Sep. 8, 2008 - new Manhattan loft listings + closed sales in last 7 days

• there were only 19 Manhattan lofts reported as new to the market in the last 7 days and only 8 as sold -- the second light week in a row and (again) the (new) lightest week I can remember
•  17 of the 19 new ones are offered under $3mm, while 5 of the 8 closed sales were below $2mm
•  only 1 of the 19 new loft listings is in new development, and only 1 of the 8 closed sales is in new development (second week in a row in which only one new development sold and one new development came to market)
  
  

  By price	New = 19	Sold = 8
  $500k to $999k	6	2
  $1mm to $1.99mm	5	3
  $2mm to $2.99mm	6	1
  $3mm to $3.99mm		1
  $4mm to $4.99mm
  $5mm+	2	1

  
   

  By neighborhood	New = 19	Sold = 8
  Battery Park City
  Chelsea
  Clinton	1
  East Village
  Financial District	1
  Flatiron	1	1
  Gramercy		2
  Greenwich Village	2	1
  Kips Bay
  Little Italy
  Lower East Side	2
  Morningside Heights		1
  Murray Hill	1
  Midtown East
  Midtown West
  SoHo	2	1
  Tribeca	5	1
  Turtle Bay	1
  Upper East Side
  Upper West Side	2
  West Village	1	1

• 
  
   
• New loft listings in new developments

• 1 York Street (One York)

  1

   
• 
  
   
• Sold lofts in new developments 

  
  

  247 West 115 Street

  1

  
  For information about how I get this stuff and why I slice it as I do, see methodology for New + Sold in The Last Seven Days. For my most recent rant about how soft this data may be, see loft or not? caution: active ranting ahead.

© Sandy Mattingly 2008

Sep. 3, 2008 - 434 East 10 Street closes / way east with stairs + work to be done

$641/ft, perhaps
The Manhattan loft Unit 4 at 434 East 10 Street closed with a deed filed on August 29. There's no clearing price available yet through city records, but the asking price of $995,000 (about $641/ft for "1,550 sq ft") looks pretty darn strong to me,considering (a) that it probably needs a gut renovation (the web listing says " currently configured as a 1 bedroom, 1 bath, with a huge living room plus a massive open artist workspace, it could be re-configured into a 2 or 3 bedroom .... bring your vision and architect"), (b) there's a bunch of stairs to this penthouse (a 4-story building), and (c) it is way east -- almost at Avenue D, 4 long + 4 short blocks to the "L" at First Avenue or 7 long + 4 short blocks to Union Square.

Alpha City indeed
On the one hand, the self-managed coop has been here for 20+ years (they just re-did the facade and installed large double-pane windows; nice job with maintenance of $510/mo), with a mix of old tenement buildings, garages, warehouses and other artist-type loft buildings on the block. On the other hand, there's a park and outdoor pool across East 10th Street, a self-storage warehouse next door to the east, and a pair of NYCHA buildings across Avenue D. Did I mention that it is way east?

On yet another hand, it didn't take long to sell: it came to market on May 27 at $1.095mm, dropped $100k in 3 weeks, then found a buyer and contract 2 weeks later.

long + winding road next door
I hit a listing in the building next year way back in July 2007, price drop for raw Alpha-Land space at 430 E 10 St (bring caution).
 

They changed firms with that listing in January and in February dropped the price (again) to $1.825mm.

building page (

) shows a completed sale in April for this space, but I don't see a clearing price anywhere and I can't tell if any C of O issues remained. Assuming they got the most recent asking price (a generous assumption in this scenario), that is roughly $500/ft for a huge amount of space and a large renovation budget. Not to mention, all those steps.

Street Easy has information on 434 East 10 Street,

.

Sep. 2, 2008 - Manhattan loft inventory as of August 31

Number of Manhattan lofts offered for sale as of Sunday night: 
 

This is up 2 from last week, which is still (essentially) my two month low since I started counting (my first count on May 19 was 745). See my May 19 post for what I am counting, and why it is difficult.

Sep. 1, 2008 - new Manhattan loft listings + closed sales in last 7 days

• there were only 16 Manhattan lofts reported as new to the market in the last 7 days and only 12 as sold -- the lightest week I can remember
•  10 of the 16 new ones are offered between $1mm and $3mm, while 9 of the 12 closed sales were below $3mm
•  only 1 of the 16 new loft listings is in new development, and only 1 of the 12 closed sales is in new development
  
  

  By price	New = 16	Sold = 12
  $500k to $999k	2	2
  $1mm to $1.99mm	6	5
  $2mm to $2.99mm	4	2
  $3mm to $3.99mm	3	1
  $4mm to $4.99mm		1
  $5mm+	1	1

  
   

  By neighborhood	New = 16	Sold = 12
  Battery Park City
  Chelsea	3
  Clinton
  East Village		1
  Financial District	2	2
  Flatiron	2	1
  Gramercy
  Greenwich Village	3	2
  Kips Bay
  Little Italy
  Lower East Side
  Morningside Heights
  Murray Hill
  Midtown East
  Midtown West
  SoHo	2	2
  Tribeca	4	4
  Turtle Bay
  Upper East Side
  Upper West Side
  West Village

• 
  
   
• New loft listings in new developments

• 1 York Street (One York)

  1

   
• 
  
   
• Sold lofts in new developments 

  
  

  90 William Street (be@William)

  1

  
  For information about how I get this stuff and why I slice it as I do, see methodology for New + Sold in The Last Seven Days. For my most recent rant about how soft this data may be, see loft or not? caution: active ranting ahead.

Aug. 27, 2008 - 53 N. Moore Street #2F comes + goes with alacrity + humor

smiling over funny number
The Manhattan loft #2F at 53 N. Moore Street was first offered for sale on April 4 at $3.15mm and found a contract by May 11, so the sellers must have been happy with that progress. It shows as Sold + Closed in yesterday's updates, though I see that it actually closed on August 11 at a funny number: $2,938,288. Unless that number is the result of using someone's lucky numbers (the "8"s for good luck??), that must have been some intense negotiation. You just don't see too many transactions that don't end in three or more zeroes, unless there is a bidding war.

not The Beach
This condo was created in 2000 out of 3 factory buildings (according to our database; StreetEasy thinks there were 4) spanning Hudson Street from N. Moore Street to Beach Street (just below the Holland Tunnel spillways). Dubbed The Northmoore, the developer claimed the one of the 3 streets it fronts that would not seem as prosaic as the Beach or The Hudson. 

modest pricing at the corner of Hudson + Tunnel
This is (so far) the only closing in the building in 2008. In 2007, #3A sold to the downstairs owner (a unique buyer, indeed) for $2.15mm (for "1,740 sq ft") on February 20; #5D sold on July 11 for $2.395mm (for "2,153 sq ft"); and Penthouse B sold on May 29 at $1.95mm (for "1,250 sq ft" plus a private terrace of "658 sq ft"). The $1,206/ft for #2F looks pretty good in comparison, although still light for a relatively new Tribeca condo with doorman. StreetEasy has these past sales, as well as information about any current listings in the building here.

Consistent with an 8-year-old conversion, #2F is said to be in mint condition, with (the original?) "chef-friendly granite and stainless kitchen", plus custom closets and storage. Although it is clearly not a floor-through unit (there are nine units per most floors in these 3 or 4 buildings), it has the classic Long-and-Narrow footprint of a full floor loft, with 2 bedrooms in back, the plumbing in the middle, and 2 big windows in the 26 foot wide living area (the floor plan is here, thx to StreetEasy).

Aug. 26, 2008 - Manhattan loft inventory as of August 24

Number of Manhattan lofts offered for sale as of Sunday night: 
 

This is up 1 from last week, which is still (essentially) my two month low since I started counting (my first count on May 19 was 745). See my May 19 post for what I am counting, and why it is difficult.

Aug. 25, 2008 - new Manhattan loft listings + closed sales in last 7 days

• there were 25 Manhattan lofts reported as new to the market in the last 7 days and 20 as sold
•  18 of the 25 new ones are offered between $1mm and $3mm, while 17 of the 20 closed sales were below $2mm
•  9 of the 25 new loft listings are in new development, and half of the 20 closed sales were in new development (9 at be@William)
  
  

  By price	New = 25	Sold = 20
  $500k to $999k	2	11
  $1mm to $1.99mm	12	6
  $2mm to $2.99mm	6	1
  $3mm to $3.99mm	3	1
  $4mm to $4.99mm
  $5mm+	2	1

  
   

  By neighborhood	New = 25	Sold = 20
  Battery Park City
  Chelsea	4	1
  Clinton
  East Village	1
  Financial District	4	10
  Flatiron	2	2
  Gramercy		1
  Greenwich Village	9	2
  Kips Bay
  Little Italy
  Lower East Side
  Morningside Heights
  Murray Hill
  Midtown East
  Midtown West
  SoHo		2
  Tribeca	5
  Turtle Bay
  Upper East Side		1
  Upper West Side		1
  West Village		2

• 
  
  
  

  •  

  New loft listings in new developments

• 1 Seventh Avenue South (One 7th)	1
  41 Seventh Avenue South (The Luminary)