Nov. 5, 2007 - cash back on new one at 93 Mercer
new this weekend
#4W at 93 Mercer Street appears to be something of a sweet deal for a classic loft in the heart of Soho and was new to the market this weekend. They are asking $2.49mm and $1,896/mo for "2,200 sq ft" and offering 11 foot ceilings (tin, or some patterned material), exposed sprinklers, columns, maple flooring.
The kitchen does look very "chef" and the master bath very "spa" (whether you would use the bathroom as a retreat is a personal choice). The footprint is nearly square, with those large west windows overlooking Mercer Street and one window in the second bedroom (can't be much light back there). I would not describe this layout as "great", as the bathrooms are somewhat removed from the bedrooms, but it should certainly feel spacious.
no premium to speak of
The Market has not treated this building as a premium Soho building, though there are no recent sales. #2E was said to be "1,900 sq ft" and sold "as a true wreck" (honesty is the best policy) in December 2005 for $1.245mm. #3E was said to be "2,000" sq ft and sold in March 2005 for $1.54mm. #2W was said to be "2,300 sq ft" (notice how frustrating it is to have coop measurements) and sold in June 2004 for $1.23mm.
Just down the street, 85 Mercer has done a bit better, despite not having an elevator. #2R at 85 Mercer Street sold quickly for $2.695mm in August and is said to be "2,000 sq ft". #2F was said to be "2,500 sq ft" of gut-renovated "movie start" space, and sold a year ago for $2.995mm.
73 Mercer is a condo, where #3S sold in March 2006 for $2.5mm ("2,000 sq ft").
Crossing Broome Street, the next block has more high-priced lofts, such as at the Hohner Buildings, 46 and 48 Mercer and - of course - the bling-bling at 40 Mercer.
ka-ching ka-ching
The coop at 93 Mercer must have very sweet ground floor leases, one that appears to have been set up right so as to generate income to shareholders without violating the 80/20 rule. The listing says the buyer of #4W will own shares in those leases that not only are valued "up to" $600k but generate shareholder dividends of $50k a year (divided among 10 or 11 lofts).
© Sandy Mattingly 2007
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Nov. 5, 2007 - RE: cash back on new one at 93 Mercer |
| Posted by jess |
looks like this was on the market back almost 2 yrs ago @ $2.15M, and was on for 30 days... was this ever sold or did the owner just take it off...
http://www.streeteasy.com/nyc/sale/12289-coop-93-mercer-street-soho-new-york |
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Nov. 5, 2007 - RE: cash back on new one at 93 Mercer |
| Posted by Sandy Mattingly |
Must have just come off the market, as there's no deed or transfer in ACRIS. What happened after 30 days to take it off the market ni 2005? Who knows, but could have been a change in family situation, cold feet after no offers, cold feet after many offers..... Stuff happens.
THX for stopping by again, Jess!
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Nov. 12, 2007 - RE: cash back on new one at 93 Mercer |
| Posted by jess |
| went to the OH on this yesterday. the loft faces the back of the adjacent building, so the view is terrible to say the least. the 2nd bedroom is on a lot line window, so it is only a legal 1BR. on the plus side, the income to this particular unit alone is at least $30K (before taxes) |
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Nov. 14, 2007 - RE: cash back on new one at 93 Mercer |
| Posted by Sandy Mattingly |
"… view is terrible to say the least", but what about the light?
Are the photos on the web just *really* well-lit (artificially), or is there decent (natural) light in this space?
I saw #2W in this building when it was for sale a few years ago, and that one has always been my touchstone for the dark-lofts-of-SoHo, but that was the 2d floor.
How was the open house traffic, Jess? |
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Nov. 16, 2007 - RE: cash back on new one at 93 Mercer |
| Posted by jess |
hi sandy,
there was a *decent* amount of light, but since it faces the rear, it just didn't feel quite right for us... also another interesting fact - this building and 106 spring are in the same coop... we've also looked at 106 spring in the past...
jess |
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Nov. 18, 2007 - RE: cash back on new one at 93 Mercer |
| Posted by Sandy Mattingly |
Unfortunately, our inter-firm data base does not generally include some important facts, such as multiple buildings being a single coop. In this case, I had noticed at some point in the past that there is access through the two basements of 106 Spring and 93 Mercer, but could not tell if they were commonly owned.
Curiously, the listing detail for #3S at 106 Spring says nothing about cash back (a la 93 Mercer), but #5S does….
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Dec. 29, 2007 - RE: cash back on new one at 93 Mercer |
| Posted by C |
| I used to live in 4w, it was great. Too bad the neighborhood is so different. |
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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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