Dec. 9, 2007 - new at 17 White / mezzanine + proper names in a Tribeca enclave
Unit 6A at 17 White Street was new to the market on Wednesday, asking through PruDE's Ruth Hardinger and Michael Norton $3.75mm and $1,100/mo(!) for "2,533 sq ft" with 17 foot tin ceilings "stunning" architectural features and a host of proper proper names.
One Bed Wonder with sleep loft
Depending on how you feel about sleeping in a mezzanined "sleeping loft / home office" that is open to the living room, this is one very large One Bed Wonder, with a very large master suite. The layout makes ingenious use of the high ceilings by running a mezzanine above the kitchen and main level bathrooms; my guess is that mezzanine level is fully counted in the square feet claimed.
Long-and-Narrow, but more peculiar than classic
The footprint is a peculiar Long-and-Narrow, with the width varying from 9 to 17 to 27 to 21 feet, and windows along one long side, the south narrow side and (in the mezzanine only) on the north narrow side. That very large master suite has a windowed "dressing room" at the far end, which is probably a closet, as the only true closet there on the floor plan is a small triangle.
Speaking of very large, the kitchen with all those proper proper names covers the entire north wall, , 21 feet wide. Of all the peculiar things about this footprint, I read the floor plan as depicting the mezzanine as wider than the main level (above the kitchen and above the master bath). Finally, there's no picture of the master bedroom, but the floor plan implies that the ceiling there is not so high.
income plusses and minuses
The listing has no information about how much of the maintenance is tax deductible, but notes that the coop derives income from an LLC. With such low maintenance (about 40 cents per foot) I have to wonder if they meet the IRS rules 80/20 and qualify for the beneficial tax treatment of a residential cooperative association. (January 16: IRS rules for coops ? beware the 80/20 rule.) If they qualify, they run a pretty lean operation with such low maintenance.
limited building history
No units have changed hands in the building in nearly two years. #4BC sold in January 2006 for $3.225mm for "4,150 sq ft", in a transaction that seems to be outside our inter-firm system. Hardinger and Norton represented #4BC when it sold in June 2004 (can't see a closing price, but the asking price was $3mm). #2A traded in November 2005 at $2.775mm for "3,100 sq ft" that sounds like a primitive artist's studio (original asking price for that one was $3.4mm).
#PH-6C did not sell when it was on the market from August 2006 through January, asking $7.995mm for "4,500 sq ft" of "architecturally designed" space plus a "2,000 sq ft" private roof garden with "lush plantings"
micro-nabe
This short block of White Street is almost a world unto itself, being cut off to the east by the beginning of 6th Avenue where it splits from Church Street (running between the Tribeca Grand Hotel and the old AT&T headquarters) and (essentially) to the west as it T intersects into West Broadway. I see no recent sales in the few coops or condos on this block, with one current (very mature) listing toward West Broadway at 9 White Street.
#PH5-6 at 9 White Street has been on the market for nearly 20 months (with 2 firms), starting at $5.95mm and $3,060/mo for "3,500 sq ft" of duplexed architect-designed space plus "800 sq ft" of planted roof terrace. They dropped the price a million bucks in January, changed firms in February, had a contract signed in March but have been back on the market since June, again at $4.95mm.
It is very hard to get good comps with such spare nearby sales history, but on a price per foot basis the (unsuccessful-to-date) asking price for the 9 White Street penthouse does not auger well for #6A at 17 White Street (9 White is 1,000 sq ft larger and has the roof terrace, but is 'only' asking $1.2mm more), particularly if the "2,533 sq ft" claimed for #6A includes the mezzanine space.
That's not to say that someone who 'only' has up to $4mm to spend won't find #6A at 17 White Street worth buying - at what price is (as always) The Question.
© Sandy Mattingly 2007
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Aug. 26, 2008 - RE: new at 17 White / mezzanine + proper names in a Tribeca enclave |
| Posted by Mezzanine Floor |
| Some great lofts and former warehouses listed. Thanks for the leads, beautiful places. Now I know what to look for |
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