under $800/ft at 1200 Broadway (still too high?) : Manhattan Loft Guy

Manhattan Loft Guy

May. 17, 2007 - under $800/ft at 1200 Broadway (still too high?)

#7C at 1200 Broadway (the Gilsey House) is new today, offering a lot of space (1,950 sq ft) for the money ($1.55mm and $2,007/mo) in a central location. As PruDE’s Pam Huson says, this is definitely not a “cookie cutter” loft. It does, however, present some layout challenges.

This one is nearly square but has windows only on one side (facing south) – and only four windows in all. The only full bath is a bit of a trek from either bedroom, as is the pass-through-the-‘nursery’ half-bath.

My guess is that this space will be most attractive to someone who is willing to do some serious updating or some serious renovation. My guess is that the asking price does not reflect the work (expense) that a buyer will put in.

#5G sold in September 2006 -- after “a year long renovation” described as “stunning” -- for $1.495mm. #6C (same foot print as #7C) sold in December 2005 for $998k off an asking price of $1.195mm.

Open House in #7C Sunday 1:30- 3:30

#7B is still for sale here ($1.795mm and $2,079/mo for 2,000 sq ft). This one is definitely more done than #7C next door, with another non-cookie-cutter layout.

Open House Sunday 2:15- 3:30

Unless they have changed it recently, this building has the (archaic? irritating?) security feature of a front door without a buzzer, so residents have to traipse all the way down the lobby to let the food delivery guy in.

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May. 21, 2007 - re: under $800/ft at 1200 Broadway (still too high?)

Posted by LoftLover

Seen 7B. Not a bad apartments, needs some work if the taste level of new owners would be different. Other than that, in move-in condition. HOWEVER, the entrance is a little smelly and stuffy, all the way up to the elevator till you get inside the apartment. Fewer windows in the living room, and finally, the location. The neighborhood was the deal breaker for me.

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May. 21, 2007 - re: under $800/ft at 1200 Broadway (still too high?)

Posted by Sandy Mattingly

Yeah, “the neighborhood” problems here(1200 Broadway). This is one of those Manhattan ‘micro-climates’ – go one block east to Fifth Av (and a little south, perhaps) and it is “nice”, “calm”, somewhat “stately”. Another block east you have the little church around the corner and the 55 story Sky House. One block west (and a little south, perhaps) and it is full of brand-new 30+ story rental towers with nail salons / drug stores galore. But Broadway in the high 20s just has too much tacky retail and street vendors to feel as though it is less than five years away from a change in street texture.

Which is probably why they have that silly (by now) No Buzzing In (but go down to the lobby to meet guests) thing. Did they have someone in the lobby to let open house guests into the building??

They spent a fortune in this building a few (five?) years ago doing a magnificent upgrade to their wonderful windows. Seems there is not much appetite left to re-do the (dreary) hallways.

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Sandy Mattingly is Manhattan Loft Guy; now with The Corcoran Group, he can be reached most easily at Sandy@ManhattanLoftGuy.com or 917.902.2491. Since March 2006, this blog has addressed matters of interest to Manhattan coop or condo loft apartment dwellers, buyers, sellers, and others interested in New York City real estate.

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Manhattan Loft Guy

May. 17, 2007 - under $800/ft at 1200 Broadway (still too high?)

May. 21, 2007 - re: under $800/ft at 1200 Broadway (still too high?)

May. 21, 2007 - re: under $800/ft at 1200 Broadway (still too high?)

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