Mar. 10, 2009 - the end of a $1,000/ft baseline for Tribeca coop lofts?

how the mighty have fallen (with details)
There's a very mature central Tribeca coop that has been a Manhattan Loft Guy fave for its rich data, efficient layouts and roof deck, among other reasons. The new listing there caught my eye because it exemplifies the fact that $1,000/ft is not even a baseline for coop values in 'typical' Tribeca loft buildings anymore.

The loft is described by a knowledgeable downtown agent in glowing terms, and the pix corroborate the prose. In a remarkably condensed period in 2007 no less than three lofts in this building closed at or above $1,200/ft. The new listing is offered at just a rounding error above $1,000/ft, with the evident expectation of finding a buyer below that former baseline value. Even in Tribeca.


 

Mar. 10, 2009 - RE: the end of a $1,000/ft baseline for Tribeca coop lofts?

Can you please post a link to the property you are discussing?

Mar. 10, 2009 - RE: the end of a $1,000/ft baseline for Tribeca coop lofts?

ANON: I can give it to you privately, so call me in the office 212 326 0346 or email me at sandy.mattingly@cbhk.com. I don't want to appear unhelpful (or make you jump through a hoop), but if you don't know why, check out last April's end of an era for Manhattan Loft Guy / a new day dawns?

THX for stopping by.

Mar. 10, 2009 - RE: the end of a $1,000/ft baseline for Tribeca coop lofts?

Coco 1500163

Mar. 11, 2009 - RE: the end of a $1,000/ft baseline for Tribeca coop lofts?

TriBeCa is a district of Manhattan that will hold its value for many many years....  It has streets with History, streets with cobblestones and streets with names.  Its a wise investment now and for years to come.  Its a downtown place that is laid back, quite, filled with great gallery's, boutiques, the finest restaurants and antique shops.  It is one of the wealthiest zip codes in America as is Amagansett in the Hamptons.  These markets and neighborhoods are a global appeal, therefore holding values above other 'passe' hoods.
For example, the pretentious greedy and fake-ness of the UES is no more.  The midtown neighborhoods, so ugly, busy and loud this is not residential NYC.  DownTown is the place to be and I don't mean the MEPA, this is a trend that is going wrong.  I'm referring to DT like the West Village (think 'sex and the city'), LES (culture and real), Tribeca (celebrities and lofts) and the financial districts (the pioneer) -This is the future!  DownTown is REAL!  ...culture, arts, beauty, history and LIFE.

Mar. 11, 2009 - RE: the end of a $1,000/ft baseline for Tribeca coop lofts?

God, the post by Jay above reeks of gushing broker babble or desperate bought-at-the-top owner syndrome.  Tribeca's a nice neighborhood but it isn't heaven in Manhattan.  I remember around 2001 prices per square foot were around $550 in many quality builidings, including loft spaces.  The appreciation over the past 6 years has been totally ridiculous.  Prices in the neighborhood are totally overheated and they will drop faster than any of the othe prime locations in Manhattan.  Comparing it to Amagansett in the Hamptons is unwittingly hillarious Jay.  It's another neighborhood where prices have totally collapsed from their ridiculously overheated highs of recent years.

Mar. 12, 2009 - RE: the end of a $1,000/ft baseline for Tribeca coop lofts?

It's clear Manhattan prices are going down this year, probably around 10-15%. I think it has to do more with the credit crunch (try getting a jumbo mortgage ...) than with unemployment - so far.

This loft isn't the best data point though - it is very "unique", the layout provides little privacy, and the sqft count is a bit generous. It would have limited appeal to your typical "PS234 is such a great deal because we just had twins" Tribeca buyers - unless thy renovate.

Mar. 12, 2009 - RE: the end of a $1,000/ft baseline for Tribeca coop lofts?

THX for weighing in on the neighborhood and market topics Jay, David and ABC, and in doing it in a more restrained manner than The Curbed Folks have done.

Personally, I love Tribeca (lived there 1981 - 1993) but can appreciate that others don't (just like some prefer Ben & Jerry's, others prefer Haagen Dazs [sp?]). I had thought it was a given that Tribeca would hold its value proportionate to other neighborhoods in any market, but the Furman study referred to in a blog post by The Miller today gives me some pause on that.

Yes, this listing might not be The Best data point, ABC, but it is a current one. It is especially easy to quibble with Tribeca properties (whether any one is 'typical' or not), but I pick out the ones that catch my eye.

Again, THX to all for stopping by, and for leaving a trace.