new at 66 Crosby / $1,000/ft central Soho bldg : Manhattan Loft Guy

Manhattan Loft Guy

Sep. 6, 2007 - new at 66 Crosby / $1,000/ft central Soho bldg

no Soho premium here

#4F at 66 Crosby Street is new this week. Asking $1.695mm (and $1,361/mo maintenance) in what is pointedly under $1,000 per square foot for "1,700 sq ft" of "authentic loft living". 13 foot ceilings with exposed mechanicals and columns in an 1881 industrial building with a cast iron facade is pretty darn authentic to me, let alone on a cobblestone street.

~~It also has a Broadway entrance, 514 Broadway. Some listings use 66 Crosby (looks like the low letters) and some use 514 Broadway (the H and G lines, at least)~~ [update 9.14: 514 Broadway + 66 Crosby form one coop, but are separate buildings; see Laura's comment below]

so why only $1,000/ft??

Turns out this building is very consistently a no-Soho-premium building. It is a pretty big loft building (40 units, originally), five of which traded last year:

#6G last October 2006 $1.4mm ("1,250 sq ft" with "800 sq ft" private roof deck)

#4CD last September $2.255mm ("2,300 sq ft")

#6D last August $1.4mm ("1,400 sq ft")

#4H last June $1.74mm ("2,130 sq ft" that was "renovated to perfection")

#3B last May $1.562mm ("1,450 sq ft")

This compares to the market-wide average price per foot for lofts of $1,246/ft (per p4 of the Miller Samuel 2Q07 market report).

Â© Sandy Mattingly 2007

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Sep. 14, 2007 - re: new at 66 Crosby / $1,000/ft central Soho bldg

Posted by Laura

Hi Sandy, 66 Crosby and 514 Broadway belong to the same coop from a financial standpoint but from a practical living standpoint they are separate buildings. Totally separate entrances and elevators, one cannot go from the Crosby building to the Bway without leaving the building, walk all the way over to Bway and enter their entrace, except that residents don't have the key to enter the other building. So the 40 units comment is not exactly true b/c they are completely separate buildings and you don't have 39 neighbors you would bump into.

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Sep. 14, 2007 - re: new at 66 Crosby / $1,000/ft central Soho bldg

Posted by Sandy Mattingly

THX Laura. I should have figured that out from the building photos, but Property Shark shows both addresses as having the same block and lot numbers (makes sense if one entity owns both).

So you have the feel of two 20 unit buildings, as you say. This is the first two-building-but-one-coop I recall where the buildings are not one next to the other (apart from buildings built at the same time with a central garden or courtyard). I wonder if the Crosby shareholders and the Broadway shareholders might sometimes have different interests and if Board membership is at all sensitive to 'which building are you from'....

THX for the correction and THX for stopping by Laura.

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Manhattan Loft Guy

Sep. 6, 2007 - new at 66 Crosby / $1,000/ft central Soho bldg

Sep. 14, 2007 - re: new at 66 Crosby / $1,000/ft central Soho bldg

Sep. 14, 2007 - re: new at 66 Crosby / $1,000/ft central Soho bldg

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