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December 2007

Dec. 16, 2007 - New Listings + Sales of Manhattan lofts in last 7 days


This is my ninth report on the number, price distribution and neighborhood distribution for Manhattan lofts reported as new to the market or as closed sales in the last 7 days.

As usual, for information about how I get this stuff and why I slice it as I do, see
methodology for New + Sold in The Last Seven Days. I have addressed irritating things about collecting and parsing “loft” data in past reports, but it still too soon to say how those irritating things impact the validity of this data.

The stats as of Sunday night ...

  • there were 22 lofts reported as new to the market in the last 7 days, and 19 reported as sold
  • 10 of the 22 new ones are between $1mm and $2mm, while 5 are from $5.75mm to $6.65mm; 9 of 19 closed sales were between $500k and $2mm
  • 12 of the 22 new loft listings are in new developments (4 at 15 Madison Square North, 3 at Hudson Blue), but only 5 of the 19 closed sales

By price
New = 22
Sold = 19
$500k to $999k
 
3
$1mm to $1.99mm
10
6
$2mm to $2.99mm
4
2
$3mm to $3.99mm
3
4
$4mm to $4.99mm
 
1
$5mm+
5
3


By neighborhood
New = 22
Sold = 19
BatteryParkCity
 
 
Carnegie Hill
 
 
Chelsea
1
3
Chinatown
 
 
Clinton
1
 
EastVillage
2
1
Financial District
 
1
Flatiron
3
2
Gramercy
1
 
Greenwich Village
 
2
Kips Bay
4
 
LittleItaly
 
 
Lower East Side
2
 
Murray Hill
 
1
Midtown West
 
 
SoHo
1
3
Tribeca
1
3
TurtleBay
 
 
Upper East Side
 
 
Upper West Side
 
1
WestVillage
6
2


New loft listings in new developments
40 Bond Street
1
16 West 19 Street (Jade)
1
15 East 26 Street (15 Madison Square North)
4
207 Bowery
2
166 Perry Street
1
423 West Street (Hudson Blue)
3


Sold lofts in new developments
124 West 24 Street
2
40 Bond Street
1
72 Mercer Street
1
163 Charles Street
1


© Sandy Mattingly 2007


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Dec. 16, 2007 - AWOL / reporting back for duty


I did not plan to be away from the blog
When I left the office on Thursday afternoon for an appointment and 2 holiday parties, I intended to be back Friday morning, ready to blog a bit before driving 5 hours Friday afternoon for a 7 PM dinner to celebrate the graduation of our youngest at Cornell. Indeed, I left a 95% compete open house review on my office PC.

But I never made it in Friday, as we decided to head north immediately early Friday because (a) weather was iffy, even after the anti-climax of Thursday's 'wintry mix', and (b) The Youngest was (ahem) not quite packed and ready to end her college career smoothly. So I never posted that open house review, and have been away from a computer since.

Look for a 7 day update of new listings and closed loft sales, either late tonight or Monday morning. And, yes, the graduation was wonderful and we made it home despite The Youngest being nowhere near ready to leave.



©  Sandy Mattingly 2007



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Dec. 13, 2007 - no loft FSBOs for the Holidays


NY Times.com revenue to suffer?
The NY Times real estate website has 677 “listings” for lofts in Manhattan between $1mm and $5mm. Not all of these are real, of course, as some are open listings for new developments posted by agents scamming for buyers, and some are likely to be ‘no longer available’ (either because they are in contract, have sold, or never existed).

But not one of these 677 is a for-sale-by-owner.

This result is very similar to what I found in July (
where have all the loft FSBOs gone? nary a two on NYTimes.com), where I found exactly one FSBO for lofts between $900k and $4mm and reader Jess found another, out of nearly 700 “listings”.

I still don’t know why the loft market in Manhattan should be less inviting for FSBOs than the apartment market in Manhattan. Or maybe it is just the time of year that explains the result of zero.


© Sandy Mattingly 2007


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Dec. 12, 2007 - 18 E 12 St so hot it is going best & final today


going, going, gone
I noticed #6A at 18 East 12 Street when it came to market a week ago, but did not comment on it. They held a barn burner of an open house this past Sunday and should be done today when Best & Final bids are due at 5 PM.

90 minutes = 60+ people
I was speaking yesterday to an agent at another firm with whom I am doing a deal about everybody's favorite question (what is The Market doing now?) and he mentioned taking a buyer to see this loft on Sunday. By his estimation, there were more than 60 people at the open house (which only lasted 90 minutes). He reports that Best & Final bids are due today by 5 PM.

At this trajectory, it is reasonable to assume the loft will sell above ask.

At this trajectory, it is reasonable to assume there is a great deal of pent-up buyer demand for a 1 bedroom Village condo in move-in condition.

meticulous loft?
I guess they mean it has been "meticulous[ly]" renovated, as the Smiling Blumsteins describe this as "meticulous, quiet, sunny" with "flowing southwestern light". The loft is only "969 sq ft", which is small for a loft but large for a straight 1 bedroom. The asking price is $1.1mm with $1,171/mo monthly (condo).

anecdote can be datum, not data
It is tempting to consider facts such as this oh-so-brief-oh-so-successful marketing campaign as indicative of strength in The Market (at least, of this segment). (One of my favorite comments from Curbed may not have been original to the Anon who posted it: "the plural of anecdote is not data".) But until we get hard real-time data about what is going on in the market, data points like this one will stick out for me, and suggest directionality.

well-priced lofts sell, as before
The last unit in this line in the building sold 26 months ago; #4A took less than four months to sell in 2005, clearing at $1,087,500 off an asking price of $1.16mm (and an original price of $1.299mm). The most recent sale in the building was #6B next door, which traded on July 30 at $1.95mm for "1,700 sq ft", off the ask of $2.195mm. (#6B had been marketed from January until its April contract also as a potential combination with #6A.)

not-too-greedy as a marketing plan
With the 2 year old history of #4A selling at $1,122/ft and the recent history of #6B selling at $1,147/ft, it is no wonder that bringing #6A to market at $1,135/ft would attract attention. Without intending to jinx the deal. congratulations to the Realistic (motivated!) Owner and to the Smiling Blumsteins.

I wonder if they ran out of show sheets on Sunday....

(THX Matt!)

(C) Sandy Mattingly 2007

 

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Dec. 12, 2007 - actual data / 5 years of median sales prices, by size of apartment


Following on yesterday's post about Big Media 'reading' The Market (making sense is hard / NYT vs WSJ on The Manhattan Market), here is some hard data about the median price for closed sales in all of Manhattan, by quarter, broken down by size of apartment, courtesy of Miller Samuel. I've highlighted the Q3 numbers in each year back to 2002.

I still need to find more current data, as these results do not take into account the 'liquidity crisis' that began in mid-August. But here it is, for what it is worth:


Manhattan
Co-ops + Condos
Median Sales Price
2002 - 2007
Studio
1-Bedroom
2-Bedroom
3-Bedroom
4+Bedroom
All
3Q, 2007
390,000
689,000
1,375,000
3,650,000
6,567,712
864,397
2Q, 2007
429,936
700,000
1,400,000
3,600,000
6,600,000
895,000
1Q, 2007
390,000
635,000
1,312,550
3,138,451
6,450,000
835,000
4Q, 2006
410,000
649,000
1,305,000
2,987,500
6,250,000
799,000
3Q, 2006
400,250
655,000
1,395,000
3,200,000
4,900,000
845,147
2Q, 2006
420,000
660,000
1,395,000
3,300,000
5,750,000
880,000
1Q, 2006
399,000
650,000
1,350,000
3,175,000
5,800,000
825,000
4Q, 2005
380,000
650,000
1,330,000
2,700,000
4,700,000
760,000
3Q, 2005
400,000
649,000
1,295,000
3,000,000
5,995,000
750,000
2Q, 2005
369,000
595,000
1,280,000
3,055,000
7,800,000
775,000
1Q, 2005
316,000
557,500
1,200,000
3,200,000
5,050,000
705,000
4Q, 2004
310,000
525,000
980,000
2,450,000
5,725,000
605,000
3Q, 2004
305,000
500,000
1,010,000
2,500,000
6,000,000
600,000
2Q, 2004
285,000
470,000
970,000
2,250,000
4,300,000
625,000
1Q, 2004
250,000
433,000
975,000
2,150,000
4,650,000
595,000
4Q, 2003
250,000
425,000
900,000
1,900,000
3,650,000
500,000
3Q, 2003
246,000
420,000
840,000
2,000,000
3,600,000
530,000
2Q, 2003
236,500
405,000
860,000
2,500,000
5,075,000
475,000
1Q, 2003
245,000
405,000
815,000
2,365,000
5,200,000
443,000
4Q, 2002
245,000
400,000
839,000
2,140,000
4,400,000
450,000
3Q, 2002
239,000
387,000
825,000
2,100,000
3,800,000
470,000

Clearly, by the measure of median price the studio market has been essentially flat for two years, the 2 BR market has been fairly volatile over the past 15 months and the 3 BR and 4 BR markets have been the strongest segments.

As I said in looking at the Third Quarter numbers (October 3:
it's the demand, stupid / Manhattan Q3 market numbers), I believe that the most interesting market datum reported was the number of sales in 2007 -- easily a record year for buyer demand.

I got some more recent facts from a NY Times article a month ago (November 11:
some Oct market data shows stable Manhattan market), suggesting that October sales volume remained strong, prices "remained high, close to the record prices recorded over the summer", while inventory was up just a little.

Still looking for Actual Facts about The (current) Market….


© Sandy Mattingly 2007



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Dec. 11, 2007 - making sense is hard / NYT vs WSJ on The Manhattan Market


people are asking
Many, many, many people are asking what is The Market doing? and are as frustrated as I am that the 'answers' involve more anecdotes than data. Two major media pieces stoked that conversation recently.

The Wall Street Journal's November 30 article They'll Take Manhattan - For Less and the New York Times December 2 article Between Buyers and Selelrs, A Staltemate have gotten a lot of play in the blogosphere, as if they were drawing opposite conclusions about the current state of the Manhattan residential real estate market. In the first case, the headline suggests falling prices; in the second, aborted deals. And that is what people seem to have taken from these two articles, which is odd if you read the articles.

I'm flogging here
I am going to flog these articles to within an inch of their lives, which will take me a while and -- ultimately -- will not get me closer to answering The Question. In the next day or two I will try to find actual data that bears on The Question. But, for now, the flogging….

Two early quotes from the WSJ are (1) "
So far, fall sales data in Manhattan suggest a flattening out of the market more than a sharp decline." (2) "Prices remain near record levels."

Data is (a) hard to get and (b) easily misconstrued.

Here's what the WSJ did:

To get a better sense of how prices are changing, many experts recommend focusing on existing-home sales. In New York, that means looking at the co-op market, which includes few new buildings. The average sales price of a co-op fell 2.8% to $1.12 million in third quarter of 2007, compared with the second quarter, according to Radar Logic. Even when condos are included, prices vary widely in different parts of the island; so far this quarter, the average price on the Upper East Side has risen 11% to $1.7 million, compared with the previous quarter, but prices downtown have fallen 18%, to $1.1 million, according to Terra Holdings.

I am not sure why looking at re-sales provides more insight about prices than looking at new developments and I think that looking at longitudinal data for resales of the same apartment would provide really interesting data - but no one has that data and apartments don't turn over often enough. And the WSJ did not read enough of the Miller Samuel / Radar Logic report about 3rd Quarter coop sales to get the point.

At page 2 of 4 of the 3Q07 report, there is that 2.8% decline in average coop price sale from the 2nd Quarter to the 3rd Quarter, but the explanation follows within the same paragraph: the size distribution of coop apartments sold in the 3rd Quarter was different than in the prior year 3rd Quarter, as 1 BR coops went from 35% to 42% of coop sales, and 2 BR coop sales fell from 39% of all coop sales to 33%. Meanwhile, the price per foot for all coop sales in the 3rd Quarter was up 3.9% over the 2nd Quarter. I.e., proportionately more smaller (less expensive) coops were sold, so the average coop price was down. No biggie.

But the WSJ also talked about price cuts, which have less to do with declines in value than they do with mistakes about value. They used one example of an apartment that had no solid offers despite dropping the price from $2.095mm to $1.995mm to $1.799mm.

The number of price cuts, at all levels of the market, is also growing. Blair MacInnes is handling the sale of her 85-year-old mother's Upper East Side apartment; she listed the two-bedroom co-op in September for $2,095,000, the price recommended by her broker, Dorry Swope of Halstead Property. "We were very worried about putting the apartment on the market," Ms. MacInnes says, "but we had been told by any number of people that the exception to the housing crisis had been Manhattan." The apartment drew little interest, however, and Ms. MacInnes and her mother agreed to cut the price, first to $1,995,000 and then again a few days later to $1,779,000 -- a total cut of more than 15%. Although the new price has generated more interest but no solid offers, Ms. MacInnes says she and her mother aren't in a rush to sell.

no rush = no sale
No offense intended to anyone involved in this sale, but the past sales data in the building suggests that it may still be priced too high. Checking the agent's listings, it is clear that the MacInnes apartment is 116 East 66 Street #11D, which has maintenance of $2,865/mo and a 22 foot terrace; the description and photos (only 2 interior pix) give no hint of any recent renovation (consistent with occupancy by an 85 year old). What should that apartment be worth, with the plus factor of the terrace and the minus of (likely) renovation needed, compared to the identical floor plan above, without the terrace but fully renovated??

Unless you are a huge fan of terraces, I don't see much reason to pay much more than the closing price for fully renovated #12D -- $1.4mm 2 months ago. Nor do I see why there'd be a huge premium for #11D over the (slightly larger, with a "stunning" renovation, but no terrace) #10B, which sold in May for $1.45mm. Whether the terrace is worth more than a triple mint renovation doesn't matter to me, as I am certain the terrace is not worth $300k more, plus the cost of a renovation.

Maybe if they were in more of a rush to sell they would price it a price in line with last sales in the building….

I think the WSJ used a bad example to suggest that "price cuts = falling prices".

NYT stalemate = good headline but article? not so much
I don't think the NYT anecdotes support their "stalemate" headline any more than the WSJ found evidence of declining values. They talked about the experience of Mr./ Epstein, the Davis-Wang couple, the Brodskys, and the Nelson-Onofrey couple.

Mr. Epstein and the "unrealistic seller" who took more money from someone else

So he offered the seller of a one-bedroom apartment nearby [nearly?] the asking price of $699,000, and then raised it to $745,000, even though the unit had no proper stove and only a half-size refrigerator. But the seller turned him down for a buyer paying $750,000 in cash.

After experiencing these and other setbacks in the Manhattan real estate market, Mr. Epstein has told his broker, Catherine Holmes of Barak Realty, that he might simply rent after he closes in February on the sale of his $1.1 million town house in Park Slope.
He said he would buy in Manhattan when sellers cut their prices. "Some of the sellers have to be a little bit more realistic," he said. "I would be happy with any percentage decrease."

Why would Mr. Epstein expect the seller to care about his $745k if he had another buyer willing to pay $750k in cash? Who is being unrealistic? Perhaps Mr. Epstein would feel better if the seller had started at $800k, there had been no cash buyer to out-bid, and Mr. Epstein could have gotten the same apartment with a 7% discount from the $800k asking price….

Davis-Wang remain cramped renters, for lack of 3-6% more money

Jeffrey Davis, a lodging industry consultant, and his wife, Betty Wang, who works in fashion, have been trying to find an apartment of at least 1,200 square feet before their first child is born this month. For the past year, they have worked with Nora Ariffin, a broker at Halstead Property, to find a two-bedroom condo south of 30th Street for $1.7 million. The only amenities they required were a doorman and an elevator.

The couple visited 30 apartments in Chelsea, the Flatiron District and the Gramercy Park area, but the bids they made on five different apartments were rejected. Mr. Davis said he thought prices were $50,000 to $100,000 too high.

The couple are staying in their one-bedroom rental for now. "I have plenty of space for an infant for at least a couple of months," he said.

If the Davis-Wang couple (soon to be a triple!) did not know what The Market was after looking at 30 (30!) apartments, they should have figured it out after making five unsuccessful bids. The article does not say whether the five apartments they bid on were sold to people who bid more or not (that would be interesting to know), but the implication is that if they were wiling to spend about 5% more they could have gotten one of them.

Instead, they choose to remain in a 1 BR rental because (says the Totally Clueless [For Now] Dad-To-Be): "I have plenty of space for an infant for at least a couple of months." It is a free country, and these folks are grown-ups.

I wonder if the Times will check in with them in 6 months, after the baby is born. They won't have gotten any sleep yet, but may have some regrets about not buying now - even if the market drops by 5% or more in that time.

Where's the market 'stalemate' here??

Brodskys gotta have 25% appreciation or …

Arthur and Lisa Brodsky have spent the last year looking for a two-bedroom apartment on the Upper East Side or Upper West Side with their agent, Jason Haber of Prudential Douglas Elliman, and a maximum budget of $1.2 million. Mr. Brodsky, 30, who works in private equity, and Ms. Brodsky, 30, who works in marketing for magazines, want to buy something large enough to accommodate the family they hope to start within the next couple of years.

They also want to make sure their apartment will appreciate 20 to 25 percent during that time so they could cover their costs of buying and selling if they decide to move to the suburbs as their children grow older.

These folks seem to be able to buy 2 BRs on the Upper East or Upper West Sides for $1.2mm, as there should be enough inventory at this level in those areas. (After all, they've been looking for a year!) But the sticking point is Market Risk. They don't seem willing to buy because they have a short time horizon ("next couple of years"), which leads them to the unrealistic requirement that the apartment they buy now will appreciate 20-25% in the next couple of years.

Where's the market 'stalemate' here??

Nelson-Onofreys add money, find groove

Meaghan Nelson and Nicolas Onofrey spent the last six months looking for a prewar two-bedroom co-op on the Upper West Side for about $1.1 million.

Ms. Nelson, who works for a health-care market research company, and Mr. Onofrey, who manages the information technology group for a Midtown hedge fund, looked at about 140 apartments with their broker, Jessica Cohen of Prudential Douglas Elliman. They bid on four properties and were turned down.

So they increased their budget, and found a $1.4 million two-bedroom co-op at 514 West End Avenue, whose sellers had grown weary after three contracts with buyers had fallen through. Both sides signed the contract within 24 hours.

What do these folks tell us about a stalemate? They looked at 140 apartments (one hundred and forty apartments?!?), made four unsuccessful bids, raised their budget and immediately made a deal with a seller who had earlier been willing to deal with 3 other sets of buyers.

Where's the market 'stalemate' here??


© Sandy Mattingly 2007


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Dec. 10, 2007 - need renovation stories / a reader writes for help


how far could $150/ft go?
A faithful reader wrote in off-line asking for help in ball-parking the potential renovation expense in buying a loft that would need a lot of work.

More precisely, he said:

I have mostly been looking at recently refurbished apartments, but have recently expanded my search to include apartments that would require either partial or full renovations. Like everyone, I like nice finishes, but my tastes are not extravagant. I think the finishes on this apartment are about what I would be looking for - certainly nice, but not over the top. http://www.corcoran.com/property/listing.aspx?Region=NYC&ListingID=1041451. [that is #3A at 16 Hudson Street]

Based on your experience, could you tell me what range of cost I could expect to gut renovate a traditional loft in Tribeca? Do you think it would be possible to do nicely (but once again, not extravagantly) for $150 / sq. ft. for a 1750 sq. ft. loft ($250K in total)? Kitchen, two bathrooms, central air, etc.

Also, if you have any architects whose work you really recommend for something like this, I'd be grateful for the recommendation.

My response (below) won't be as helpful to him as Actual Information from Actual Loft Renovators. Anyone care to share facts about what they spent on a renovation, or what they were quoted?

I told him: "Short story is that you *can* do a renovation for a buck and a half per foot, *depending*…. The quotes I have seen for installing central air (assuming it is do-able at all, and the compressor doesn't have to go on the roof) were less than $50k for less than 2,000 sq ft. I find that kitchens are often easier (cheaper) than baths - that's where The Big Money will go. The rest is cosmetics, up to the limit of your budget, with built-ins and fancy stuff if there's room."

And I gave him the contacts for 2 loft architects I know.


(C) Sandy Mattingly 2007

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Dec. 10, 2007 - 4 week recap of weekly loft data / new sales


Having done 8 last-seven-day reviews for newly reported loft sales as of this morning, I thought it a good time to recap on a 4 week basis. Forgive the simple presentation, and the fact that the last time I did a 4 week review (on November 4) I forgot to include past sales data.

(oops alert: when the numbers don't total right it is because I mis-counted. I will try to keep such errors to the level of statistical insignificance.)

For information about how I get this stuff and why I slice it as I do, see
methodology for New + Sold in The Last Seven Days.
New listings by price
4 weeks
Dec 9
Dec 3
Nov 26
Nov 18
total
60
15
16
11
18
$500k to $999k
8
1
3
1
3
$1mm to $1.99mm
22
4
9
5
4
$2mm to $2.99mm
16
7
2
2
5
$3mm to $3.99mm
5
1
1
3
$4mm to $4.99mm
3
1
2
$5mm+
6
2
1
2
1
New listings by neighborhood
4 weeks
Dec 9
Dec 3
Nov 26
Nov 18
60
15
16
11
18
BatteryParkCity
Carnegie Hill
3
3
Chelsea
10
5
5
Chinatown
Clinton
EastVillage
7
3
2
1
1
Financial District
2
1
1
Flatiron
4
3
1
Gramercy
2
1
1
Greenwich Village
5
1
2
1
1
Kips Bay
4
1
1
2
Little Italy
Lower East Side
1
1
Murray Hill

Dec. 10, 2007 - 4 week recap of weekly loft data / new listings


Having done 8 last-seven-day reviews for new loft listings as of this morning, I thought it a good time to recap on a 4 week basis. Forgive the simple presentation.

(oops alert: when the numbers don't total right it is because I mis-counted. I will try to keep such errors to the level of statistical insignificance.)

For information about how I get this stuff and why I slice it as I do, see
methodology for New + Sold in The Last Seven Days.
New listings by price
4 weeks
Dec 9
Dec 3
Nov 26
Nov 18
Prior 4 weeks
total
109
30
32
11
36
144
$500k to $999k
25
9
8
1
7
25
$1mm to $1.99mm
34
9
6
4
15
56
$2mm to $2.99mm
24
4
7
2
11
31
$3mm to $3.99mm
14
4
5
4
1
14
$4mm to $4.99mm
4
1
2
1
10
$5mm+
8
3
4
1
8
New listings by neighborhood
4 weeks
Dec 9
Dec 3
Nov 26
Nov 18
Prior 4 weeks
109
30
32
11
36
144
BatteryParkCity
1
Carnegie Hill
Chelsea
6
3
3
12
Chinatown
2
2
Clinton
6
4
2
2
EastVillage
7
Financial District
5
3
1
1
19
Flatiron
5
2
1
2
10
Gramercy
6
3
1
2
4
Greenwich Village
6
1
2
2
1
12
Kips Bay
10

Dec. 9, 2007 - New Listings + Sales of Manhattan lofts in last 7 days


This is my eighth report on the number, price distribution and neighborhood distribution for Manhattan lofts reported as new to the market or as closed sales in the last 7 days.

For information about how I get this stuff and why I slice it as I do, see
methodology for New + Sold in The Last Seven Days. I have addressed irritating things about collecting and parsing "loft" data in past reports, but it still too soon to say how those irritating things impact the validity of this data.

The stats as of Sunday night ...

  • there were 30 lofts reported as new to the market in the last 7 days, and 15 reported as sold
  • 18 of the 30 new ones are under $2mm; 11 of 15 closed sales were between $1mm and $3mm
  • only 5 of the 30 new loft listings are in new developments (3 at 243 West 60 Street), and only 3 of the 15 closed sales

By price
New = 30
Sold = 15
$500k to $999k
9
1
$1mm to $1.99mm
9
4
$2mm to $2.99mm
4
7
$3mm to $3.99mm
4
1
$4mm to $4.99mm
1
$5mm+
3
2


By neighborhood
New = 30
Sold = 15
BatteryParkCity
Carnegie Hill
Chelsea
3
Chinatown
Clinton
4
EastVillage
3
Financial District
1
Flatiron
2
3
Gramercy
3
1
Greenwich Village
1
1
Kips Bay
1
LittleItaly
Lower East Side
1
Murray Hill
2
Midtown West
SoHo
4
Tribeca
5
1
TurtleBay
2
Upper East Side
1
Upper West Side
3
WestVillage
3


New loft listings in new developments
420 West 25 Street (Loft 25)
1
8-10 Warren Street
1
243 West 60 Street
3


Sold lofts in new developments
15 West 17 Street
1
139 Wooster Street
2
50 Pine Street
1


© Sandy Mattingly 2007


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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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Dec. 8, 2007 - 4 Sunday Open Houses around $1.5mm


(remember to check the agent websites Sunday morning to see if open house is still on)

From $1.449mm to $1.595mm, these spaces range from barely 1,000 feet to twice that, from 'done' to white box, and from five weeks to six months on the market; all were featured in a one or another Marathon Sunday open house review


21 East 22 Street #8D
$1.449mm and $1,090/mo for "1,000 sq ft" of no-expense spared 1 BR + 1 bath
on market 11 weeks ( ($1.499mm)
Open House Sunday December 9 BY APPOINTMENT ONLY Joan Dunne PruDE 917.721.7084

1200 Broadway #7C
$1.475mm and $2,007/mo for "1,950 sq ft" that I hit when new and in several open house reviews since (
under $800/ft at 1200 Broadway (still too high?)
please let me know if they still have that no-buzzing-the-door-open set-up
on the market since May ($1.55mm)

Open House Sunday December 9 from 12 to 1:30 PM

112 West 18 Street #4C
$1.495mm and $1,348/mo for a 3 BR + 1 bath "white box"
I said on November 2 "
yes, it is hard to get excited about such a "rare offering" without a floor plan or size….", but now there is a floor plan - but still no size (irritating, for a condo); and I will quibble that a "white box" should come without walls, but I guess they mean that you will rip out kitchen, bath and walls
on the market 6 weeks
Open House Sunday December 9 from 12 to 1 PM

179 Grand Street #PH-C
$1.595mm and $1,296/mo (condo) for "1,120 s ft" (duplexed) plus "400 sq ft" terrace with "dramatic views of old New York", "dazzling light", "harmonious quietude", "crisp open kitchen", inviting living area", etc, etc, etc; as I said on November 2 "
too many adjectives and adverbs to count, but the stacked bedrooms may not suit you; my favorite feature: a (legal!) gas grill"
on the market 5 weeks ($1.695mm)
Open House Sunday December 9 from 2:30 to 4



© Sandy Mattingly 2007



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Dec. 7, 2007 - head scratching / penthouse at 6 East 1 St gets new price (as birthday present?)


a few things I know
I am going to express a lot of ignorance about developer pricing in this discussion of #5A at 6 East 1 Street, as there is much I don't understand. But first, here is what I know (based on what I have been told): this penthouse unit is asking $6.9mm and $3,119/mo in a newly developed condo (Brick House Lofts), for "3,082 sq ft" of triplexed space with a huge terrace off the "middle" level and a roof terrace on top. I also know that it was first offered at $5.35mm 13 months ago, that they raised the price to an even $6mm in May, and just raised it again to $6.9mm.

Halstead's Richard Orenstein also tells me (and you) this:

features grand-scale entertaining space with 12' beamed ceilings, a wood-burning fireplace, enormous state-of-the-art chef's kitchen, 3 bedrooms, 3.5 luxury baths + floor-to-ceiling glass doors which open onto magnificent outdoor space. The entire apartment is flooded with natural light exuding a Zen-like tranquility throughout.

I know from city records that the condo declaration was filed in January and the only sales in our system were #4A ("1,774 sq ft", closed at $2.1mm, asking had always been $2.15mm) in June and #4B ("1,760 sq ft", closed at $2.006mm, asking had always been $2.05mm) in July.

#5B is for sale, "1,900 sq ft" for $2.295mm, has pictures, and was also offered beginning 13 months ago, starting at $2.85mm. City records show four other residential units in the condo declaration, but I see no indication they have been offered for sale yet.

a few things I don't know
But I don't know what it looks like on the interior, as there are no pictures. And I read the floor plan as a duplex with roof terrace, rather than as a triplex, as I don't see any living space on the upper level. Unless the space has not been completed, I don't understand why there are no photos.

And I don't understand the pricing strategy.

does developer want to sell?
If there is such a thing as Typical Developer Behavior, I thought that it involved setting original prices that generate sufficient profit (and perhaps a downside cushion), then selling to the first person willing to pay that price. In the absence of willing buyers, you drop the price (as happened with #5B, unsuccessfully so far) or accept a lower-than-asked price (as happened with both #4A and #4B). With many willing buyers, you raise the price. Then you take your money and put is elsewhere.

With #5A, they did not find a buyer at $5.35mm since before the condo declaration was filed. They did not find a buyer at $6mm beginning in May, after they had contracts for #4A and #4B. Yet they have raised the price again, to $6.9mm this week - a 15% increase over the last price and a nearly 30% increase over the original asking price.

What am I missing here??

© Sandy Mattingly 2007


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Dec. 7, 2007 - we’ve been here before / new at 160 Chambers


where's the shaft?
Unit 2 at
160 Chambers Street is new to market today, without pix or floor plan (yet?) and the only web info I see is on NYTimes.com, here. They are asking $1.675mm and $1,500/mo for "1,500 sq ft" with "a new designer high-end renovation."

Regular readers will recognize this address as the coop in which an elevator is to be added this summer, which might be more bad news than good news for a second floor high-end renovation. See the discussion with reader VDH in my August 4 elevator coming to 160 Chambers / NY Times On The Market about how disruptive that elevator project can be to this footprint.

Nor is it evident how disruptive to the high-end renovation it would be to add a second bathroom.

local price history
That August 4 post addressed Unit 3 in this building, which found a buyer in October after starting at $1.635mm in March, then dropping (and holding) at $1.575mm for six months, as recounted in my October 30
new contract, old price at 160 Chambers. So far, I see no closed price for this unit, or for 158 Chambers Street #5 next door, in city records.

Presumably, broker Cathy O'Regan and the second floor seller know the contract price for the third floor. It is hard to tell how the finishes compare without pictures for the second floor, but the second floor description implies a higher level of finishes than are evident in the third floor pictures and description. Perhaps that accounts for the asking price premium.

career tracking
The sales history for this loft back to 1998 in our inter-firm system is a virtual resume for this broker. She listed it in 1998 and sold it in 1999 when she was with a small firm (Susan Penzer Real Estate); last asking price was $565k. Then she listed and sold it in 2000 as an agent of Douglas Elliman; asking price was $850k. Then she listed in 2002 and sold in 2003, still with Douglas Elliman; that price started at $1.075mm and ended at $999k. Now she has her own firm.

So the current asking price would be an almost tripling of value in ten years. Probably not an atypical result for TriBeCa, though this one has more data points (sales) than most.


© Sandy Mattingly 2007


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Dec. 6, 2007 - 8 Sunday Open Houses in the $3mms



(remember to check the agent websites Sunday morning to see if open house is still on)

this tour ranges from 1,900 sq ft to 2,800 sq ft, from Baxter Street to West 19th Street, two of which are new within the last two weeks and two of which will celebrate birthdays next month



38-44 Warren Street #3A
$3mm and $2,427/mo (condo) for "2,632 sq ft" of no-detail-spared mint corner loft with a very prosaic "apartment" layout; I hit another listing in this building (and provided some sales history here) on November 28:
38 Warren finds agent + contract
on the market 2 weeks
Open House Sunday December 9 from 2 to 3:30 PM

684 Broadway #7E
$3.25mm and $2,255/mo for "2,600 sq ft" that I hit when new (no pix or floor plan then) on October 4: 684 Broadway has a new one, and reader Larry helped me out on differentiating the floor plan here from #3E and #5E (with "3,100 sq ft" each); his comment - "a very cool loft"; I can't tell why this is marketed as "move in today or create your own space" if it is of "true collector quality" but maybe that's just my myopia (perhaps someone won't like the rounded corners??)
on market 2 months
Open House Sunday December 9 from 12:30 to 2 PM

146 Chambers Street #PH
$3.275mm and $2,919/mo (condo) for "1,926 sq ft" of duplexed space with "600 sq ft" terrace plus balcony plus common roof deck; the last unit left in a boutique (4-unit) new development
on the market since January ($3.95mm)
Open House Sunday December 9 from 2 to 4 PM

136 Baxter Street #3AB
$3.45mm and $2,988/mo (condo) for "2,580 sq ft" in a (repeat after me) "unique" loft in the new development The Machinery Exchange
new to market last week
Open House Sunday December 9 from 1 to 3 PM

121 West 19 Street Penthouse E (#11E)
$3.7mm and $1,963/mo (condo) for "2,071 sq ft" plus terrace that I have blogged about before as having an incredible history (September 28:
anyone as confused as I am? rare foreclosure sale + rare pricing at Lion's Head 11E); bank still does not seem very motivated to me; buyer still has to pay the vig (6% to broker); weird….
on the market since January ($3.95mm)

Open House Sunday December 9 from 12:30 to 1:30 PM

139 West 19 Street #8E
$3.75mm and $1,776/mo for (2,800 sq ft??) plus "spectacular terrace"; I hit it on an open house review September 27, where I said
check the pictures of this "super sexy PH loft" - I am not getting a vibe of "recently renovated by an influential, well-known designer. An exceptional blend of pre-war industrial loft spirit with today's luxuries, this one-of-a-kind designer loft is exquisitely and tastefully done" but maybe it shows better in person (or maybe it is just me)
on the market 2 months ($4mm)
Open House Sunday December 9 from 1 to 2:30 PM

55 White Street #2B
$3.85mm and $2,123/mo (condo) for "2,300 sq ft" of a "recent architect total renovation" with 14 foot ceilings and windows that are 11 x 6 feet; I had to read this sentence a few times and toggle to the pix it finally understand the "suspended" part: "
Chef's Bulthaup kitchen defined within open plan layout by elegantly designed suspended grid & marble floor", but I can be myopic; saying nothing about the price, this place looks very sweet; Christopher Gray in the NY Times Streetscapes column back in March ("White Street, a Glimpse of What SoHo Used To Be")described this building as "the most architecturally imposing work on the block"
on the market 5 weeks
Open House Sunday December 9 from 1 to 2:30 PM

840 Broadway 8th floor
$3.85mm and $3,050/mo for "2,700 sq ft" that I found to be quite drool-worthy when it was new (November 8: sweet + quiet at 840 Broadway)
Open House Sunday December 9 from 12 to 2 PM


© Sandy Mattingly 2007



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Dec. 6, 2007 - new with view at 448 W 37 / Glass Farmhouse duplex is large 1 Bed Wonder


fascinating space, tantalizing views (until…)
Unit 12G at 448 West 37 Street (The Glass Farmhouse) was new to market yesterday, asking $2.595mm and $1,975/mo (condo) for "2,638 sq ft" (duplexed). The predominant views are east (4 windows on each floor) and south (5 windows on each floor), but there are the advertised "3 exposures" with one west window on each floor.

pioneers wanted
The area around the Farmhouse is still pretty under-served for $1,000/ft pricing. Big upside potential, yes. City-targeted new development to the south and west, yes. (The various Hudson Yards proposals were reviewed, among many other places, in the NY Times on Nov 24, with maps and schematics showing that project as just to the west and 4 blocks south of The Glass Farmhouse.) But it ain't Soho (yet!), as I quarreled with Max Gross of the NY Post 15 months ago (September 14, 2006:
West 30s ready for a close-up (but send Max back to Bible study)).

There will be many fascinating views of construction sites, near and not-very-far from the windows at #12G, but it may be hard to tell for a while what actual "views" will be left over after the next (5 to 10 years??) of construction. Be careful.

views of what?
I have speculated before about what impact on Glass Farmhouse views the Dermot rentals over the Lincoln Tunnel spillways will have (July 3:
losing whose sky in the new west / development over the Lincoln Tunnel a threat to Glass Farmhouse?) so anyone interested should certainly be careful about which sight lines may be lost here.

As I said then:

How much Glass Farmer sky will be impacted by Hudson Mews South will depend on how close that 18 story tower goes to 36th Street and the setbacks, as the Glass Farmhouse extends south only to mid-block.
Some where there are renderings and models that would help answer that question. At the moment I don't know where, but sooner or later….

1 Bed Wonder-ful
At "2,638 sq ft", #12G is one of the larger One Bed Wonders I can recall. (February 24:
what is a 1 bed wonder?)

Without doing too much renovation, one could certainly add a small bedroom where the lower floor "library" is, or a very small bedroom where the upper floor "office" is; otherwise, this is a wonderful space for people sharing one bed in that huge master suite.

"few remaining" true loft building??
I can't say I agree with Gabriella Winter and Alex Nicholas of Corcoran that The Glass Farmhouse is one of the "few remaining buildings that still offers true loft living", but this is true loft living, in a gritty nabe to boot. Twelve foot ceilings, an industrial past, an industrial vibe, steel I-beams and all those windows. Yup, true loft living. Just not one of the "few" buildings in which one can pull off that trick.


© Sandy Mattingly 2007


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Dec. 4, 2007 - raise, drop (rinse), repeat / loft pricing theory, explored



what's the point of throwing 2 cents in, or out?
I have been ruminating for weeks about the theories of changing a listing price, ever since I noticed that one very successful downtown agent has a habit of frequent small price changes.

I will identify the Manhattan loft listing below, but here's the pattern on a listing showing a price drop yesterday:


Sept 24 = "initial price"
Price increase
Price drop
Oct 9
$1,000 ("correction")
Oct 16
$1,000 ("correction")
Oct 23
$1,000
Oct 29
$1,000
Nov 19
$1,000
Nov 26
$1,000
Dec 3
$1,000


easier than playing with 135 Hudson
Two weeks ago I blogged predicting next price drop at 135 Hudson Street, implying that there is another $50,000 price drop likely to be needed for that loft to find a buyer.

As I have suggested before the conversations about price adjustments between agent and seller can be very difficult. Each situation depends on the specific facts, of course (how many people have visited, any bids, etc), but everything becomes more clear as retrospect gets longer and longer. The slow death of small increments is a painful process, which can be hard to recognize in the emotion of selling -- until it is too late.

I talked about "death by small increments" on September 26 last year (puzzling price policy / slow death near Union Square)…

But the next price change for the "$1,000 yoyo" is much easier to predict than for
135 Hudson Street #6F. Dollars to donuts, the price will rise by exactly $1,000 next Monday, or the Monday after that.

motivating buyers, but in what direction?
When I talked about death-by-small-increments (above) I was thinking about the seller (and agent) being motivated to drop the price meaningfully motivate buyers to think now is the right price, while running the foot-shooting risk that buyers will instead conclude if I just wait, the seller will drop again (and again).

Insofar as it went, I still think my analysis is correct - that anyone interested in #6F at 135 Hudson Street may well think that the seller will drop another $50,000 off the price if they don't sell in a couple of weeks. Instead of (now) waiting, that same buyer might have bid earlier (and higher) if the first price drop had been $150,000.

(Of course this is hypothetical, but my experience tells me I am right; one of the nice things about having a blog is you get to make your own assumptions. Heh-heh)

not motivating, but attracting
I hope we can all agree that it does not matter what the initial price of the "$1,000 yoyo" is for purposes of these discussions. $1k is a per se trivial price change, one that is not going to change anyone's motivation to buy whether the change is an increase or decrease.

(In fact, the "$1,000 yoyo" is a terrific exemplar for my analysis because the initial asking price was $8,250,000. $1,000 is per se trivial. The "$1,000 yoyo" is Penthouse AB at 120 West 29 Street, by the way, but the same agent has done the same thing at slightly different levels [at plus-or-minus $4,000, $4,000 and $5,000] at three other listings this week.)

lazy agents might notice?
Changing the price of a listing incrementally increases the chances that it will be noticed by an agent who had not noticed it before, which I thought was a stupid reason for making these serial trivial changes.

But maybe that is not the intent.

With the increasing use of websites like StreetEasy or Trulia by buyers, buyers who pay attention to listings with price changes are much more likely to notice the listing for Penthouse AB at 129 West 20 Street with the cheap yoyo pattern than they would if the price had stayed at $8.25mm for three months.

I am not saying that the $8mm buyer will be more likely to bid a yoyo, but s/he might. I may have to re-think this specific scenario.

So long as the yoyo works in both directions, there may be enough value in it to justify keeping two sets of marketing materials (are we in a plus $1k week or a minus $1k week??). But if the price dropped $1,000 a week each and every week, week after week, I personally would suggest waiting for that $8.25mm price to come down. In a year or two you might have a deal....

by the way
I think I have to identify the listing to make a credible point here, but I am not suggesting this agent is doing anything wrong, and I generally try not to appear to criticize another agent. It is - to me - an interesting topic. So interesting, in fact, that had I written this post when I first noticed the yoyo pattern, I had not yet realized that this technique may be valid for the StreetEasy crowd; I thought (and continue to think) it is a waste of time for the lazy-agent crowd.


© Sandy Mattingly 2007


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Dec. 3, 2007 - more appreciating appreciation / 156 Franklin is new (improved)


4 years + $X later….
The Manhattan loft on the 5th floor at 156 Franklin Street is on the market as of this past weekend, asking $2.195mm and $1,700/mo for "1,700 sq ft" that is "newly renovated". Clearly, the loft has been renovated since the current owners bought it 3 or 4 years ago off an asking price of $1.095mm, but that is a nice appreciation based on any reasonable renovation expense for this space.

(The Stribling site seems to be down as I write this, but pictures and floor plan can be accessed through the NYTimes.com link here.)

classic foot print
The floor plan is classic Long-and-Narrow with no side windows and the plumbing squeezed between the elevator and the master bedroom on one long side. There are no dimensions on the floor plan, but city records show the building as 25 x 87 sq ft; subtracting the elevator and stairway from the building foot print shows that "1,700 sq ft" is a very reasonable coop estimate for size of the floor-through lofts.

I must say I foolishly read the "huge arched 20 ft window" as implying a window that was very tall, but the 20 foot wide window is certainly cool enough (unless you are freaked by fire escapes). The bedroom pictures show light through shear curtains, but there is likely to be no view (except of the North Moore buildings to the north) and only indirect light back there most of the day.

tough comps
With no recent sales in the building other than part of the first floor for $800k about a year ago (size is unknown - to me), it is hard to get good coop comps. The few coop buildings on this block have much larger lofts (3,000+ sq ft), with not many recent sales at all. (E.g., the 5th floor at 144 Franklin Street sold 14 months ago as "3,000 sq ft" of build-your-dream for $2.65mm.)

But this is price Tribeca, just off Hudson Street around the corner from Nobu and down the block from the "1" train at Franklin and West Broadway. Whether the price is high or not, it should attract The Market for small-coops-with-no-amenities.

Open House Thursday December 6 from noon to 2 PM
Open House Sunday December 9 from noon to 2 PM


© Sandy Mattingly 2007



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Dec. 2, 2007 - New Listings + Sales of Manhattan lofts in last 7 days


This is my seventh report on the number, price distribution and neighborhood distribution for Manhattan lofts reported as new to the market or as closed sales in the last 7 days. Can't say there was a lot of pent-up activity from the short holiday week, but there were 32 new loft listings for sale.

For information about how I get this stuff and why I slice it as I do, see
methodology for New + Sold in The Last Seven Days. I have addressed irritating things about collecting and parsing "loft" data in past reports, but here's another thing that messes with my data: what some people classify as a "loft" are not what I call a "loft", such as the oxymoronic "brownstone loft" I hit last week. Sigh.

The stats as of Sunday night ...

  • there were 32 lofts reported as new to the market in the last 7 days, and also 16 reported as sold
  • the prices of the 32 new ones are almost evenly split, and hit all dollar ranges included; 12 of 16 closed sales were under $2mm
  • 17 of the 32 new loft listings are in new developments (5 each at 15 Madison Square North and at Jasper), and 7 of the 16 closed sales (5 at 124 West 24 Street)

By price
New = 32
Sold = 16
$500k to $999k
8
3
$1mm to $1.99mm
6
9
$2mm to $2.99mm
7
2
$3mm to $3.99mm
5
$4mm to $4.99mm
2
1
$5mm+
4
1


By neighborhood
New = 32
Sold = 16
BatteryParkCity
Carnegie Hill
Chelsea
5
Chinatown
2
Clinton
2
EastVillage
2
Financial District
3
Flatiron
Gramercy
1
Greenwich Village
2
2
Kips Bay
10
LittleItaly
Lower East Side
Murray Hill
1
Midtown West
1
SoHo
1
3
Tribeca
7
3
TurtleBay
1
Upper East Side
1
Upper West Side
WestVillage
1


New loft listings in new developments
136Baxter Street (Machinery Exchange)
2
60 Ann Street (The District)
2
15 East 26 Street (15 Madison Square North)
5
114 East 32 Street (Jasper)
5
47 Murray Street
2
250 East 49 Street
1


Sold lofts in new developments
124 West 24 Street
5
40 Bond Street
1
40 Mercer Street
1


© Sandy Mattingly 2007



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Sandy Mattingly is Manhattan Loft Guy; now with The Corcoran Group (http://corcoran.com/ ; but see the disclaimer at the bottom of the page), he can be reached most easily at Sandy@ManhattanLoftGuy.com or 917.902.2491, and followed on Twitter @ManhattnLoftGuy (note "mis-spelling"). After 7+ years, the blog has moved. Links here on RealTown will work for the foreseeable future, but new posts (and all the old content) has migrated to ManhattanLoftGuy.com.

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enough about me / what do YOU want from me for 2008?
holy coop Batman! 80/20 hurdle falls down
New Listings + Sales of Manhattan lofts in last 7 days
a few more on the last slowest open house Sunday of 2007
another slow open house Sunday coming / 4 here, not many elsewhere


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the local TriBeCa newspaper
"the weekly newspaper of lower Manhattan"
Brooklyn, but a great blog
Patell & Waterman&#39;s History of New York
The Soho Memory Project by a long-time resident
Tribeca Commons, an economist considers history, development + more
NYC Past photo tumblr
Manhattan Loft Guy Facebook page (use dropdown menu for Timeline)
the MLG Master List of loft sales, to Nov 2008
Tribeca Citizen
Malcolm Carter
Brick Underground, "vertical living demystified"
Daytonian In Manhattan a tourist&#39;s wonder with a local&#39;s eye
Urban Digs (numbers, graphs & charts, oh my)
True Gotham (very) occasional front-line dispatches
DNA Info, local news via the inter-tubes
The Real Deal, our industry rag
Coop and Condo (a lawyer writes with a funny pen)
Crain&#39;s New York real estate
Tom Fletcher’s NYC Architecture
Jeremiah’s Vanishing New York
Architakes, one guy&#39;s take
Scouting New York (location guy with camera)
Forgotten NY
Soho Alliance
Soho Journal
Chelsea Now (area news)
the essential. if ephemeral, New York
The Broadsheet Daily (especially for BPC, FiDi and Tribeca residents)
The Atlantic Cities

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