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Manhattan Loft Guy

Nov. 9, 2008 - 55 White Street #4C closed, finally, around $1,000/ft

those price drops can work pretty well...
The Manhattan loft at 55 White Street #4C just closed for $2.045mm (updated in our system November 6, deed filed October 28, but no clearing price available until now). The recent listing history is fairly quick for this market (on market July 20, contract September 15), but the extended history shows this took a bit longer (originally offered March 2007, then off the market in December 2007). The trick is that it had two bad prices in 2007 (first $2.5mm, then $2.395mm) and the right price when it came back (different firm and agent) this past July at $2.195mm.

As noted, that price did the job of finding a contract in eight weeks.There must have been an extensive negotiation, as the clearing price of $2.045mm is $150k shy of the ask (a "discount" of 7.3%).

Said to be "1,989 sq ft", the loft was not marketed based on top finishes, though the pix look pretty nice:

... graceful Corinthian columns, a woodburning fireplace, high ceilings and large windows offering very good light but NO views. This serene condo offers two winged bedrooms, an additional windowed office, two renovated bathrooms and a large windowed kitchen. Other features are Central A/C, excellent lighting, customized closets, a washer and dryer and a beautifully landscaped common roof deck.

(I particularly like the helpful specificity of "very good light but NO views".)

layout pros and cons
One of the quirks in the Corcoran website is that, although they are unusual in keeping closed sales available on line (without prices, but thank you very much), the "Sold" box obscures the floorplan link. But you can find the floor plan on the StreetEast cached listing, here. The layout is terrific, taking advantage of 3 exposures to widely separate the 2 bedrooms and leaving a 'great room' that is 25x27 feet. The only oddity (to me) is that the second (public) bathroom is essentialy in the kitchen. (Does anyone else think that is awkward?)

So another Tribeca loft sells at just about $1,000/ft -- like 80 Chambers Street (November 7, 80 Chamber flies off the shelf at $1,000/ft) a condo.

I Christopher Gray, with other history
The New Yrok Times regular Real Estate section "Streetscapes" feature by Christopher Gray in one of my favorite sources for historical context in a city that (yes, never sleeps, but also ...) change, change, changes. He did a column March 18, 2007 enttield A Glimpse Of What Soho Used To Be about this (Tribeca) block of White Street, in which he called 55 White Street "the most architecturally imposing work on the block".

Searching the NY Times archives about a particular building can also be rewarding. My search turned up two articles about the late 1980s plans by a developer to add 11 stories to 55 White Street and the landmarking process that eventually stopped that plan, which are very illustrative of the challenges and history of Tribeca residential development. See Landmark Potential Confuses Plans for a Building from December 28, 1987 and Planned Tower Atop Old Building Upsets Tribeca from Augsut 31, 1986 (I hope the archived search links hold!).

For any history junkies, fascinating stuff from 20 years ago....


© 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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