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February 2008

Feb. 27, 2008 - 124 Hudson is new + terraced

[update 12.4.08: I have restored this post (below), as the reasons for having removed it in April no longer obtain]
I have removed the content of this blog post, as it comments about the current listing of another agent. For information about why, check out end of an era for Manhattan Loft Guy / a new day dawns? from April 9.
 

[

The original post:

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making new look old
The Manhattan loft 124 Hudson Street #4A is new to market this week, asking $3.495mm and $2,626/mo (condo; taxes abated?) for "2,473 sq ft" of nearly square space with the master and living room looking over Hudson Street and the  2 other bedrooms (and "109 sq ft" terrace) looking into the courtyard/garden. The floor plan includes a true foyer, but the loft flows between the dining area and the kitchen to reach the living room (a bit awkward, that).

The finishes are top notch, with wide plank oak flooring, a real fireplace, top kitchen appliances and limestone baths. The building was built in 2001 and came to market before -- and began to close just after -- 9/11 (earliest closings were November 12, 2001). I think it does a nice job of resembling the kind of building that might have been on this lot before the former parking lot was there, with  10 foot ceilings, nice brick work and factory-sized windows.

This was definitely built to take advantage of the family-friendly Tribeca, with 16 units having 3 BRs, 4 with 4 BRs and (only) 6 with 2 BRs -- just down the block from what had been scuzzy old Tribeca (see
tales of Olde Tribeca / 1980s nastiness at 151 Hudson Street, January 3). But like many 'family' buildings in Tribeca, the amenities here do not include a doorman (just the roof deck, garden and storage facilities).

history next door
#4B closed last April at just under $2.5mm, for "2,110 sq ft" that was said to have been "completely upgraded". It had been on the market since May 2006, starting at $2.95mm before dropping in stages to $2.65mm and going to contract in March.

Penthouse #8B closed two months ago at $6.195mm for "3,014 sq ft" plus a terrace OF "1,700 sq ft". That one has a curious history, as it had been offered for 10 months in 2006 (starting at $6.5mm but offered at $6.2mm for 7 months), then changed firms to come back to market in August 2007 when it quickly found a buyer at the asking price of $6.195mm (16 days to contract).

The only other 2007 sale I see was #3B, which traded at $2.45mm in February ($50k under #4B in April).

[update 12.4.08: deed was filed for #4A on October 7 for $3.165mm]

© Sandy Mattingly 2008

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Feb. 25, 2008 - new to the market and closed Manhattan loft sales in the last 7 days

This is my nineteenth 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.

The stats as of Sunday night ...

 
  •         there were 23 lofts reported as new to the market in the last 7 days and only 12 as sold
  •          17 of the 23 new ones are offered below $3mm; while all of the 12 closed sales were under $4mm (7 under $2mm)
  •          6 of the 23 new loft listings are in new development and 3 of the 12 closed sales were

 
By price
New = 23
Sold = 12
$500k to $999k
5
4
$1mm to $1.99mm
5
3
$2mm to $2.99mm
7
2
$3mm to $3.99mm
2
3
$4mm to $4.99mm
 
 
$5mm+
4
 


 
By neighborhood
New = 23
Sold = 12
Battery Park City
 
 
Chelsea
3
3
Clinton
1
 
East Village
1
 
Financial District
3
 
Flatiron
 
 
Gramercy
1
 
Greenwich Village
2
1
Kips Bay
1
 
Little Italy
 
 
Lower East Side
 
 
Murray Hill
 
 
Midtown West
 
 
SoHo
4
5
Tribeca
5
1
Turtle Bay
 
2
Upper East Side
 
 
Upper West Side
1
 
West Village
1
 

New loft listings in new developments
420 West 25 Street (Loft 25)
2
25 Broad Street (The Exchange)
1
15 East 26 Street (15 Madison Sq No)
1
290 Mulberry Street
1
137 Duane Street
1

Sold lofts in new developments
420 West 25 Street (Loft 25)
2
115 Mercer Street
1

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.


© Sandy Mattingly 2008


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Feb. 21, 2008 - new at 16 Hudson / once more into the breach (but higher)


[update 12.4.08: I have restored this post (below), as the reasons for having removed it in April no longer obtain]
I have removed the content of this blog post, as it comments about the current listing of another agent. For information about why, check out end of an era for Manhattan Loft Guy / a new day dawns? from April 9.
 
[The original post:]
 
#4B at 16 Hudson Street is new to the Manhattan loft market today, at a rather different price point (and condition?) than other units in the building I have discussed.

got green?
This one is smaller than the other two units, at “1,500 sq ft” but has a north orientation that – even from the 4th floor just above Chambers Street – offers Chrysler and Met Life views (with 10 windows). This one looks to be a fairly high-end renovation, with wide-plank mahogany floors, built-ins, a kitchen that is the “epitome of 21sdt century chic”, with stainless + stone + top appliances + tile, French doors and at least one “gorgeous’ bathroom. (The green tile kitchen startled me; I assume that will be a love-it-or-hate it feature.)

The layout is a bit of a corner triangle, with bedrooms, office and master bath along the long side. The master bedroom windows (at least) are fully doubled, with an interior set with wood frames, which should reduce or eliminate any noise issues along this heavily trafficked block.

premium pricing
#4B is offered through Tamir Shemesh of PruDE at $2.15mm and $1,979/mo, a healthy $1,400/ft. The “magnificent” views and the 21st century finishes may justify that; other units have sold at lower levels.

#3A vs. #3C score, still pending
I hit the ‘sibling rivalry’ between #3A and #3C on November 29 (
16 Hudson contract / 3A beats 3C?), in which I laid out their respective listing histories to that point:

#3C was asking $2.175mm and $1,891/mo for "2,000 sq ft" that had been on the market since November last year (starting at $2.295mm). It had a rough as well as long history, with one aborted accepted offer and one aborted contract, before landing in July to the contract that closed on September 18 at $2,087,500.

#3A (“1,860 sq ft”) had just gone into contract, but had not yet closed:

If the #3A sellers did not know #3C's contract price when they came to market in early September for $2.495mm, they should have found out soon after the September 18 closing. Then it was four weeks before they dropped the price for #3A to $2.395mm, then another four weeks before dropping to $2.325mm, and then two more weeks before having a contract signed.

(It still hasn’t closed; what’s up??)

The finishes at #3A may be comparable to #4B (cook’s kitchen, custom millwork and built-ins), but the larger footprint is not as efficient and (to me) lacks the ‘flow’ of #4B (none of the 3 bedrooms are very large; the largest is far from the bathrooms). The 3rd floor park and city views probably don’t compare to the “magnificent” 4th floor views that include icons.

The #4B owner and agent presumably know the contact price for #3A, but the last asking price for that November contract was ‘only’ about $1,250/ft. [Update 12.4.08: #3A had a deed filed at $2,109,750 on March 5 -- $1,134/ft ; #4B's deed was filed on September 16 for $1.775MM -- $1,183/ft]


© Sandy Mattingly 2008




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Feb. 20, 2008 - sun floods, contract follows at 39 Great Jones

[update 12.12.08: I have restored this post (below), as the reasons for having removed it in April no longer obtain]
I have removed the content of this blog post, as it comments about the current listing of another agent. For information about why, check out end of an era for Manhattan Loft Guy / a new day dawns? from April 9.
 
[The original post:]

the well-priced loft sells ...
... quickly. As usual.

The
Penthouse 6 at 39 Great Jones Street came to [the Manhattan loft] market just over 4 weeks ago, asking $2.675mm and $1,600/mo for "2,235 sq ft" of "authentic duplex penthouse" that "sun floods". The Market liked the sun, or the "superb" kitchen, or the location, as it is now in contract. [updated below]

scissor duplex
The duplex floor plan is unusual in that the upper floor faces (mostly) south and the lower (bedroom) floor faces (mostly) north, such that very little of the upper part is directly on top of the lower part. (This makes sense if you look at the floor plans and note the interior stair locations on each floor.) The only other loft building I know that has scissor duplexes like this is 22 West 26 Street.

did the sun do it?
#2 sold here last May for $2.5mm after a short time on the market (3 weeks to contract) at $2.295mm and $1,600/mo for "2,400 sq ft" (it is a full floor loft). That one was marketed as (hold your breath here) "exceptional and authentic", "gut renovated ... from an artist's perspective", and "[u]nlike all the other designer lofts, this one is actually unique and without equal". That prose is from the Steinberg-Senequier at PruDE (who know their lofts), so I gotta believe that one had nicer finishes than the Penthouse, but not as nice light or sun. One year later, and 4 floors higher, the Penthouse succeeded off a higher price than the 2d floor.

props
Tip of the hat to Glen Norrgard and John Tenore of Stribling for finding the price point and marketing plan to attract a (relatively) quick contract.

 

[Update 12.12.08: the deed was filed on April 2 at $2.6mm -- a 97% solution]

(C) Sandy Mattingly 2008
 

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Feb. 19, 2008 - another minimal drop in minimal masterpiece at 8 West 13 Street

[update 12.3.08: I have restored this post (below), as the reasons for having removed it in April no longer obtain]
I have removed the content of this blog post, as it comments about the current listing of another agent. For information about why, check out end of an era for Manhattan Loft Guy / a new day dawns? from April 9.
 

[The original post:]

 

death by small increments? (ouch)
I hit #2F at 8 West 13 Street when it was new at $1.5mm for “1,100 sq ft” of “museum quality” (July 9: min to the (small) max / new at 8 W 13; note Reader Jess’s citation to the August 2007 Architectural Digest) and again when the price dropped a second time, from $1.45mm to $1.35mm (December 17: not buying the minimalism (yet) / 8 W 13 drops). I hit it again when they had a price drop in January (minimal drop at minimal beauty / 8 West 13 Street drips).

oops they did it again
I was disappointed to see that this baby has not sold yet; worse, it just had another price drop -- this one more significant than the last. The new price (as of yesterday) is $1.25mm. So far, that is 18% off the original $1.5mm asking price from July.

As I said on January 28:

It is difficult to determine the Market Price for such a (yes, I have to use the “u” word) … unique loft. Someone could build another one like it, but they haven’t done that. Until they do, anyone who loves the look here will have to consider squeezing themselves (and a roommate, or not) into 1,100 sq ft.

I am rooting for this one, and watching the way you watch a potential car wreck in slow motion (screech of brakes, but will they hit??). Heart on sleeve, I hope this loft finds a buyer who will love it as is, at/near this price. Any takers?

Hello! Any takers??

[update 12.3.08: yes; it wsa taken for $1.1mm with a deed filed on June 23]



(C) Sandy Mattingly 2008

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Feb. 18, 2008 - 2 new on West 20 Street / building yin vs yang at 15 W 20 + 9 W 20

 

[update 12.14.08: I have restored this post (below), as the reasons for having removed it in April no longer obtain]
I have removed the content of this blog post, as it comments about the current listing of another agent. For information about why, check out end of an era for Manhattan Loft Guy / a new day dawns? from April 9.
 

[

The original post:

]

so close yet…
These two new Manhattan loft listings could hardly be closer to each other. The units are nearly the same size, with very similar layouts. Neither brags about light or views. But the dollar differences are rather … err … dramatic.

the boutique experience at Altair 20
#8A at 15 West 20 Street (Altair 20) is new to market this weekend through PruDE's Lisa Gilroy, asking $3.25mm and $3,869/mo for "2,259 sq ft" in this 2006 newly constructed condo where the first closings were last August.

Altair 20 was one of the recent high finish + high service buildings, where 17 units have to support the La Palestra fitness center, doorman (not overnight?), and cabana style roof deck. Hence the hefty common charges. This looks to be the first flip; the original sales price for #8A was $2.6mm but they raised it to $2.675mm before the contract was signed for $2.625mm and it closed in June 2007. (#9A traded at $2.725mm in July; #7A for 2.525mm also in July.) [UPDATE 12.14.08: the loft was taken off the market in May after price drops in March ($3.095mm) and April ($2.995mm); clearly, The Market was not biting]

This unit looks to be in original condition, with the standard high-end finishes including an “ultra chef’s kitchen” (with wine cooler + coffee system + plate-warmer), cherry floors and radiant heat in the 3 bathrooms. The layout is classic Long-and-Narrow with 2 bedrooms in back, a windowless den/study and plumbing on both sides in the middle. The interesting layout choice in this unit is the kitchen has a path-through, but is otherwise closed.
How un-lofty!

The building was gutted in 2006 (an old office building??) and has some loft characteristics, including ten foot ceilings (in most of the unit) and 3 structural columns. The windows are tall, but not terribly large (3 in back, only 4 in front), with not much to see form the 8th floor. The joint building website (with Altair 18 at 32 West 18 Street) is still up and full of breathless promotion, here. (There are many additional details about the kitchen and baths in that website, beyond what is in the listing description.) You will see that they were (and are) selling the ‘boutique’ experience.

Open House Sunday February 24 from 12 to 2 PM.

who’s the faux loft competition for 9
The 6th floor of 9 West 20 Street is not at the bling-bling end of the loft spectrum that Altair 20 aspires to, but it is a classic loft building repurposed in 2001 for residential. This one is said to be "2,152 sq ft" and is asking $2.499mm and $1,913/mo (condo) for a triple mint loft for people who are "tired of faux lofts".

Sheila Lokitz of Corcoran promises pictures soon, but the floor plan is classic Long-and-Narrow, with plumbing in the middle and enough windows on one long side to have a 3rd bedroom and a windowed bathroom. (The footprint is very similar to #8A at 15 West 20 Street, in fact, though the window here makes a 3rd bedroom instead of a den/study.)

It is hard to directly compare finishes without pictures of this one, but the major difference here is easily expressed: $1,913/mo in common charges and taxes vs. $3,869/mo at Altair 20. And the $750k in asking price for (essentially) the same size space.

a window on The (current) Market
The 8th floor and the 10th floor both sold last Summer for $2.661mm, both well above their asking prices ($2.395mm and $2.495mm, respectively). The 8th floor was said to be “architect designed”; the 10th floor other claimed very high finishes and to be “sun-filled”. If the 6th floor finishes are at all comparable, this $2.499mm asking price will tell us a lot about The Market if it lingers. [UPDATE 12.14.08: it more than lingered; after dropping to $2.399mm on May 1, out data-base shows that it was taken off the market in June; but there is ambiguity about that, since Street Easy shows a deed filed in June (but no price reported) while Property Shark shows no deed]

[BOTTOM LINE as of 12.14.08: as the 6th floor finishes do seem to have been comparable to the neighbors' units on the 8th and 10th floors that traded at $2.661mm in 2007, the fact that #6 did not sell even off of the reduced $2.399mm did tell us "
a lot about The Market"]

First showing will be at the
Open House Sunday February 24 from 12:30 to 2 PM.



© Sandy Mattingly 2008



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Feb. 18, 2008 - new to the market and closed Manhattan loft sales in the last 7 days

 
This is my eighteenth 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.
 
 
The stats as of Sunday night ...
 
§         there were 28 lofts reported as new to the market in the last 7 days and 24 as sold
§         18 of the 28 new ones are offered below $3mm; while 20 of the 24 closed sales were under $3mm
§         only 3 of the 28 new loft listings are in new development and 10 of the 24 closed sales were (6 in Jade)


 
By price
New = 28
Sold = 24
$500k to $999k
5
3
$1mm to $1.99mm
4
11
$2mm to $2.99mm
9
6
$3mm to $3.99mm
2
3
$4mm to $4.99mm
2
 
$5mm+
6
1


By neighborhood
New = 28
Sold = 24
Battery Park City
 
 
Chelsea
2
3
Clinton
 
1
East Village
 
 
Financial District
4
2
Flatiron
3
7
Gramercy
1
 
Greenwich Village
3
2
Kips Bay
2
 
Little Italy
 
 
Lower East Side
 
 
Murray Hill
 
2
Midtown West
 
 
SoHo
1
3
Tribeca
7
3
Turtle Bay
2
 
Upper East Side
 
 
Upper West Side
 
 
West Village
3
1

New loft listings in new developments
15 East 26 Street (15 Madison Sq No)
2
1 York Street
1

Sold lofts in new developments
420 West 25 Street (Loft 25)
6
90 William Street (be@William)
1
16 West 19 Street (Jade)
6
11 East 36 Street (Morgan Lofts)
2

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.


© Sandy Mattingly 2008



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Feb. 16, 2008 - price drops at 684 Broadway, 49 Warren, 249 Church

I have removed the content of this blog post, as it comments about the current listing of another agent. For information about why, check out end of an era for Manhattan Loft Guy / a new day dawns? from April 9.

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Feb. 16, 2008 - 17 + 55 White Street dueling open houses at $3.75mm

 

[update 12.14.08: I have restored this post (below), as the reasons for having removed it in April no longer obtain]
I have removed the content of this blog post, as it comments about the current listing of another agent. For information about why, check out end of an era for Manhattan Loft Guy / a new day dawns? from April 9.
 
[The original post:]

There are open houses at two lovely Manhattan lofts on White Street, separated by both Church Street and 6th Avenue, both offered at the same $3.75mm. Compare and contrast, then report back, please!

i hit 6A at 17 White Street when it was new to the market in December (
new at 17 White / mezzanine + proper names in a Tribeca enclave), asking $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.
Open House Sunday February 17 from 12 to 1:30 PM

I touched on 55 White Street #2B in an open house review on December 6; it is still "2,300 sq ft" of a "recent architect total renovation" with 14 foot ceilings and windows that are 11 x 6 feet, but the price has come down from $3.85mm to $3.75mm, and $2,123/mo (condo).
Open House Sunday February 17 from 12:30 to 1:30 PM

To me, they have very different looks -- despite both having high ceilings and high finishes. 17 White is for lovers of exposed brick; 55 White is more sophisticated (in the I-know-it-when-I-see-it sense of sophistication). The 17 White space seems to me to be about volume; 55 White seems to have more flow.

Has anyone seen both of them?

[UPDATE 12.14.08: 17 White St #6A closed with a deed filed June 24 at $3.16mm; 55 White St #2B cleared at $3.49mm with a deed filed on July 8. After being at the same price point in February, The Market treated them pretty differently, paying more for the sophistication of 55 White St than the volume at 17 White; but both are pretty healthy prices for the amount of space the commenter Stephen Reese thinks is present]


(C) Sandy Mattingly 2008

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Feb. 15, 2008 - 90 Franklin is new, mint, flipping


[update 12.3.08: I have restored this post (below), as the reasons for having removed it in April no longer obtain]
I have removed the content of this blog post, as it comments about the current listing of another agent. For information about why, check out end of an era for Manhattan Loft Guy / a new day dawns? from April 9.
 

[The original post:]

a bit more than 80 Warren, a bit more $$$
#2N at 90 Franklin Street is just above 80 Warren Street #34 in today’s new listings sheet, asking $2.575mm ($175k more) and $2,458/mo (condo; a lot more per month) for “1,900 sq ft” (probably 100 feet smaller) that is not only in “triple mint” condition, but boasts a Boffi kitchen (with appropriate appliance bling) and boast-able bath. In other words, there’s a lot more Manhattan loft here than there – with a higher price and monthlies, of course.

If you use the ballpark of $200/ft for a quality total renovation of 80 Warren St #34 (see December 10:
need renovation stories / a reader writes for help), then the dollars between these two units ($2.4mm to buy + $400k to renovate + $1,400/mo in maintenance vs. $2.575mm to buy + $2,458/mo) tilt in favor of #2N at 90 Franklin, especially with the amenities of 90 Franklin Street. (See today’s 80 Warren is new, a project, aggressive about 80 Warren Street.)

about those mints
The “1,900 sq ft” footprint of #2N contains a fairly conventional “apartment” 2 bedroom + 2 bath layout, with all rooms fronting north and the large bedrooms typical of a nearly-square-windows-on-one-side footprint. (The second bedroom is 10 x 18 feet.) This floor plan reminds me of some units in the Chelsea Mercantile, in fact.

The finishes look terrific here. (See the listing description for details; if I paraphrase I will lose something.)

The layout has some quirks. The flow from the entry takes you to the dining room table (as arrayed) and there’s a (glass-fronted?) pantry apparently built in to the wall opposite the kitchen – in plain view of the main living space. Yes, it is nice that the laundry room is “discreetly situated” off the kitchen, but that raises the question of whether the “discreet 24-7 concierge” is hidden in the lobby or knows how to keep his/her mouth shut.

street life serenades
Of course, 80 Warren Street is on a formerly quiet stretch that will soon benefit (?) from proximity to Whole Foods “etc” at 101 Warren, while 90 Franklin sits at the spot where the uptown traffic splits from Church Street at the beginning of 6th Avenue – hardly the most charming spot in Tribeca.

So there may well be reasons to prefer to live on that stretch of Warren Street rather than this intersection of Franklin, Church and 6
th Avenue. But dollars are probably not among those reasons.

I wonder how many people will be interested in looking at both of these. They seem like such different lofts to me that they probably appeal to very different people.

fascinating history, with a quick echo
90 Franklin Street was a condo conversion that sold originally in May 2000. #2N was probably bought then at the original asking price of $775k and has been sold twice since then. I can’t tell from the listing description when all the mints arrived in #2N (though it does say “new hardwood flooring”), but my guess is that it was in pretty good condition when it sold in October 2004 at $1.575mm, and probably still in pretty good condition when it sold in August 2007 for $2.075mm.

Had that August 2007 buyer made any significant renovation between buying for $2.075mmand putting it on the market at a 25% premium, I bet the listing description would say so. Since it does not, I assume the seller thinks The Market has improved quite a bit in a relatively short time.

Actually, the listing history shows that the flip was started soon after the August 2007 purchase at $2.075mm. The Real Estate Group listed #2N for $2.695mm in late November, before the price dropped to $2.5mm in December and the unit was taken off the market 6 weeks ago.

Open house Sunday February 24 [next Sunday] from 12 to 1:30 PM

[update 12.3.08: this has been off the market since June, at a last ask of $2.395mm]


© Sandy Mattingly 2008


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Feb. 15, 2008 - 80 Warren is new, a project, aggressive

I have removed the content of this blog post, as it comments about the current listing of another agent. For information about why, check out end of an era for Manhattan Loft Guy / a new day dawns? from April 9.




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Feb. 14, 2008 - 116 West 14 Street is new, or is it?

I have removed the content of this blog post, as it comments about the current listing of another agent. For information about why, check out end of an era for Manhattan Loft Guy / a new day dawns? from April 9.



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Feb. 14, 2008 - happy holiday, especially to the women …


… baseball fans, as the Pitchers and Catchers of ten major league baseball teams report to Spring Training today, including the Yankees. (The full reporting date schedule can be accessed here.)

Happy baseball!

What … you thought I had a different holiday in mind??

© Sandy Mattingly 2008


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Feb. 13, 2008 - penthouse at 150 Chambers is new + outdoorsy

[update 12.1.08: I have restored this post (below), as the reasons for having removed it in April no longer obtain]
I have removed the content of this blog post, as it comments about the current listing of another agent. For information about why, check out end of an era for Manhattan Loft Guy / a new day dawns? from April 9.
 

[The original post:]

 

outdoor space is how big a plus?
The Penthouse W at 150 Chambers Street is new to market today, asking $2.1mm and $1,388/mo (condo) for "1,500 sq ft" inside and a private "400 sq ft" private roof deck.

This is a classic Long-and-Narrow footprint, with just the 4 windows in front and 4 in back, with the plumbing in the middle. At just over 22 feet wide, there is not  a lot of flexibility in the layout - though it should not need flexibility as it has been "newly renovated". (I have a lot of trouble finding "1,500 sq ft" based on the dimensions given, but maybe….)

The ceiling "soar[s] up to 14 feet tall", which makes me wonder if it is a different height in different parts of the loft. The "large" windows look to be kind of small for a loft building (maybe the soaring ceilings are throwing me off). Unless I am turned around, the single building photo on the web listing is a ‘view shot’ of the building across the street; I am pretty sure this building is a beautiful old loft building with very tall windows on the 2d floor, smaller ones on the 3rd and 4th floors, and still smaller windows on the top floor.

is history a guide?
The Penthouse unit next door (Penthouse E) sold a year ago after 7 months on the market, 2 firms and 2 price drops, from $2mm to $1.895mm, to $1.795mm. The clearing price was $1.685mm for a unit that sounds like the same size as Penthouse W, the same condition, and also with a private roof deck.

That Penthouse E price is hard to reconcile with the history of Unit #4E, which sold very quickly for $1.61mm in 2005 ($110k above the asking price). That unit may or may have been in the same (excellent) condition as the two penthouses, but had no outdoor space.

whose anomaly?
Penthouse W is priced as though Penthouse E at $1.685mm one year ago was the anomalous price, rather than #4E 2.5 years ago at $1.61mm. We’ll see what The Market thinks…. [update 12.1.08: it closed June 12 at $2.025mm; they were right about The Market]

© Sandy Mattingly 2008

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Feb. 12, 2008 - long time comin’ / contract at 714 Broadway

I have removed the content of this blog post, as it comments about the current listing of another agent. For information about why, check out end of an era for Manhattan Loft Guy / a new day dawns? from April 9.


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Feb. 11, 2008 - Manhattan lofts reported as new to the market or as closed sales in the last 7 days


This is my seventeenth 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.

The stats as of Sunday night ...

§         · there were 23 lofts reported as new to the market in the last 7 days and 27 as sold
§         · 17 of the 23 new ones are offered below $3mm; while 24 of the 27 closed sales were under $3mm
§         · only 1 of the 23 new loft listings is in new development (be@William) while 11 of the 27 closed sales were (6 in Jade)


By price
New = 23
Sold = 27
$500k to $999k
6
6
$1mm to $1.99mm
5
12
$2mm to $2.99mm
6
6
$3mm to $3.99mm
3
1
$4mm to $4.99mm
2
1
$5mm+
2
1


By neighborhood
New = 23
Sold = 27
Battery Park City
 
 
Chelsea
6
2
Clinton
 
 
East Village
 
1
Financial District
3
5
Flatiron
2
8
Gramercy
 
 
Greenwich Village
1
2
Kips Bay
2
 
Little Italy
 
 
Lower East Side
1
1
Murray Hill
1
 
Midtown West
 
 
SoHo
1
1
Tribeca
2
6
Turtle Bay
1
 
Upper East Side
1
1
Upper West Side
 
 
West Village
2
 


New loft listings in new developments
90 William Street (be@William)
1


Sold lofts in new developments
420 West 25 Street (Loft 25)
2
40 Bond Street
1
16 West 19 Street (Jade)
6
1 York Street
1
137 Duane Street
1

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.


© Sandy Mattingly 2008



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Feb. 9, 2008 - ‘rare’ open house duel at 24 E 22 / fighting about windows

[update 11.29.08: I have restored this post (below), as the reasons for having removed it in April no longer obtain]
I have removed the content of this blog post, as it comments about the current listing of another agent. For information about why, check out end of an era for Manhattan Loft Guy / a new day dawns? from April 9.
 
[The original post:]
Steven Parrino at BHS has been marketing the full floor loft 24 East 22 Street #5 since July as “rarely available”; that may have been true, but it is not so true since Corcoran’s Jim Farrah brought the Manhattan loft below to market i2 months ago.

That sets up a nice compare-and-contrast opportunity, as they have adjoining open houses on Sunday.


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

24 East 22 Street 4th fl
$2.695mm and $2,530/mo (condo) for “2,000 sq ft”
I hit it in an open house review on January 4, describing it as:
a 22 foot wide Long-and-Narrow that is described as “meticulously designed architectural space” set up as a One Bed Wonder (note the frosted glass between the office/den/bedroom and the master); kitchen has all the proper proper names, including 6 burners and 2 ovens

new to market December 11

Open House Sunday, February 10 from 1 to 2 PM

24 East 22 Street #5
$2.795mm and $2,150/mo for "2,150 sq ft" set up as 2 BR with "craftsmanship throughout" and views of the Empire State, Flatiron and Met Life buildings; this kitchen also has proper proper names

on market since July ($2.9mm)


Open House Sunday, February 10 from 11:30 to 1 PM

how much for the windows?
The finishes in both units appear to be brag-worthy, so one’s preference between them is likely to be simply that – a matter of preference. Odd that one has 13 foot ceilings (4th floor) and the other 14 foot ceilings (5th floor), but I suspect that is a rounding error somewhere. (Both ceilings are vaulted.)

There is one significant difference, one that is worth something and – to the light sensitive buyer -- might well be worth $100k. The 5th floor has 5 west-facing windows (allowing that Flatiron view?) that are missing from the 4th floor.

If you see the 5th floor and care about views, ask whether those north views of Met Life be lost to the One Madison tower. The west windows look like lot line windows that clear the lower 5-story building next door. (It looks as though the three 5-story buildings to the west are owned by different people, but it is always possible that they could be bundled and developed…. (In the next development boom, or the one after that??)


© Sandy Mattingly 2008


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Feb. 8, 2008 - Sunday brunch on Duane Street? 3 open houses

Sunday brunch on Duane Street? 3 open houses

These 3 Manhattan lofts are at very different price points, but are within a few steps of each other and have overlapping open houses on Sunday (you will have to cross Hudson Street to see all 3). Only a rabid loft fan would tour such disparate properties, but maybe there’s one or more out there….

157 Duane Street 4th floor
$1.795mm and $1,700/mo for “1,700 sq ft” that I hit when it came back to market after New Years (Jan 8:
157 Duane also back from holidays); it has since had $100k haircut; here was my comment and question from that post:
That’s a pretty big 1 bedroom loft (what is a 1 bed wonder?), in a Long-and-Narrow footprint that is said to be 23.5 feet wide. This is one of those no-detail-overlooked designs that makes it difficult to change without ‘ruining’ it. Beautiful, yes, and it is what it is. One bedroom, one bath (and a window in the shower!). (Not to mention a flat screen television in the bathroom.)

The finishes are described as extraordinary (and look the same). So why so few dollars for so many beautiful feet?

(Hint: the answer to that question has to do with steps.)
On the market since October (off and on)

Open House Sunday, February 10 from 12:30 to 2 PM

161 Duane Street #4A
$3.4mm and $5,002/mo (condo) for “2,100 sq ft” at The Mohawk Atelier, a (long-delayed) luxury condo conversion (originally marketed in December 2004, occupancy was going to be Fall 2006, but they closed in May 2007); this 3 BR + 3 bath duplex looks like the first flip (this is the building where David Bouley was going to create a cooking school, restaurant, culinary center); I can’t see what it sold for, but this unit had been listed at $2.825mm in the original offering

new to market last week

Open House Sunday, February 10 from 1 to 2:30 PM

173 Duane Street #4
$4.875mm and $2,807/mo for “4,223 sq ft” that has been “
seamlessly renovated by its artist owner to fuse its unique structural elements into its versatile and very functional layout”; the footprint is more simply rectangular than Long-and-Narrow, though it has windows only front and back (interesting that the master suite is in the middle, away from any windows); a ton of space for just over $1,100/ft with low maintenance per foot

on the market since New Year’s

Open House Sunday, February 10 from 12 to 1:30 PM



© Sandy Mattingly 2008


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Feb. 8, 2008 - comping out is hard to do / new at 64 West 15 Street


they say that…
I will take William Grant and Russell Miller of BHS at their word at this point, that #2W at 64 West 15 Street is an “airy loft [that] masterfully combines beautiful prewar details with today’s’ contemporary amenities”, as they provide a host of detail and description in support. (No pix or floor plan yet, but that is probably a temporary issue only).

New to market today, they are asking $2.7mm for an undisclosed number of coop feet (probably 2,000) set up as 3 bedrooms + 3 baths, with maintenance of $2,332/mo.

will they be blue?
I am intrigued because there are no good comps in the building, as the only sale in the building since 2005 was a ground floor triplex unit and the only 2005 sale (of #5W, with “2,000 sq ft”) was off an asking price of $1.495mm and took a year and 3 price drops to sell, though it ended up at $1.501mm -- higher than the last ask.

If #2W and #5W are the same footprint in this 6-story 2-lofts-per-floro building, then the new #2W listing is asking $1,350/ft in a building that has never seen anywhere near $1,000/ft.

That first floor triplex closed 2 months ago just under $1.1mm for what was said to be “1,650 sq ft”. That layout makes it a poor comp for #2W under any circumstances, but the price certainly does not encourage one to think this building commends a premium.

Even if #2W is a much better 2,000 sq ft renovation than #5W, it is hard to project a $200,000 renovation and 30 months of market appreciation onto $1.5mm and reach $2.7mm.

give the comps another try
I don’t see that values on the block are way up in the last few years, even with the imminent completion of The Oculus at 50 West 15 Street. Next door to #2W at 60 West 15 Street, there is a much larger loft that had been available, though in a much different condition. The 4th floor at 60 West 15 Street had been offered through the Rob Gross group at PruDE since August, but is now off their website but not yet communicated through the inter-firm system as off the market. They had been asking $2.95mm and $2,035/mo for “3,100 sq ft” that seemed in relatively primitive condition. Point is, it did not sell under $1,000/ft.

One more building east, the 2d floor at 58 West 15 Street had been marketed for nearly 6 months ending last April for $3.25mm of (probably) 2,300 sq ft in “magnificent” condition. That didn’t work, either.

We’ll look at one more, still heading east. At 42 West 15 Street there was a sale last August at $1.9mm for the “2,300 sq ft” 5th floor of “well designed” space with a bling-bling kitchen, and the 2d floor is on the market (Tom Cooper of Sothebys thinks the full floors here are only “2,000 sq ft”, but that’s another story) for $1.799mm.

Bottom line is that nothing at this end of the block has sold in recent years above $1,000/ft. Seems to me that the #2W renovation will have to be awfully impressive to drive values to the level of $1,350/ft.

lemonade?
#2W sits on the corner of 15th Street and 6th Avenue. I love how they’ve dealt with that: “
90 linear feet of corner window frontage provide a wealth of open skies and exciting city views up Sixth Avenue.With 13 foot ceilings and 10 foot windows, that is a lot of excitement up 6th Avenue! (The windows are double insulated and tilt-and-turn, but the former trait is probably more important than the latter.)

Looking forward to pix, floor plan and any first hand reports on this one!


© Sandy Mattingly 2008


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Feb. 7, 2008 - such cute siblings, not twins, new at $2.1mm at 105 Fifth Avenue


I assume it is a coincidence that two lofts at 105 Fifth Avenue came to market at the same price this morning, in different lines, through different firms. Interesting counterpoints.

no web (yet)
#4D is said to be “1,765 sq ft” (set up as 2 bedrooms) and is asking that $2.1mm (and $1,685/mo) that is said to be “beautiful [and] renovated” with a Siematic kitchen, 2 marble baths, central air and 11 foot ceilings. Unfortunately, it is so new that it is not up on Corcoran’s site, but when it is it should be here.

he had me at ne plus ultra
#5C is said to be “1,500 sq ft” of “pure luxury”, asking that same $2.1mm (and $1,619/mo) and is set up as 1 bedroom and 1.5 baths. Alex deBourdes of Eychner had me at “no finer finishes on the market”, since if you say this you can’t afford to be contradicted.

The superlatives pile on (and on). “Powder room with most striking sink you’ll ever see”; “largest Boffi professional kitchen”, etc, etc, etc. Too much to paraphrase (though he lost me at “coterie”, then again at “Xanadu”).

many words, fewer pix
I wish the ratio of photos to superlatives were better, but there are enough to show that the green thing on the floor plan is a step-up office, with partitions that do not reach the ceiling. In other words, that is not usable as a bedroom. In other other words, this is a “1,500 sq ft” One Bed Wonder priced at $1,400/ft.

The four windows are all in front (north, over East 18 Street), split between the bedroom and living room. No pix of that side of the loft.

separated at birth?
#7D in this same building has been on the market all of 4 weeks, as yet a third firm weighs in with superlatives. PruDE’s Josh Rubin flogs that one as “triple mint”, “exudes elegance”, “well designed”, with “high-end appliances”. Like the brand new but somewhat secret #4D, it is said to be “1,765 sq ft” but this one is asking $2.25mm and $1,756/mo for the 2 BR + 2 bath array.

The #7D floor plan is a very logical use of the space, with the bedrooms up front, along the window wall and back-to-back bathrooms. #4D probably has plumbing in the same places, and may well have a very similar layout.

I am sure it is just the décor, but #7D has a very “prewar apartment” look to it, to me.

building history above $1,000/ft, but…
This coop has had a run of sales of beautifully renovated lofts, but none (yet) at $1,400/ft. There were 2007 sales of:

#4A
Dec 2007
$1.35mm
“1,300 sq ft”
“’downtown’ loft feeling influenced by the elegance of European culture and design”
#6A
May 2007
$1.55mm
“1,370 sq ft”
custom loft masterpiece … slated for the Spring issue of Shelter Interiors Magazine”; “design details can be found at www.spi-design.com under the header, Union Square Apartment”
#7B
March 2007
$2.1mm
“1,750 sq ft”
“designer renovated … with fantastic landmarked city views”; “thoughtfully designed space”; same agent as #7D
#10AB
March 2007
$3.85mm
“2,900 sq ft”
“without a doubt, one of the most spectacular xxx mint lofts”; “every detail a finished masterpiece”


Open House Sunday February 10 1 – 2:30 PM in #7D
(#4D or #5C may yet schedule an open house)


© Sandy Mattingly 2008



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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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