up + up for 13th floor at 395 Broadway, with quick contract : Manhattan Loft Guy

Manhattan Loft Guy

Nov. 21, 2007 - up + up for 13th floor at 395 Broadway, with quick contract

Unit 13E at 395 Broadway did not last very long, with a contract already signed after being new to market on November 9.

spectacular, indeed
Touted as a "[s]pectacular high floor mint loft w/ sunny open views from three exposures", The Market evidently agrees. This "1,200 sq ft" loft is a true One Bed Wonder, as there are no interior walls. (Yes, they could be added back, but at some significant decrease in the light and sense of space.) Having sold so quickly as is, I suspect the buyer is looking to move in the day after closing, rather than create some bedrooms.

strong price
The ask of $1.475mm and $1,157/mo (condo) struck me as aggressive when I noted it, based on past sales in the building, but the quick contract strongly suggests only a slight discount fm asking price to contract price (or no discount at all).

I reviewed recent sales in the building when #6C went into contract two months ago (Sept 14: in contract at 395 Broadway / noisy edge of Tribeca). That one has not closed yet, but was asking $1.375mm for "1,200 sq ft" that was nearly square, with windows on only one side.

I imagine they got close to the asking price of $1.375mm, which would be $1,145/ft for a Tribeca condo with no amenities other than a common roof deck (and no doorman). The last sale in the building was #15C (same size, obviously, with a "designer kitchen" but only 1 bathroom and configured as an open loft) for $1.295mm in April (ask had been $1.395mm). #14A also sold in April, also with "1,200 sq ft", but that one needed a gut renovation; traded at $1.165mm off an ask of $1.195mm.

If, as appears, #13E will close at about $100k more than #6C at about the same time, the difference is likely to be (a) more light (3 exposures vs. 1 exposure), (b) more expansive city views (13th floor = about 80 feet higher than 6^th floor), and (c) (probably) that "sleek" kitchen.

Nice (quick) job by PruDE's Ann Cutbill Lenane and Lorraine Weiss.

(C) Sandy Mattingly 2007

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Nov. 21, 2007 - up + up for 13th floor at 395 Broadway, with quick contract

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