birthday shopping for 129 Duane for next week’s anniversary : Manhattan Loft Guy

Manhattan Loft Guy

Nov. 23, 2007 - birthday shopping for 129 Duane for next week’s anniversary

what to get for the loft that has it all? (windows)
Unit 4T at 129 Duane Street is having one of the most unwanted events for a loft listing: a birthday next Tuesday. It shows up as new to market today, but that is because it had the rare notation "listing expired" last week, and is now "back" at the same price as before, with the same Corcoran agent, and the same listing number on Corcoran's site.

The loft was new to market on November 27, 2006 at $3.15mm and dropped to $2.795mm in January, $2.695mm in March, $2.495mm in May and the current price of $2.35mm in September (taxes and common charges are $1,844/mo). That is (currently) exactly $1,000/ft for a Tribeca condo that is said to be "triple mint" and "pin drop quiet", has a wood-burning fireplace, central air, an open chef's kitchen with Sub-Zero and Bosch, a "fabulous" marble bathroom, and "enormous oversized" windows in the living room.

I hit it (briefly) in open house reviews on October 19 and November 10, without really focusing on its long history.

history is not kind
This building was converted to condos about 20 years ago, but has had few recent sales. Indeed, the sales history shows pretty muted values for a small condo building near prime Tribeca with low monthly expenses.

#2T (also "2,350 sq ft") was on the market in 2005 and 2006 at $2.795mm and $2.695mm, without selling. That one had 13 foot ceilings and was said to be "superb".

The penthouse duplex #4/5D sold two months ago for $4,187,500, after 17 months on the market, and was said to be "3,500 sq ft" with a private "1,500 sq ft" private roof terrace. If you figure $1,100/ft for the interior 3,500 sq ft, that leaves about $200/ft in value for the private roof (or figure the interior at $1,000/ft and the exterior at $500/ft).

#3T sold four years ago for $1.61mm and was also described then as "triple mint". That one must have the same footprint as the other "T" units, but was said in 2003 to be "approximately 2,500 sq ft".

why The Market diss?
A glance at the floor plan shows that this loft does not quite have it all (with apologies to Darcy Levy of Corcoran, who believes otherwise). There are those 3 "enormous [and!] oversized" windows in the living room, but you have to look closely to find the only other window - a narrow one in the master bedroom (which is not visible in the master bedroom photo).

The floor plan lacks dimensions, but the proportions suggest this is a very Long-and-Narrow, at about 20 feet wide by about 120 feet long. That puts nearly all of the loft pretty far from those enormous front windows, and offers a very challenging footprint for getting more than one real bedroom.

There is no indication in the listing history that there have been any accepted offers in the last 51+ weeks, but that is not always revealed in the inter-firm data. You have to wonder if the owner of #4T is really a "seller" and will ever bring the price to a point that The Market will produce a buyer.

© Sandy Mattingly 2007

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Nov. 23, 2007 - birthday shopping for 129 Duane for next week’s anniversary

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