new at 9th + D / double secret probation above $1,100/ft : Manhattan Loft Guy

Manhattan Loft Guy

Mar. 15, 2007 - new at 9th + D / double secret probation above $1,100/ft

too numerous features to mention go unmentioned

Surprised as I was yesterday by a loft listing at 10^th St and Avenue C, here’s another one that is new this week one block south. Unit 4FW at 735 East 9^th St is said to be 1,215 sq ft of “extremely unique loft environment”, with “[f]eatures too numerous to mention”.

These unmentionable features must really be something to justify an asking price of $1.4mm (low, low, low maintenance of $547/mo) in a 4^th floor walk-up nearly at Avenue D. Pix look nice (as you’d hope at this point) but it is hard to go on pictures. The bathrooms are Waterworks and there is the tantalizing description on the Corcoran website “Custom … click below to see more”, but there is nothing live to click.

LakeWobegon lofts

In a world in which the average price per foot for Manhattan lofts was $1,083 in the most recent quarter (see the most recent quarterly market report from Miller Samuel), 4 flights up at this location does not seem to me to be above average. But perhaps for the community of artists in the immediate area there are special valuations….

The 1,600 sq ft unit next door at 4RW is in contract off an asking price of $980k, but I can’t find it on Corcoran’s site (same agent as 4FW). 4RW was sold as unlimited potential, so figure it was a gut renovation. Even at $200/ft for a renovation and a full ask purchase, this unit would be $100k less than 4FW with 33% more space. (If that is this listing description [it doesn’t seem to be] maybe 4RW is only 1,300 sq ft, but still….)

more head scratching

In looking for hints about 4RW next door I clicked on what appears to be the prior listing for 4FW, sold by the same agent (in her Closed Sales list). Our listing data base shows that 4FW was offered for sale for $875k last year. The pictures for that closed sale are the same as the pictures for the current sale with the unmentionable details. Here is the link to the closed sale of this same unit in June. Same pix, same floor plan, different text (not so much bragging, not so many dollars).

It gets more confusing…. Property Shark shows the sale price as $825k with a May 16, 2006 closing date. Property Shark also shows a building permit for 4FW issued in August 2006, so maybe they did all this unmentionable work after the May 2006 closing, but the Corcoran website historical listing pix are wrong. Maybe.

N.B., our building information for this address shows “0%” as the deductible portion of the maintenance, while Corcoran is silent on this point. If you go, ask about deductibility and 80/20.

Open House Sunday 1 – 2:30

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Mar. 15, 2007 - new at 9th + D / double secret probation above $1,100/ft

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