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Manhattan Loft Guy

Nov. 26, 2006 - Tribeca trifecta on the market / if you need a "D", 55 Hudson is for sale

 
same building, same line, similar (aggressive?) price, for different layouts
NY Times On the Market today included a loft with some classic attributes, including arched windows, vaulted ceilings – and an awkward bathroom arrangement. Turns out that is one of three units for sale in this building in this line.
 
a 2 BR classic loft layout
55 Hudson St Unit 7D is marketed by Stribling’s Michael Chapman. The Times doesn’t say so, but this unit is said to be 1,500 sq ft and is offered at $1.85mm (maintenance $1,790/mo). There’s nothing wrong with 55 Hudson, but I am not sure I would call it “Tribeca’s best coop” (interesting question, that; so many condos down there; but no doorman here).
 
It looks beautiful and has lots of light and windows (a corner unit). The layout is efficient, except there is that classic loft problem: the bathrooms and kitchen are along the one ‘wet’ wall (where the plumbing stacks are), so one must travel from either bedroom to either bathroom. Not the best layout for many folks, but a common problem in classic lofts.
 
same footprint, 3 BR layout
As it happens, Mary Ellen Cashman at Stribling is marketing the same unit one floor up. Unit 8D does not look to have the same level of finishes, but it has an interesting 3 BR layout that almost solves the travel-to-bathroom problem with this loft. Asking $1.8mm for that one (Cashman is more modest about 55 Hudson: “one of downtown’s most sought-after coops”).
 
or the 1 BR edition
Curiously enough, yet another Stribling agent is selling the same unit one flight down. Unit 6D is offered by Bruce Ehrman at $1.865mm, so there is little doubt where Stribling thinks the right price is for this line. This one has a very different layout (set up as only 1 BR, 1.5 baths, so 6D solves that problem while creating others). For Ehrman, 55 Hudson is (more modestly still) the “ultimate convenient Tribeca address”. Ehrman thinks this is a 1,600 sq ft layout, however. No arches in these windows, and that looks like glass brick in the MBR photo.
 
So if you love the building, do you want that with one Bedroom, two Bedrooms, or three?
 
Has Stribling guessed the price in the $1.8s, or are they playing chicken with each other?
 
Based on the four sales in 2006 in this building, it looks hard to justify much more than $1,000 a foot here.
 
how much more than $1,000 a foot?
2006 was the year of the “A” line, just as they hope 2007 will be the year of the “D” line. 4A and 7A closed in January 2006, 6A closed in October, while 7C closed in June. The “A” line is 1,270 sq ft and the prices were
 
 
Closed price
Asking price
4A
$1.15x
$1.095
7A
$1.295
$1.295
6A
$1.24
$1.249
7C
$1.15
$1.15
 
I don’t think the option to have 3 BRs in 1,500 sq ft will justify that much of a premium over the 1,270 sq ft sales. Let’s see what the market thinks….
 
© Sandy Mattingly 2006
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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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