window Shopping’ feature in this past Sunday’s NY Times Real Estate section, Two Loft Conversions, Two Points of View, reviews her visits to two current loft conversions, which she found to be refreshing harbingers.
Both Artisan Lofts at 143 Reade St (now 157 Chambers) and The Hit Factory at 421 W 54 Street are uber-lofts with – as she put it – “a long list of expensive amenities in both buildings lets us know right away that we are in the “I can’t live without these luxuries” era” but she found enough classic loft elements “that recall the authenticity of what loft living represented not so long ago: soaring 11-foot ceilings, lots of stainless steel and rough-hewn planks in well-integrated, multifunctional spaces for cooking, dining and living”.
It is not clear from the article whether the finishes she saw at Artisan Lofts will be the same throughout the building, but she was intrigued by the kitchen (“masculine yet funky, fanciful yet brooding”, with “chunky walnut cabinets, walnut-clad appliances, woven butcher-block counters edged in iron hardware dotted with big screws”) and both intrigued and seduced by the Ann Sachs-designed “brave ad unusual” bathrooms.
what does a PR person do after this?
God bless journalism … she described the view at one Hit Factory loft offered just under $1,000/ft as “appalling”. She also described a master bedroom in another unit (measuring 17’5” x 11’9”) as “strange and narrow”. She generally described the north and west views in the building as “miserable”.
too many rooms, too little ‘space’?
Overall, she was a bit sad about these modern loft conversions.
Although the developers of both the Artisan Lofts and the Hit Factory base their marketing strategies on their buildings’ industrial provenance, the evocative sense of open space that made the loft lifestyle such a liberating alternative is somewhat compromised.
Perhaps this is a natural evolution. Rough, raw spaces are rare, and loft living does not belong exclusively to artists anymore. Since I wasn’t planning on becoming a painter, sculptor or even an indie filmmaker in the near future, that may be just as well.
how uber are these lofts?
Artisan Lofts will have 38 units, whose common charges will support (a) a rotating gallery exhibition In the lobby, (b) not just a gym but a “Wellness Center”, (c) a children’s “Imagination Center” with play space and theater stage, and (d) a roof garden. And a concierge, of course.
We show 12 units as having signed contracts or accepted offers, with another 12 currently for sale. The building website (not the quickest site to load) shows common charges ranging from $1,249/mo for the 1,500 sq ft unit 6B (asking $2.25mm, pix and floor plan on Corcoran here) up to $2,839/mo for the 2,935 sq ft unit Tower 17N (asking $7.25mm, pix and floor plan on Corcoran here). Taxes are – of course – additional: even with a J-51 abatement, monthly taxes range from $849 to $2,896.
evoking open space?
The #6B floor plan takes advantage of the big windows to provide a sense of ‘space’, since the rooms are arrayed in traditional fashion. Yes, you will see “classic” lofts with rooms and walls like these, but in most classic lofts the walls are not load bearing and the flooring runs under the walls. I don’t know how these new lofts are built, but I suspect that the walls are where the walls are, and more extensive work will be required to open them up than in a classic loft.
The Hit Factory (building website here) doesn’t have the same bling as Artisan Lofts (they certainly are not bragging in the same way), with most prices just over $1,000/ft (the neighborhood discount is a big factor at 54th Street west of 9th Avenue). Common charges and taxes are radically different than at Artisan Lofts in Tribeca: Unit 3G is said to be 1,237 sq ft, asking $1.325mm with $739/mo in common charges and $1,318/mo in taxes. They layout is much more “apartment” than “loft” (see the #3G floor plan on Stribling here). The “C” line layouts are similarly non-loft-y (here). Unit 4D is 2,378 sq ft but costs a lot more to carry each month: $1,422 in common charges and $2,583 in taxes. At least this one has a rather large living / dining area (floor plan is here).
Looking at these floor plans it is easy to see why Suzanne Slesin was somewhat wistful about these new “loft” spaces:
the evocative sense of open space that made the loft lifestyle such a liberating alternative is somewhat compromised.
That is why she said that Artisan Lofts and The Hit Factory only “recall the authenticity of what loft living represented…”.
© Sandy Mattingly 2007
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Comments (5) :: Post A Comment! :: Permanent Link
View more entries tagged with: Artisna Lofts, Hit Factory, Ny Times, Suzanne Slesin, 143 Reade, 421 W 54
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Jun. 26, 2007 - re: window shopping the loft aesthetic at 143 Reade + 421 W 54 St with NY Times |
| Posted by Sandy Loescher |
| I just discovered your blog. I am in the Minneapolis, MN market and realize that what is happening in your area will eventually come here. I love your review of he different developments, no one is doing that here, I guess because it would be seen as unethical or at least not "nice" to comment on someone's listing...hmm, maybe it is time. If you know of a blog like that in Minneapolis/St.Paul, please direct me. sandy |
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Jun. 26, 2007 - re: window shopping the loft aesthetic at 143 Reade + 421 W 54 St with NY Times |
| Posted by LoftLover |
| I have seen condos in the Hit Factory. They are sponsor sales, so obviously come at an additional cost. They look much smaller than the square feet that the broker claims - I have observed this in most sponsor sales. I liked neither the floor plans nor the kitchen. On top of that, they recently raised their prices. When I went there, the old price was written on their brochure, and the broker had to explain that the prices had increased, which I thought was pretty stupid. Would reasonable buyers really over-pay for an average place? Anyway, I was very underwhelmed. |
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Jun. 26, 2007 - re: window shopping the loft aesthetic at 143 Reade + 421 W 54 St with NY Times |
| Posted by Sandy Mattingly |
THX for stopping by, Sandy.
Interesting comment about whether it is “nice” to comment about someone else’s listing. I try to provide fact-based commentary without being judgmental, but that can be a fine line to walk and (to fracture metaphor here) a fuzzy line at that. I try to be scrupulous about pointing out that it is someone else’s listing, with a link to their website. I have not found a way to talk about The Market without talking about specific listings.
So far, only one agent has been overtly unhappy with me; a second has commented privately on my comments, but without evident rancor.
Dunno about whether people elsewhere comment on listings or new developments, but the local blogosphere here is FULL of commentary – though not necessarily by members of what Jonathan Miller refers to as the Real Estate Industrial Complex. The folks over at Curbed.com or Brownstoner.com can get very snarky about listings. My stuff is certainly tame in comparison, but perhaps still out there for real estate folks.
I write about things that interest me, and assume they may interest others. I started the blog because I had not yet gotten my act together to do a Manhattan Loft Guy website – which act is still not together – and have been finding a voice as I go along, now almost 250 entries later. Gotta get that website done….
Again, thx for surfacing out of the ether. |
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Jun. 26, 2007 - re: window shopping the loft aesthetic at 143 Reade + 421 W 54 St with NY Times |
| Posted by Sandy Mattingly |
I have not been in the units at the Hit Factory; LoftLover, but the floor plans and the NY Times article do not suggest to me a sense of ‘space’. They clearly made some marketing decisions about the size of units (relatively small; at least half are under “1,300 sq ft”), perhaps because they were not confident about many larger units selling in this neighborhood, perhaps because of the way the full floor foot prints limited choices.
If I remember your preferences, you were probably looking at #4D, which had a price increase in February. So I hope it was soon after the price increase that you saw it (with outdated brochures). Sometimes it is a marketing ploy (gimmick) to show new-and-improved handwritten prices; sometimes it irritates people.
Our data base shows only 2 signed contracts since January, with occupancy (completion) expected this Summer. I don’t think the NY Times piece will help their sales efforts. |
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Jun. 27, 2007 - re: window shopping the loft aesthetic at 143 Reade + 421 W 54 St with NY Times |
| Posted by LoftLover |
| I could not agree with you more, SandyM. It looks like sponsors tend to overprice their condos which stay on the market for a really long time. 25 Murray has been on the market since I started house-hunting (end of March) and was the first place I saw. The have had some sales recently, but the bad floor plans and sponsor's lack of desire to negotiate is a bit unrealistic (IMO). 8-10 Warren St also comes to mind - several unsold condos, sponsor sale, smaller condos (smaller than the square feet that they claim to be), etc. |
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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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