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Manhattan Loft Guy

Oct. 5, 2007 - new at 116 W 14 / where are the ceilings?


$1,000/ft condo
#8N at 116 West 14 Street [fixed the link; THX Adam] is new to market today, a condo loft asking $1.995mm and $1,527/mo in taxes and common charges for "2,000 sq ft". Other than noting that this is triple mint, Samara Heafitz of Corcoran is not doing any bragging here. (Just 2 interior photos.)

There's 40+ feet facing north, with just 5 windows, but the plumbing runs all along the south wall. There are "13 foot ceilings" and 6 columns. This may be a "prime downtown block" for transportation and shopping, but for many people the notion of living on
14th Street is not appealing. This is technically Greenwich Village, as the other side of the street is technically Chelsea, but technicalities only get you so far.

The 8th floor must be just a little shy of clearing the view north, as there is a "full city view" with no mention of the
Empire State Building, which is plainly visible from the roof deck. (The 13 story condo across the street is not visible from the roof of this 12 story building, but I guess it is tall enough to interfere on the 8th floor.)

No units have changed hands in the building in the last two years, but three lofts in this line sold from $1.45mm to $1.6mm between December 2004 and August 2005.

Hatfields and McCoys
#8A, the other unit on the floor, has been offered for sale since July, asking $2.3mm and $1,507/mo for "2,000 sq ft". Not much bragging there, either, except about a "professional large kitchen". #8N's new price can't make the #8A neighbor too happy; it will be interesting to see if #8A responds to the lower price for #8N.

11, 13 or....

If you go to either one, please bring a firm tape measure. As noted above, #8N has "13 foot ceilings". #8A boasts only "11 ft" ceilings -- though they are "soaring".

(C) Sandy Mattingly 2007
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Sep. 10, 2007 - how much for bones? 12 E 12 is new

rare condo with bones, soars
Unit 5SE at 12 East 12 Street is new to market this past weekend (how did I miss that open house??), asking $1.825mm ($1,333/mo in taxes and common charges) for "1,500 sq ft" that "is waiting for your attention, love and care", with "bones [that] include soaring ceilings, original maple wood floors and central air." In other words, it is all about the renovation that you will do after you buy.
At roughly 30 x 50 feet, it is not quite a Long-and-Narrow, and it has one long-wall window for a master bedroom, to go along with three narrow-side south windows (and a balcony). There is plumbing on both long sides, so there is maximum floor plan flexibility there.
The listing photo ratio of four exterior pictures to two interior is consistent with this needing a great deal of attention, much love and a great deal of care. Even at $150/ft for an attentive, loving and careful renovation, the cost + build comes in at about $1,400/ft.
The last sale I see in the building was #2NW, "875 sq ft" that closed for $860k in March. Yes, #5SE is that rare Central village pre-war condo loft, but $1,400 per foot done is a hefty price.
© Sandy Mattingly 2007
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May. 18, 2007 - new this week off Un Sq / 105 E 16 asks $1.375 for what?

 
105 E 16 St #3N is so new there is only one picture (does that say “excellent light” to you?? is that Lou Dobbs on the screen?) and no floor plan. Likely to be more soon, and maybe an open house Sunday. Asking $1.375mm ($1,630/mo) in a coop that requires 25% down. Not saying how big it is, but it is probably smaller than the units on the south side of the building.
 
#4S sold last May above the asking price ($1.55mm for 1,650 sq ft), having been marketed as a “stunning post modern loft classically renovated”.
 
“Quiet” block, though it is between the (fun of?) Union Square and Washington Irving HS on the next block.
 
© Sandy Mattingly 2007
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May. 10, 2007 - new + flipping at 249 W 29 St

 
Eight million stories in the naked city, and sometimes people buy what they soon have to sell. Probably an interesting story there.
 
#2E at 249 W 29 St is newly for sale with June Gottlieb at Warburg. No floor plan or pix yet on the web, but at $1.675mm (maintenance of $2,235)for 2,100 sq ft of interior space and 1,750 sq ft of private terrace this is quite an opportunity for someone who needs outdoor space – even at 29th St and 8th Av.
 
“E” units in this building are Long-and-Narrow, with windows front and back. Terrace is likely to be in the back, facing north in the middle of the block. Direct sunlight may be limited to certain few “high sun” summer weeks.
 
The 11th floor is still for sale through Atco (since March), now at $2.6mm for 2,600 sq ft (started at $2.95mm). #3N sold in February this year, 1,600 sq ft for $1.42mm (with a 250sq ft terrace) so #2E sounds like a reasonable asking price, even on a low floor, based on these sales. Depending on what is outside the windows and the terrace, I suppose.
 
But what if the present owner closed in December for $1.45mm? (As Property Shark shows.) Then the asking price of $1.675mm seems a bit aggressive (if understandable). That sale took over a year (from October 2005 to the closing in December 2006, starting at $1.895mm.) These sellers are going to be hard-pressed to do much better than break even, but probably do not have to worry too much if they don’t get capital gains treatment….
 
© Sandy Mattingly 2007
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May. 9, 2007 - 158 W 23 new + in contract

 
I mentioned the 3rd floor unit at 158 W 23 St 158 W 23 St #3 in an open house review in March (the 1.6 open house tour), which is in contract this week after having been on the market since November. Perhaps emboldened by that success, the 5th floor unit at 158 W 23 St is now for sale through the same agent, Stu Sussman at Core Group.
 
First, about the contract for the 3rd floor. It took three modest price changes and six months to get the price from the original $1.65mm to the successful $1.559mm, but it was updated as “in contract” this past weekend. Here’s what I said about it in March in the open house review:
 
1,865 sq ft of classic Manhattan loft Long-and-Narrow type, but it has two side windows for a second “bedroom” (more a guest room, with French doors into the master bedroom and an [open?] doorway to the kitchen). Can’t see much from the pix and web other than the exposed brick, old-fashioned steam radiators, hardwood floors and high ceilings (11 ft??), and they ain’t bragging about the kitchens, baths or much of anything else.
 
They must feel that the market for this building has improved, as the 5th floor is offered at $1.699mm (with the same monthlies as the 3rd floor, $1,594) with – at this early point – even less “bragging” than the marketing for the 3rd floor. There are no pictures, no floor plan, and no description whatsoever on the Core Group web site for this listing – just the indication that it is 1,865 sq ft and has 1 bathroom.
 
Sounds like a renovation project, unless more details and photos are coming soon. If so, that is a very aggressive approach – bringing out a renovation project three days after an (apparently) move-in condition unit went into contract, and bringing it out $150k over the move-in unit.
 
Perhaps there is more here than (currently) meets the eye.
 
© Sandy Mattingly 2007
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May. 3, 2007 - selling up at 141 W 26 / 5th fl over 4th

 
The 5th fl at 141 W 26 St is new this week, offering 2,600 sq ft for $2.295mm and maintenance of $1,470/mo.
 
Said by Holly Parker at PruDE to be “magnificently renovated” and “architecturally designed”, the web photos are equivocal (with 2 of 6 of the master bath; none of the kitchen). Sunlight is said to be “fantastic”, with 15 windows and 3 exposures.
 
This is nearly at 7th Avenue on a pretty commercial block, in an area that lacks even gritty neighborhood charm. But there is that Whole Foods a block down on 7th.
 
The 4th floor sold in January for $1.832mm, off an ask of $1.975mm. Also said to be “magnificently renovated” and “architecturally designed”; also offered by Holly Parker at PruDE – who is pretty bullish on this building.
 
© Sandy Mattingly 2007
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May. 1, 2007 - new today: wonderful One Bed Wonder at 458 Broome (bring dollars)?

 
2,300 sq ft + $3.995mm = 1 BR
PH-5 at 458 Broome Street looks like one of the more wonderful One Bed Wonders I have seen in a while (what is a One Bed Wonder?) – and that’s without seeing any pictures or floor plan. Whether it is worth the asking price is impossible to say at this point. It is so new that the Eychner web site does not even have a description yet.
 
But here’s what the inter-firm listing data shows for this listing, new today: 2,300 sq ft of interior space with 17 foot (seventeen!) ceilings and a “heavenly” roof terrace. The floor plan (coming soon? pant, pant…) is “mostly open” with two full baths (and only one bedroom).
 
Property Shark says the building is 25x94 and that the second, third and fourth floors all traded in 2005, at $1.905mm, $1.425mm and $1.651mm, and suggests that the 5th floor owner has been in the building at least since 1993.
 
This asking price is a huge premium for the building that may (or may not be) justified by the higher ceilings, the roof terrace and the condition. My guess is that the condition does not justify a premium, as I don’t see a recent building permit for this unit.
 
More details will be apparent when there are pictures up on the Eychner web site. Provisionally, it is one heck of a One Bed Wonder.
 
© Sandy Mattingly 2007
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Apr. 25, 2007 - real 2,500 sq ft at 20 E 20

 
The 4th fl at 20 E 20 St is new to the market today. Like this morning’s new loft listing (wondering about the 1 Bed Wonder at 543 Broadway – how much for how big?), it claims to be 2,500 sq ft, but this one has the stats to back it up.
 
Unlike 543 Broadway’s 2d floor, this one has windows on both narrow ends – and the “narrow” ends are not so narrow, at 36 feet across. With 72 feet in length (per Jerry Senter at Corcoran’s floor plan), this baby measures to 2,592 sq ft before taking out the stairwell and elevator. If the dimensions are legit, that is as close to “true” square footage as you are likely to see in a Manhattan coop.
 
The width makes it easy to have two bedrooms along one narrow wall. The kitchen and two bathrooms take up what looks like the entirety of the “wet” wall, so those facilities look to be maxed out. (Don’t think about adding even a powder room without a major re-do.)
 
Asking $2.995mm seems hardly out of line, given the size and “custom” kitchen and baths, while the maintenance is a paltry $1,150/mo. One interesting note about building finances is that this is an unusual loft coop that requires at least 35% down – which certainly implies a more stringent level of financial review than is true of many loft coops.
 
I don’t see any sales in this building for the last several years.
 
© Sandy Mattingly 2007
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Mar. 27, 2007 - gimme a B at 7 Essex / 7B is new, 6B and 8B might be going

 
one good price leads to…
I talked about a new (in 2003) loft building outside the classic Manhattan loft neighborhoods when I featured open houses off the beaten (loft) track / 454 W 46 + 430 E 10 + 7 Essex two weeks ago.
 
Unit 6B at 7 Essex Street had been for sale for $1.3mm but has had an accepted offer since February (maybe there is a problem with that sale??). 8B has been for sale since July (most recently for $1.65mm) and has an accepted offer for three weeks (maybe there is a problem with that sale also??). Now 7B is on the market at $1.715mm, an optimistic premium above the 8B asking price.
 
Obviously, 7B has the same 1,574 sq ft footprint and essentially the same views as 8B and 6B. Makes it seem as though the market penalty for 6B’s unusual décor is in excess of $300k.
 
The 7B owner will feel lot better about the market if 6B and 8B really do get contracts signed soon….
 
© Sandy Mattingly 2007
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Mar. 26, 2007 - guessing about the new one at 29 W 15 St (why?)

7th Fl at 29 W 15 St (new last week) is an intriguing possibility, in part because of the guess work required to assess the condition.
 
Priced right at $1,000/ft (said to be 2,250 sq ft, asking $2.25mm, with $1,589/mo in maintenance), it is a classically Long-and-Narrow loft with five side windows. All the plumbing is in the middle, so it is along walk in your jammies from the rear bedrooms (the floor plan shows only 1.5 baths).
 
Parnell O’Connell at Brown Harris hints that this is a renovator’s special (“[t]here are no columns, providing maximum flexibility for a purchaser to remodel to suit their own needs”), which is consistent with there being only one photograph on the web. (Would be nice if they were more direct about that, no?) Could that be electrical wiring running under the rug in the living room (sole) photo?? What is that floor made of (concrete?)?
 
The third floor changed hands in January 2005 for $1.325mm (marketed as being 1,900 sq ft, btw), so the 7th floor is charging quite a premium for about 40 feet of height. They say the light is “excellent”, but the higher floor unit I have been in at this address could not be described as having wonderful light (maybe it is the layout).
 
© Sandy Mattingly 2007
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Mar. 21, 2007 - new loft is not a loft just a big 1 BR at Stewart House

 
when is a “loft” not a loft?
When a one bedroom apartment with an open floor plan, big windows and high ceilings is in an apartment building (indeed, in a classic white brick 1960s former rental) it is not a loft. No matter how big the windows or how high the ceilings, or how open the floor plan. (For what makes a loft a loft, see the Tao of Lofts – essential features.)
 
So, sorry but #1D at 70 E 10 St is just not a loft – it may be “loft-like” but it is not a loft. It is new this week, and billed by Norman Horowitz at Halstead as a “loft”, but it is just a very large (1,100 sq ft) one bedroom apartment with what might be a nice price for the space (but still a one bedroom) of $929k (maintenance ‘only’ $823/mo).
 
Loft lovers need not apply.
 
© Sandy Mattingly 2007
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Mar. 21, 2007 - two new at 1,200 sq ft / 10 Bleecker + 2 Prince

 
that didn’t last long
I was going to say about #3A at 10 Bleecker St that if you love that neighborhood (nearly at Bowery) you will love this 1,200 sq ft space for $1.249mm. 11 foot ceilings and huge windows, exposed brick but central air, new kitchen and (1.5) baths. No floor plan on the web, but looks sweet for the price if you want to be in that area.
 
It came out to us on March 17, it looks terrific, but it looks gone. Contract went out already, probably yesterday. But maybe if you rush….
 
SoHo pricing two blocks south
#4B at 2 Prince is still available, but you are asked to step up to SoHo-appropriate pricing for these 1,200 sq ft, asking $1.475mm. It is on the same east-west block as 10 Bleecker (Elizabeth and Bowery), has a spacious nearly square layout with nine windows (mostly north and south), and a terrace.
 
Again, central air plus bricks, new kitchen and baths (2 full). Ceilings are ‘only’ nine feet, however, so not so loft-y. On the market since the weekend, and still available.
 
© Sandy Mattingly 2007
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Mar. 15, 2007 - new at 9th + D / double secret probation above $1,100/ft

 
too numerous features to mention go unmentioned
Surprised as I was yesterday by a loft listing at 10th St and Avenue C, here’s another one that is new this week one block south. Unit 4FW at 735 East 9th St is said to be 1,215 sq ft of “extremely unique loft environment”, with “[f]eatures too numerous to mention”.
 
These unmentionable features must really be something to justify an asking price of $1.4mm (low, low, low maintenance of $547/mo) in a 4th floor walk-up nearly at Avenue D. Pix look nice (as you’d hope at this point) but it is hard to go on pictures. The bathrooms are Waterworks and there is the tantalizing description on the Corcoran website “Custom … click below to see more”, but there is nothing live to click.
 
LakeWobegon lofts
In a world in which the average price per foot for Manhattan lofts was $1,083 in the most recent quarter (see the most recent quarterly market report from Miller Samuel), 4 flights up at this location does not seem to me to be above average. But perhaps for the community of artists in the immediate area there are special valuations….
 
The 1,600 sq ft unit next door at 4RW is in contract off an asking price of $980k, but I can’t find it on Corcoran’s site (same agent as 4FW). 4RW was sold as unlimited potential, so figure it was a gut renovation. Even at $200/ft for a renovation and a full ask purchase, this unit would be $100k less than 4FW with 33% more space. (If that is this listing description [it doesn’t seem to be] maybe 4RW is only 1,300 sq ft, but still….)
 
more head scratching
In looking for hints about 4RW next door I clicked on what appears to be the prior listing for 4FW, sold by the same agent (in her Closed Sales list). Our listing data base shows that 4FW was offered for sale for $875k last year. The pictures for that closed sale are the same as the pictures for the current sale with the unmentionable details. Here is the link to the closed sale of this same unit in June. Same pix, same floor plan, different text (not so much bragging, not so many dollars).
 
It gets more confusing…. Property Shark shows the sale price as $825k with a May 16, 2006 closing date. Property Shark also shows a building permit for 4FW issued in August 2006, so maybe they did all this unmentionable work after the May 2006 closing, but the Corcoran website historical listing pix are wrong. Maybe.
 
N.B., our building information for this address shows “0%” as the deductible portion of the maintenance, while Corcoran is silent on this point. If you go, ask about deductibility and 80/20.
 
Open House Sunday 1 – 2:30
 
© Sandy Mattingly 2007
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Mar. 14, 2007 - is it a One Bed Wonder? / keeping secrets at 249 W 29

 
3,000 sq ft with 1.5 baths
I missed the 11th fl at 249 W 29 St when it came out the week before last. It has many appealing classic Manhattan loft features, including 4 exposures, 28 windows, central air conditioning, and a “huge” master suite. While it has a “second bedroom / den”, that room seems to be interior. More critically for the One Bed Wonder category (what is a One Bed Wonder?), there are only 1.5 baths. Most people with 3,000 sq ft just do not want whoever is sleeping in the “den” wandering in to that huge master suite to take a shower.
 
Hard to say, for sure, for sure, as there are no pictures or floor plan on the Atco web site. When Stribling had it for sale for most of 2005, they called it a one bedroom.
 
$1,000/ft?
They are asking $2.95mm (maintenance is a healthy non-doorman $3,289/mo). Always difficult to assess values without information about condition, of course, but #3N got almost $900/ft when it closed earlier this year (1,600 sq ft for $1.42mm), while #2E got $725/ft (2,000 sq ft for $1.425mm in December).  Mathew McKay at Corcoran described #3N as “absolutely flawless” in his listing description and that unit has an “amazing” 250 sq ft terrace. Of course, the 11th floor should have much better light and has 4 exposures – which may be enough to support $1,000/ft.
 
Cute that Atco assigns this address to the Manhattan “section” of the “middle Westside”.
 
Open House Sunday 1 – 4.
 
© Sandy Mattingly 2007
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Mar. 13, 2007 - new at 241 W 36 St / $1,000/ft but??

 
funny layout, full price
Peter Browne at Stribling has been making a pretty good Manhattan loft living in the West 30s for many years. His new listing at 241 W 36 St is #10F, is a nearly square loft with two long exposures in 1,800 sq ft, asking $1.85mm (maintenance of $1,518/mo). Maybe there are more pix coming soon, but I am having trouble reconciling the pictures and layout with the modifier “stunning”.
 
What are the yellow lines on the floor plan (glass brick walls?)? What are the two semi-circle doors? Does the curbed line represent a wall or a beam? Unless a beam, how do you get into the den? The second bedroom is (a) not very large and (b) behind the kitchen.
 
All things considered, I think this price is rather aggressive. This neighborhood does not generally command a premium. Peter’s other listing in the building is #6R, which is 1,700 sq ft asking $1.3mm and was on the market before with another firm.
 
I am also scratching my head over what the typo could have been that came out as “near Bryant Park”. Also wondering what the upgrade of “separate freight elevator with super attendant” might mean….
 
© Sandy Mattingly 2007
[1:30 PM weirdness update: Not sure what is going on with this listing, as it disappeared from the Stribling web site pretty much immediately after I finished reviewing it. Also Peter’s #6R listing in the same building….]
[3:30 post-weirdness update: both listings are back; both links work again; guess it was just a Stribling-dot-com hiccup]
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Mar. 12, 2007 - new this week 258 Broadway is it #3B?

 
so new
This new Corcoran listing from Emily Stein at 258 Broadway has not hit our listing system yet, but I did get an email from her about it on Saturday, so it is still quite fresh as a Manhattan loft for sale.
 
what is that thing?
Said to be 1,100 sq ft with one bath and no bedrooms (text says it has a home office, however), it might be #3B (as the floor plan hints). Best I can tell from the pix, the home office is the bottom of ‘that (metal beam?) structure’, on top of which is a sleeping loft. But Ms. Stein’s not saying (yet). There is a renovated kitchen with the usual suspects (“top of the line appliances with Italian granite countertops”). She says “beautiful northern light”, so maybe it is not the third floor.
 
marginal One Bed Wonder
That could qualify as a One Bed Wonder (what is a 1 bed wonder?), except that there’s not much surprise in being a One Bed in only 1,100 sq ft of loft space. So I won’t count this unit in that category.
 
They ask $1.175mm (maintenance $1,313/mo), which is a bit aggressive for 1,100 sq ft, as I see that the 1,400 “designer renovated” sq ft #6E sold last May for $1.298mm, #6D (1,088 sq ft) sold for $900k in November, #5D in March 206 for $$950k, and #7E (1,900 sq ft that needed renovation) sold for $1.62mm in July.
 
Presumably, an open house to be set for the weekend.
 
© Sandy Mattingly 2007
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Mar. 12, 2007 - a little new one this week at 808 Broadway

 
nice things in small loft packages
There are 700 well-used square feet in Unit 3N at The Renwick, 808 Broadway, being offered for sale at $895k (and $1,201/mo). They must be seen for their engineering efficiency, if for no other reason. For people looking for the one-bedroom-plus, or the one-bedroom+nursery may find their answer here.
 
The space has 11 ft ceilings and even the pictures are narrow. But it appears to have been designed “by architect/owner” with ship-like economy and utility. It has enough room for a ‘state of the art’ kitchen, an ‘unusual amount of storage and closet space’ (with only 700 feet to use, any amount could be unusual), and two bedrooms with moving walls (i.e., probably not the set-up for you and your teenager).
 
architect/owner is proud of her/his work
This is priced with a healthy premium for the architect/owner’s work and vision. I can’t find any closed sale prices in this building, but most units that have traded here in the last two years have traded off of asking prices at or under $1,000/ft; the closest asking price per foot to this one was PH-C, which sold in December 2005 off an ask of $1.75mm for 1,400 sq ft ($1,250/ft); the other highs for the building were penthouses with asking prices of $1.142 and $1,071/ft last April and in May 2005.
 
lovely, okay, but “spacious”?
Did I mention that Abigail Agranat at PruDE says it ‘exudes calm and tranquility’ (again, no teenager), is ‘triple mint’ and has been ‘published’? I just don’t know if I would call it “spacious”…. But then, I haven’t seen it yet. But it is New This Week.
 
© Sandy Mattingly 2007
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Mar. 8, 2007 - new (last) week / my quintessential One Bed Wonder at 22 W 26 St

the inspiration for my blog category
The loft that I had in mind when I asked what is a 1 bed wonder? had been off the market for four weeks when I posed that question, and used that example. Three days later, it was back (as if by wizardry) at a new price, with a new firm, and a new set of beautiful photos.
Unit 2B at 22 West 26 St is about 2,000 sq ft and has been offered through Vals Osborne at Stribling since last week at $1.975mm.
the over-worked Zen-like is legitimate here
The space has great flow, with many rounded elements, and the largely open layout takes great advantage of the 12 ft ceilings and the 8 windows to the south. If you go, tell me if the master bath's rounded shower still has a (loose) pebble floor. Word is that the present owners bought the place lock, stock and barrel from the owners who had done the renovation. (That couple was one half contractor, one half decorator; they had the taste, resources and talent to create a very special space.)
But it is difficult space to live in if people are sleeping in more than one bed.
And - like many lofts that were renovated 'to the nines' -- it will not appeal to many people as a comfortable place for them to live.
how to price a special property?
As I suggested in my original One Bed Wonder post, the sellers had a difficult time determining the market value of the loft. In fact, they started in April 2005 for five months, were off the market for 11 months, then back on for another four. The market did not like their starting price of $2.695mm, or any of their intermediate prices of $2.55mm, $2.275mm or $2.199mm. It should find a buyer off an asking price starting with a "1".
Zoning 101 needed
I hope Vals is up on her zoning rules. Everyone will ask about the parking lot that is about ten to fifteen feet behind those 8 large south-facing windows.
Open House Sunday 12 - 2
© Sandy Mattingly 2007
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Mar. 7, 2007 - fascinating new listing at 106 Spring low maintenance and cash back

 
Unit 5S at 106 Spring Street sounds like a terrific loft, and is new as of Monday in our system. 2,200 sq ft in pretty much beautiful downtown SoHo offered for $2.65mm. The maintenance of $1,875 is said to be 50% deductible, but that’s where it gets interesting.
 
Erica Glasser at PruDE says “shares in the retail space … give share holders at least $30,000 per year and opportunity for more”, which makes me wonder about the 80/20 rule (see IRS rules for coops – beware the 80/20 rule)….. According to Ms. Glasser, it appears that this coop has set up the legal stuff correctly from the beginning, to permit shareholders to receive (and pay income tax on) significant retail rental income without disturbing the IRS Section 216 “pass through” benefits of owning coop shares.
 
too much income can work for coop shareholders
Any buyer would be sure to confirm that, of course, but my guess is that this building is a true “condop”. Not a “coop with condo rules”, as a condop is commonly and informally defined, but a two unit condominium, where one unit is the commercial space (owned by a corporation) and the other unit a residential coop (owned by the same resident-shareholders that own the other corporation). A brilliant and effective mechanism for dealing with high-income producing properties in a coop setting – when it is done right.
 
Meanwhile, back the actual loft…. No bragging on the listing about the finishes in this 2 BR (1 interior) + 2 bath unit, but the layout looks pretty functional. (That interior bedroom aside.)
 
The last sales in the building that I see were in 2005. #5N (which was said to be 2,300 sq ft) sold in November 2005 for $2.075mm. #2S sold in January 2005 for $1.6mm. What does that say about the price of #5S? You go and tell me what you think.
 
For what it’s worth, I happen to like the candy-colored décor….
 
© Sandy Mattingly 2007
[Feb 13: Shout out thx to Curbed for some link love on this posting (On the Market: Kandy-Kolored Tangerine Baby)]
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Mar. 6, 2007 - new to market at 12 W 17 St / 18 windows under $1,000/ft

 
I blogged about the 5th floor listing at 12 W 17 St three months ago (selling West 17th St / 3 very different lofts almost on top of each other) and again two months ago (counter-intuitive Sales 101 / head-scratching price change as 12 W 17 strays further north), which is still on the market (technically being offered for sale) at $2.8mm.
 
This week, the 9th floor at 12 W 17 Street is offered for sale at a more reasonable – perhaps sunnier -- $2.35mm for a 2,400 sq ft full-floor unit with 3 exposures and 18 windows. Elizabeth Amaral at Brown Harris is not (yet?) bragging about the finishes in the web listing, and there were no photos or floor plan for this new listing, but check back on her listing later for visuals.
 
The maintenance of $1,400 computes as barely 58 cents per foot, and is only 38% deductible, suggesting this coop has a rather low underlying mortgage. The last sale in the building that I see was the 6th floor, which closed last September at $2.6mm off an asking price of $2.795mm (It went to contract within 4 weeks of being offered.)
 
Just a guess without pictures, but the lack of enthusiastic detail in the web listing suggest that the 4 BR + 2 bath layout may need updating – or more.
 
This showed up Monday as a new listing in our inter-firm service, but the Brown Harris site says it was new on Feb 27. (If she had an open house this weekend, I missed it.) Still too new for pictures and floor plan, regardless.
 
© 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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