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Manhattan Loft Guy

Sep. 11, 2007 - so THAT’s what an 8-figure loft looks like / 6 lofts = $65mm

 
my fantasy life is not that rich
I don't usually pay any attention to the market for Manhattan lofts offered above $10 million, but today it caught my eye that five of the six most expensive Manhattan properties that hit our inter-firm data base as new to market today are lofts.
 
Whether objectively meaningful or not, that tidbit impressed the heck out of me. Don't blame me if you drool on the keyboard....
 
Number Two on the Top Six for today is #6B at 481 Greenwich Street, which is "5,000 sq ft" of triplexed interior space and "4,100" sq ft of outdoor space (including a 6th floor "garden") just north of Canal Street. It "may be the most romantic [penthouse] in New York". You be the judge. Asking an even $14 million.
 
Number Three on the Top Six for today is PH-E at 27 North Moore Street, which is "3,532 sq ft" of interior space and the obligatory terrace. This is so new that details and pictures are not yet available on the BHS website, but when they hit they should be available at this address under My Listings here. Asking $12.4mm. [Update 9.13 11 AM: it is still not on the BHS site]
 
Number Four on the Top Six for today can probably be seen from the penthouse and terrace at 27 North Moore (Number Three), since 62 Beach backs right up against 27 North Moore. PH-A at 62 Beach Street is "4,316 sq ft" (duplexed) plus "3,000 sq ft" outdoors. Asking $12.1mm.
 
Number Five on the Top Six for today is only seven figures. The 3rd floor at 76 Crosby Street is "5,000 sq ft" is only $8.25mm, but has "a media room that can be a romantic nook". It seems to be too new to be on the Corcoran site yet, but when it hits the pictures, details and romance should be here. [update 9.12 noon: it's there, so I added the clickable link to the address]
 
Number Six on the Top Six for today is the "2,424 sq ft" PH-12D at 65 West 13 Street, asking (stop here if we are slumming it now) $7.245mm (notice that they need more right side digits when they lack the left side digits?). This is another too-new-for-the-website listing, but click here at some later point for details.  [Update 9.13 11 AM: it is still not on the PruDE site, but the inter-firm data says "coming soon"]
 
an 8-figure bonus
Your reward for being this patient is the datum that the most expensive Manhattan property that came back on the market as of today is Loft 6 at 206 West 17th Street, asking $10.5mm for "6,000 sq ft" that can only be described as "impeccable" (which must be true because they said it twice). This has been on and off the market for 18 months, but is just back today from a long Labor day vacation (it was TOM from Sept 1 to yesterday).
 
Drool, or not. Your choice. But for one day -- at least -- downtown lofts dominate the Manhattan market. Credit jitters? Liquidity crisis?? Not according to these sellers....
 
BTW, I am not curious about Number One on the Top Six for today because it is a $17 million four bedroom with 4,300 sq ft in a Park Avenue coop at 71st Street that is an all-cash (and probably oodles of assets) building. But you might be. That's fine. Read someone else's blog.
 Â© Sandy Mattingly 2007
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Aug. 28, 2007 - contracts (again) at 90 Prince + 258 Bway

 
long, strange trip at 90 Prince?
Unit 7A at 90 Prince Street is a peculiar loft (even in a Manhattan filled with ‘unique’ lofts) with a now-tortured history. I reported good news on his baby on July 11 in besotted suitor finds 90 Prince? 7A in contract, but that did not last. It was back on the market two weeks later.
 
Maybe this one will last, but it shows up this morning as a Signed Contract. Check out my July 11 posting for why this loft is so peculiar, and for the fun the Curbed-folk had with it back in January.
 
not as long, or strange at 258 Broadway
Unit 3B at 258 Broadway came to market in March at $1.175mm (41,313/mo maintenance), had a contract signed at Memorial Day, and then dropped off the market in July with a failed contract. It came back as “new” (not quite!) on August 1 at $1.15mm but has found another buyer, as it is also shows up as Contract Signed this morning.
 
I can’t put my finger on a prior posting about this one, but it sure looks familiar to me – check the pix for the pretty distinctive lofted space in this “1,100 sq ft” open loft. I talked about a unit down the hall (258 Broadway #3G) with an even more unusual layout in open house reviews in July (see Open House review - early bird specials under $1.8for a recap). That one looks like two 900 sq ft boxes on top of each other, with some 18 ft ceilings and some up-ing and down-ing required. Asking $1.62mm for “1,800 sq ft”.
 
© Sandy Mattingly 2007
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Aug. 1, 2007 - more BOM pain / 176 Broadway is back

 
2 failed contracts, 1 recently failed deal = f-r-u-s-t-r-a-t-i-o-n
#4D at 176 Broadway is another one that has been on and off the market due to ‘deals’ that have not happened (another one was yesterday’s bad luck? 241 W 23 St back on market - again). It came to market in January ($1.1mm for “1,800 sq ft”), dropped to $995k in March and had a contract signed in April and another in June – neither of which worked out. They reached a ‘deal’ July 3, but it came back to the market this week.
 
Ouch.
 
I touched on this one on a March open house review, open houses under $1,000/ft, where I said
 
Looks at courtyard but it is said to be “pin drop quiet”. My guess is that the price is a function of the lack of light and views, the need for a second bathroom (can be added; the stacks are there), and the probable need for updating the kitchen and baths (no pix, no bragging).
 
This building tends not to command high prices, especially if renovations are in order, but $611/ft is low, even by those standards. #15C, “sun-flooded” and with river views as it is, took seven months and three price drops to get into contract off an ask of $1.045mm and 1,600 sq ft.
 
It is still a ton of space for the money. Another opportunity to see it Sunday….
 
Open House Sunday 1 – 3
 
© Sandy Mattingly 2007
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Jul. 26, 2007 - loft contracts galore this week / west side edition

 
many Manhattan lofts came through the inter-firm data-base as In Contract in the last four days; here are some from the west side, all of which have been mentioned here before:
 
241 West 36 Street #6R took nearly a year to find a contract, first with Olshan then with Stribling’s Peter Browne, who took over in February. Asking $1.3mm (originally $1.399mm last July) for “1,700 sq ft”, I must not have been the only one who thought it had layout issues (nearly square, there are windows on only one side, with a corner balcony).
 
 
36 West 15 Street 2nd floor was featured a few weeks ago because of the three early price drops from the December asking price of $1.75mm and its persistence on the market at $1.295mm since February. (market doldrums at 36 W 15 / selling an old listing) Another with layout issues, as the “1,480 sq ft” array has only 1 bathroom. (This hit the inter-firm database as In Contract this week, but reader Jess noted the contract last week.)
 
 
448 West 37 Street #6F did not linger: it came out on July 2 at $1.149mm (people who live in Glass Farmhouse … 6F is new). Described as “1,418 sq ft”, the listing includes this fascinating footnote (kudos to PruDE’s Anthony Gentile for being explicit) “1418 sf is listed in offering plan and probably includes a percentage of common elements”. The size and layout issues (another near square with one wall of windows) did not pose a problem here, which is probably an example of Price Solving A Problem.
 
 
© Sandy Mattingly 2007
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Jul. 23, 2007 - back story to NY Post Just Sold at 256 W 10 St

 
fast and furious sale
256 West 10 Street, sold for $1.9mm off an asking price of $1.75mm after 21 weeks on the market. (No pix or floor plan on PruDE’s website, but they must have been there when it was a live listing.) Said to be “1,400 sq ft”, with maintenance of $1,800/mo.
 
The Post described it as:
 
Prewar three-bedroom, two-bathroom loft co-op, 1,400 square feet, with terrace, wood-burning fireplace, exposed brick, beamed 13-foot ceilings, entrance foyer, dishwasher, dining area, new oversized windows and S/W exposures
 
But it was actually a lot faster than the Post feature indicates.
 
is that really a loft?
There are not many true loft buildings in the far west village, but this appears to be one of them. It has been many years since I have been inside, but this was clearly something other than residences when it was built in 1911 (warehouse?). 13 foot ceilings establish that.
 
Unit 3D came to market at Christmas (the inter-firm data base shows the original price at $2.05mm, then dropping to $1.75mm in four days, so I suspect the real asking price started at $1.75mm.) The Market liked that price, as there was an accepted offer by January 14, which took three weeks to get into contract (lawyer squabbles??) and another three months to close (coops!). So the actual time it was available to a buyer was quite short.
 
how else to tell The Market liked it?
The other way to tell that The Market liked this listing (apart from the quick acceptance of an offer) is that the sales price is $150k over ask (more than $1,300/sq ft for a coop). Happy seller, I am sure.
 
© Sandy Mattingly 2007
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Jul. 22, 2007 - betwixt and between / new at 116 W 14 St

 
calm in the center of it all?
#7N at 116 West 14 Street is new this weekend, with the first showing next Sunday, July 29. With low monthly charges and taxes ($1,517/mo) for “2,000 sq ft” asking $2.3mm, the price seems a reasonable place to start a negotiation – for the buyer looking for such a convenient location who does not mind the (busy-busy-busy) location.
 
Iris Racant and Lonni Levy at Fenwick Keats Goodstein describe the kitchen as “professional”, the columns as original, and the 11 foot ceilings as “soaring”. The building was converted to condos only ten years ago, but the floors have the look (to me) of fairly loft-primitive (maybe it is just the photos, or my eyes).
 
great floor plan, OK windows
This corner unit has a terrific footprint, with five windows on the long south wall (7 stories above 14 Street) and three along the east wall, with the plumbing all along the south side. While there should be a lot of light even at only the 7th floor, the window-to-wall ratio is hardly exceptional. Three easy bedrooms and two widely separated baths.
 
But the big ‘issue’ here is location, location, location. 14th and 6th, 14th and 6th, 14th and 6th. Love it or leave it.
 
No recent sales in the building that I see. Property Shark shows this one as the last to change hands – just about two years ago, for $1.6mm (with the ‘official’ size as “1,763 sq ft”). It appears that half the original units are still owned by original condo owners (of 1997).
 
I am back from Las Vegas after the most spectacular four day real estate event of my (young?) life to date – the Mike Ferry Superstars Retreat. I will try to catch up on comments and get back to regular posting schedule post haste.
 
© Sandy Mattingly 2007
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Jul. 9, 2007 - min to the (small) max / new at 8 W 13

 
minimalist glory?
Sometimes I find myself rooting for a loft listing for one reason or another.
 
#2F at 8 West 13 Street hit the web Sunday with such promise of being wonderful space (“museum quality”) that I can’t help myself from hoping that this little (“1,100 sq ft”) beauty lives up to its promise.
 
I will just say that it is truly a grown-up’s loft (and perhaps only one grown-up, at that), then let Elise Ward of PruDE have a few more words…. Among them: “[r]enowned designer’s own home”; “spectacular loft”; and a “much loved [!], live-in Super”. Is it carping to note that the bedroom lacks a window (though it features a walk-in closet that appears to be ¾ the size of the bedroom)?
 
the low floor minimalist premium
Asking $1.5mm (maintenance is only $746/mo) for the “1,100 sq ft” is premium pricing based on the last sale in the building, but the finishes of #2F may well justify that premium. The last sale I see is for #11F (tons more light, clearly) for $1.1mm in January 2006. #4RW has been in contract since April off an asking price of $1.095mm for what is also said to be “1,100 sq ft”.
 
a true condop”
Interesting that this coop apartment is in a building that is a true “condop”. The building is a condominium with two units: the ground floor commercial space and the 2d through 11th floors, which is owned by a residential coop with what looks like 2 lofts per floor to start.
 
© Sandy Mattingly 2007
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Jun. 29, 2007 - bring MY architect – new & expandable & much appreciated at 8 E 12 St

 
loft comes with approved plans
The 5th floor at 8 East 12 Street is new today -- set up as 2 bedrooms + 2 baths in “2,300 sq ft”, it comes with architect’s plans to covert to a 3 + 3 already approved by the condo and the city. (I wonder what change in life plans caused them to sell rather than renovate….)
 
Offered through Corcoran’s Mark Schoenfeld for $2.85mm (and $2,400/mo in taxes and common charges), it is said to be “stunning”, with “amazing” light and views north, south and west. Lower Fifth Avenue does not have too many true loft buildings. (74 Fifth is around the corner from this one, with a recent contract discussed this week, with some commentary from an Anon who had seen 2 units there; then there a few loft buildings on Broadway.)
 
long, narrow, with raised plumbing
This loft is a classic Long-and-Narrow, with the plumbing risers in the middle (and crossing under a raised platform, it seems), but it has windows along one long side (to the west). Perhaps it is a case of pictures not doing justice, but I don’t get a sense of “amazing” light from the three interior photos on the web.
 
It is unfortunate that they did not post an alternative floor plan based on the approved architect’s plans. In looking at the current plan, I wonder how much of a sense of ‘space’ there is on entering in a narrow hallway with the master bedroom nearby on the right, and the raised must-be-passed-through kitchen immediately on your left, even with 11’ 6” ceilings.
 
rare sale in building
Difficult building to comp, as there are not many lofts nearby and because there are no recent sales. I see the 9th floor selling way back in 2003 for $1.7mm, the 2nd floor in September 2005 for the inexplicable price of $750,000, and this same 5th floor unit in July 2005 for $1.995mm. Looking at the list of building permits filed for this building, there is one from April this year that is probably the approved plans to make this unit a 3 + 3, but I don’t see any other building plans suggesting that these owners did much work after buying two years ago for $1.995mm.
 
The sales history reflected in our data base for that prior sale is interesting: it took more than a year to sell, starting at $2.495mm in March 2004, dropping to $2.2mm in June and then to $1.995mm in September. It took from September 2004 to February 2005 to get into contract at that asking price (with four weeks off market over Christmas and New Years). That is a fairly long time in a fairly hot market.
 
45% appreciation?
The owners-with-plans-to-move-and-(unfulfilled)-plans-to-renovate believe The Market may have improved by 45% in two years. We shall see.
 
© Sandy Mattingly 2007
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Jun. 27, 2007 - 74 Fifth contract

 
I featured 74 Fifth Avenue #4Bin an open house review 7 weeks ago, which started a dialogue with LoftLover, who had gone to that open house and bid (unsuccessfully). As s/he said just last night, the “area and building [are] very good”, and many Manhattan loft buyers agree. That unit went into contract four weeks after coming to market in April.
 
Now the larger #10A is shown as in contract this morning, just three weeks after coming to market. #10A is said to be 2,400 sq ft and was offered through Richard Orenstein at Halstead for $2.995mm (and $2,237/mo) – rather a different price point than #4B (“1,900 sq ft” offered at $1.895mm). Huge difference in light in this high corner unit than the 4th floor unit (check out the kitchen pix).
 
This contract leaves #8A as the only unit available for sale in this 38 unit building. This unit has been offered for $2.85mm through the PruDE team of Steinberg, Senequier and Murphy since April 29. I can’t tell from the marketing if they mean t imply that it needs some work or if it only needs your personal decorating touch (“awaits your touch to transform it into a collector-quality residence of distinction”), but it will probably find its market price soon, with #4B and #10A recently in contract.
 
© Sandy Mattingly 2007
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Jun. 22, 2007 - new contracts at 29 W 15, 129 W 22, 718 Broadway + 808 Broadway

Lofts that were changed to “In Contract” in the inter-firm data base as of today
 
 
$2.25mm and $1,889/mo for “2,250 sq ft”
Time to contract from first offering: 3 months
 
 
$1.995mm and $2,000/mo for “2,525 sq ft”
Time to contract from first offering: 3 months, with two price drops from $2.295mm
 
 
$1.2mm and $1,400/mo for “1,280 sq ft”
Time to contract from first offering: 2 weeks (!)
 
 
$725k and $1,265/mo for “800 sq ft”
Time to contract from first offering is a bit complicated: offered for $679k last September, there was a contract signed in January, but it came back to market [board turn down???] on May 11 at $725k
 
© Sandy Mattingly 2007
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May. 10, 2007 - 116 W 29 St still not “magnificent” -- but in contract!

 
I was particularly … intrigued by the listing for the 8th floor at 116 West 29th Street back in December because I saw it virtually in tandem with another loft also described as “magnificent”, also about 3,000 square feet, also listed around $2.7mm. And I definitely did not find much that struck my eye as “magnificent” about 116 W 29. In fact, in smackdown at 3,000+ sq ft + $2.7mm / 118 E 25 vs. 116 W 29 I said that:
 
It gives the impression of having been renovated 25 years ago to suit the living and work needs of someone in the arts world, and has hardly been touched since then.
 
Then I was … perplexed when – after being on the market from October through March - they raised the price to $2.8mm.
 
No matter what I think, it went into contract this week. As usual – but especially when the market may have fooled me – I am very curious about the contract price. Congrats to Lori McNichol at PruDE for bringing the bacon (almost) home.
 
© Sandy Mattingly 2007
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May. 9, 2007 - chaos at The Hubert? 2 contracts go pffft at 7 Hubert St

 
Unit 3D at 7 Hubert Street has been on the market since last July (now at $2.5mm, started at $2.65mm; abated monthlies of $1,385) through Core Group and Unit 5D has been on only since October (now at $2.795mm, started at $2.895mm) with Halstead.
 
3D was listed as in contract as of March 6, but is back on the market today. 5D was listed as in contract February 26, but is also back on the market today.
 
It is pretty rare for condominium contracts to fall through, yet here we have two substantially identical units in the same building that had contracts fall through at the same time. Full moon, bad luck, or weird coincidence??
 
The Hubert was at the head of the new condo class in Tribeca when it was opened three years ago. With 16 floors and 33 large units, it is large enough to spread the costs of a doorman / concierge around, and it has a gym. The “D” line is the smallest in the building, at 1,787 sq ft, but with only 2 bedrooms, 11 foot ceilings and very tall windows it is certainly spacious.
 
I don’t see any public record of terribly recent sales in the building, but $1,500/ft is in line with the sale of (the much larger) #7A two years ago. The owner of #3D paid under $1.5mm in September 2004.
 
© Sandy Mattingly 2007
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May. 7, 2007 - price drop at 104 Charlton / crummy open house?

 
Friday’s post three Sunday loft open houses $2.3 - $2.5 (each with history) featured an open house at 104 Charlton #4E (then asking $2.5mm and $1,879/mo). This morning’s email brings notice from Corcoran of a price drop to $2.35mm -- so they were probably underwhelmed at the response to Sunday’s open house.
 
I said on Friday about this unit and building:
 
3 BR + office condo that is coy about its size (2,300 sq ft??), in the way west and north (desolate?) part of SoHo; building has low ceilings for a loft and this unit has only 9 windows in it Long-and-Narrow array (are those bars on the inside of the 4th floor windows??); on the market a month
          Prices in the “E” line have varied quite a bit. #6E traded at $2.495mm in September (said to have been a “stunning” renovation), while #3E traded at $1.662mm in August (and took almost a year to sell, having started at $2.4mm in September 2005)
 
The new price looks to bring it closer to $1,000/ft but a drop from $2.5mm to $2.35mm is not likely to change the pool of prospective buyers (though it does make a bid of $2.1mm more likely -- off the new asking price). They are not bragging about much – just the storage, original maple floors, two-zoned central air. Not bragging about the kitchen, baths, or finishes (hmmmm).
 
The layouts in this building are difficult. This line is about 20 feet wide (narrower still where the elevator, common hallway and stairwell are), with only three narrow windows in the front (the living room end) and two in the rear, with four more on the rear side wall. (The building just to the east is four stories and extends 65 feet into the block.) None of the three bedrooms is large; neither of the bathrooms is en suite.
With neither high ceilings nor big windows, this space will not feel as “spacious” as many loft buyers will want.
 
(are those bars on the inside of the 4th floor windows??)
 
© Sandy Mattingly 2007
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Apr. 26, 2007 - newly in contract at 22 W 26, 260 Fifth, + 57 Bond (even 735 E 9)

 
My quintessential One Bed Wonder is finally in contract! (What is a One Bed Wonder) Unit 2B at 22 West 26th Street has had quite the marketing odyssey in the last 2 years, with three selling firms and a starting price of $2.695mm. The new price of $1.975mm offered through Vals Osborne of Stribling took two months to do the trick. Congratulations Vals! I will be very curious to see the closing price.
 
Pretty much around the corner from that one, Unit 9N at 260 Fifth Avenue took ten weeks to get into contract with one change in the original asking price of $2.495mm (to $2.4mm) for 2,110 sq ft with 18 windows, 3 exposures, 3 bedrooms, 2 baths, all “designed to perfection”. The floor plan is nearly square (with 3 exposures and being on – for this neighborhood – a high floor, there looks to be very good light), with the master bedroom tucked behind the kitchen. Maintenance is pretty reasonable for a part-time doorman, $1,884/mo, in a building that requires a 25% down payment.
 
Property Shark shows that this unit changed hands only 14 months ago for $1.7mm. Perhaps one or two of the mints in the “XXX mint” were added since February 2006.
 
A pretty spectacular penthouse unit at 57 Bond Street (PH-E) also took about ten weeks to get into contract. “Only” 1,470 sq ft for the $2.695mm asking price ($1,813/mo taxes and CCs), but but but there’s a huge terrace (1,134 sq ft), wood-burning fireplace, and “pure loft grandeur”. The price bounced from $2.695mm to $2.595mm and back over eleven weeks, but it worked.
 
This unit sold for $1.73mm when the conversion was new in 2004.
 
The loft-in-a-weird location (735 E 9 Street, #4FW ; see my March 15 new at 9th + D / double secret probation above $1,100/ft) that was much discussed (pilloried?) on Curbed (April 6 Price Spotter and April 9 Big Reveal)went into contract two weeks ago (when I wasn’t paying attention). That took only took four weeks and one price drop (started at $1.4mm, dropped to $1.225mm). Said to be 1,215 sq ft (though it is hard to find them all on the floor plan) in a walk-up building, anything near the $1.225mm asking price is way more than I thought it would get. But the market is the market is the market …. Can’t wait for a closed price.
 
© Sandy Mattingly 2007
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Mar. 31, 2007 - slippery sales data in NY Times at 80 Warren St

 
they do the best they can with what agents tell them, right?
Tomorrow’s NY Times (available today on-line and for home delivery subscribers) features a Tribeca loft in the Residential Sales Around The Region section. The data are … not so accurate.
 
A penthouse duplex at 80 Warren Street is said to have been on the market for 6 weeks at $1.95mm and sold for $1.9mm. Sounds like a cool unit, with a terrace and skylight, but the actual listing history is very different.
 
Our inter-firm data base shows that the penthouse was first offered for sale in July 2006 for $2.5mm, then dropped to $2.35mm in September and $1.95mm in October, before having a signed contract in late November.
 
Yes, that is six weeks after the last price change, but the sucker was on the market for nearly 20 weeks – a datum at least as relevant to a buyer as knowing it had been six weeks since the last price change.
 
cutting to the chase, cutting through the pain
Kudos to the owner and agent (James Attard at Tabak), by the way, for aggressively adjusting the price to get a sale. On the one hand, they ‘only’ got 76% of their original asking price. On the other hand, they got it sold. I think last Fall was a much tougher market for sellers than this Spring, but they couldn’t know that last fall.
 
Bottom line: don’t believe everything you read. (d’oh)
 
© Sandy Mattingly 2007
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Mar. 16, 2007 - lofts recently in contract

 
The seven resale lofts below showed up yesterday in our inter-firm data base as In Contract. A list that resets each day, so it is potentially an interesting snapshot of the Manhattan loft resale market. (Note to self: do these things every once in a while.) Not sure if this really is an interesting snapshot, but perhaps time will tell.
 
First thing that jumped at me is that three of seven were first listed only in February this year. Over the last six to nine months, I think most people would agree that getting got contract within about four weeks is pretty successful marketing, and reflects that at east some sellers and at east some buyers are getting more in synch.
 
One of the more mature listings here is the third of three “D” line listings at 55 Hudson St that I blogged about four months ago (Tribeca trifecta on the market / if you need a "D", 55 Hudson is for sale) and updated five weeks ago (two Ds down / only one of 55 Hudson’s fraternal triplets remains) to go into contract. It may be significant that of the three similarly priced layouts in the same “D” floor plan, the 1 Bedroom layout was the last to get into contract.
 
The most mature listing here (176 Broadway #9F) took 16 months, but succeeded off the same asking price as they started at in November 2005. One wonders if the sellers became more negotiable at that asking price than they were originally, or if the marketplace of buyers became more accepting of the asking price as a reasonable price. Similar story of asking price stability -- without the zig-zags -- at 118 E 25 St 7th fl and at The Lions Head, 121 W 19 St #7D (both on sale since October).
 
 
Asking
(earlier)
Quoted size
Came to market on
$2.595mm
3,800 sq ft
Oct 12, 2006
$1.875mm
1,500
Feb 9
$1.835mm
($1.865mm)
1,600
Oct 29, 2006
$1.8mm
1,700
Feb 22
$1.299mm
1,134
Oct 14, 2006
$995k
($1.025mm)
($995k)
1,600
Nov 9, 2005
$765k
700
Feb 17
 
(C) Sandy Mattingly 2007
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Mar. 6, 2007 - NY Times tells some of the story fit to print about 176 Broadway #15A

 
Sunday’s NY Times Residential Sales featured one of my favorite buildings for price-conscious loft buyers, 176 Broadway. The sale of this 1,600 sq ft coop loft was reported at $1.075mm, 8 weeks after being listed at $1.099mm.
 
That data is right, so far as it goes (remember that the NY Times reports time to sale as the period from last sale price to contract). This was offered for sale at $1.099mm in early October and had a signed contract in early December. See the full listing detail for #15A still available on Eychner’s website.
 
long and winding road (errr … bumpy price road)
But the full listing history is rather more developed than this. The unit was offered for sale in 2005 with Halstead, without selling. After being off the market for a month, it was offered for sale through Corcoran from September 2005 until August 2006 at prices ranging from $1.45mm to $1.195mm. It was off the market most of August and all o September 2006, before Eychner brought it out again at $1.099mm, which attracted the buyer at $1.075mm.
 
a One Bed Wonder!
The unit qualifies as a One Bed Wonder (what is a One Bed Wonder?), as it is currently configured as an interior master bedroom and an office / library space, also without windows. The generously sized living room / dining area (36x22) has large windows looking both north and west.
 
One thing that intrigues me about marketing west-facing lofts in this building is that they often are coy about the views. In between the “open views of the … Hudson River” and this building is the WorldTradeCenter site. Like it or not, you can’t miss it, only one block west.
 
This proximity to a long-term construction site may account for part of the market discount that is typical for this building (#15A comes out at $687/ft.) (#4D is offred for sale at $611/ft, and was featured in open houses under $1,000/ft last week.) And this part of Broadway is a curious mix of well-traveled and desolate. But what views there are, and will be!
 
spy, movie star or … real estate agent?
I hope no one is offended by this comment (least of all the agent), but I had to smile the first time I saw the name of the Eychner agent who succeeded in selling #15A, Zeke Streepy. I am not sure if that is the perfect name for a real estate agent but it is definitely the perfect name for something cool.
 
© Sandy Mattingly 2007
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Mar. 1, 2007 - across the Great Jones divide / 682 & 684 Broadway throw 3s at each other

 
market on Great Jones is pretty strong
The 3rd floor unit at 682 Broadway looks north across Great Jones St to unit 3E at 684 Broadway. Both are said to be about 3,000 sq ft (3,000 and 3,100). Both are asking over $3mm ($3.195mm and $3.1mm). The layouts are similar, but #3 at 682 is more Long-and-Narrow. I have not seen #3 at 682, but the finishes seem to be similar.
 
One difference is the maintenance. #3 at 682 is $3,640/month; #3E at 684 is ‘only’ $1,758 per month.
 
A second (slight) difference is their marketing status. #3E at 684 had a signed contract, 4 weeks after coming back to market on January 19 (it was on the market from May 30 into August at $2.995mm). #3 at 682 has only been marketed since January 11 but is shown as In Contract as of today in the inter-firm data systems.
 
Rumors of a more active Manhattan loft market are being borne out across Great Jones Street.
 
© Sandy Mattingly 2007
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Feb. 8, 2007 - two Ds down / only one of 55 Hudson’s fraternal triplets remains

 
7D and 8D in contract, whither 6D at 55 Hudson St?
I posted in November about the three lofts on adjoining floors at 55 Hudson Street that were offered for sale in three very different configurations but essentially the same price. (Tribeca trifecta on the market / if you need a "D", 55 Hudson is for sale)
 
I hit on thee fraternal triplets again in December, when they all had open houses the same day. (ask Vanna for a “D” / Open House tour at 55 Hudson)
 
The inter-firm data base was updated as of yesterday to show that the two BR + 2 bath #7D is in contract (asking price of $1.85mm). The 3 BR + 2 bath configuration in #8D has been showing as “in contract” since Christmas (asking price of $1.8mm).
 
Only the 1 BR + 1.5 bath #6D remains on the market (asking price of $1.835mm). Since all three Ds have been marketed by Stribling agents, I am guessing that the 6D owner is more than curious about the experiences (traffic and market feedback) about the other two units.
 
I don’t know where the contract price turned out on 7D and 8D, but it would not surprise me to see a price change on 6D, the 1 BR “survivor” of the trio.
 
© Sandy Mattingly 2007
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Jan. 31, 2007 - not quite a return to the white box offering / 161 Hudson loft owner will build-to-suit

 
how many would buy what they can’t see?
There was a time when many Manhattan loft buyers had the time, patience, resources and expertise to buy raw, primitive, blank or “white” space to turn them into something personal that served their specific needs. It is my sense that we have not had many such buyers in at least five years.
 
white boxes are so over
The last “white box” development that comes to mind was at 315 W 36 St in 2003, where the developer “finished” the lofts with just enough bathroom and kitchen to qualify for a Certificate of Occupancy and installed the mechanicals for central air without running any ducts. The expectation was that buyers would rip out the perfunctory plumbing fixtures, put in a kitchen and bathrooms where and how they liked, and run the ductwork for CAC after adding any walls.
 
any white boxes since 2003??
The first units to sell at 315 W 36 St sold in the $550/ft to $750/ft range, depending on whether they had outdoor space or had the better view (south was more open than north). It looks as though 11D sold as a white box in August 2004 for $1.09mm for 2,007 sq ft and then re-sold two years later (after having been all tricked out, one hopes) for $2.075mm.
 
The agent grapevine carried the word at the time that the white box sales “weren’t doing so well” and the developer either held the prices of the last units (other new developments then were seeing a parade of pre-sale price increases) or finished them more extensively than originally planned or simply sat patiently for the final sales to occur. (Grapevines being what they are, the facts just may be different.)
 
build to suit
The new-today listing for #6D at 161 Hudson St intrigued me because the owner is offering to sell the 1,100 sq ft space for $1.55mm and “Owner will built to your specifications and will include top of the line oversized Viking, Miele, Subzero appliances.
 
161 Hudson St was converted to condo in 2004, with the first closed sales in December and nearly all of the units were sold by Spring 2005. Nearly all of the original sales were around $900/ft, but 5D sold in April 2006 off an asking price of $1.35mm and now 6D is being offered above $1,400 sq ft.
 
A few smaller units (such as the “D” line) took longer to sell than the units that are 2,000 sq ft or larger, but I can’t tell if this listing for #6D with Larry Carty at Warburg is a re-sale or will be the original sale of this unit by the developer (there Is no mention of buyer paying the transfer taxes, so maybe it is a resale).
 
Build-to suit is an interesting choice by the owner (especially if this is a re-sale), rather than (a) sell as is, in its presumably rough state, or (b) build it out fully to what they expect will appeal to most buyers.
 
I can see some very expensive negotiations ahead, as The Lawyers get involved in the specifications for any build-out, and I wonder about how many buyers are interested in having these choices.
 
The owner will probably argue that s/he can do the work less expensively, while saving the buyer the hassles and uncertainty of dealing with contractors.
 
is there a Plan B?
But I suspect that there are enough buyers who will prefer to, instead, do their own work or have their own contractors do the work that the seller will need a Plan B marketing approach – how much a price reduction to buy “as is”?
 
© Sandy Mattingly
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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.

Recent Posts

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