Powered by RealTown Blogs

Manhattan Loft Guy

Aug. 11, 2009 - did a jazz fan or a muppet maniac buy Mingus's place at 5 Great Jones Street?


cue Cindy Adams
(That's for "only in New York, kids"....) The Manhattan loft #2 at 5 Great Jones Street was marketed for its character ("authentic artist" loft, 14 foot tin ceilings) and its provenance ("[o]nce the home of Jazz great Charles Mingus and the creator of Big Bird Kermit Love"). At "2,300 sq ft" on a peculiar block, I am not sure if the February asking price of $1.995mm included a discount for condition or a premium for provenance. Either way, the mild April drop to $1.85mm certainly did the trick.

All in, it took only 5 months from coming to market February 13 to closing July 8, so that April price (and/or the character?) (and/or the provenance??) worked to not only get a deal, but a deal at that price. With no comp sale data in this small coop (looks like 4 units) and a limited number of comparable buildings on this block it is hard to get a feel for values here. If anything, hyper-local sales (in)activity suggests that the Mingus-Big Bird connection (not Mingus and Bird) did well, comparatively, given that it sold.

There was a recent unsuccessful attempt to sell a "2,000 sq ft" loft that boasted a "timeless" renovation for $1.695mm ($850/ft) right next door at 7 Great Jones; mirrored by the equally unsuccessful marketing of a smaller 2-bedroom loft ("1,200 sq ft") next door on the other side at 3 Great Jones for $1.295mm (under $1,100/ft). These asking prices failed to generate a deal, but asking $804/ft at 5 Great Jones got a deal at $804/ft for an "authentic" artist loft. (Nothing says "primitive" for a Manhattan loft -- as in needs a total upgrade -- quite as elegantly as "authentic" artist loft.)

getting carried away doing The Google...
Back when the listing was new (in February, at $1.995mm), Curbed's funky Friday post included the Wikipedia info that Mingus got evicted from this place -- for firing a gun through his wall into a neighbor's apartment (but the Wiki info is not sourced).

Curbed did not report on any Kermit Love connection to this loft, but this NY Times obituary notes that Love not only built Big Bird, but also Mr. Snuffleupagus, Oscar the Grouch and Cookie Monster; he also played the role of Willy the Hot Dog Man. I don't know if the listing agent is right about this loft having a Kermit Love connection, but this book excerpt (see p 72) notes that Love had his puppet-making studio on Great Jones Street. Perhaps this loft is where Big Bird was born!

I am thinking it was bought by a Sesame Street fan....


© Sandy Mattingly 2009

 

 

Comments (2) :: Post A Comment! :: Permanent Link
View more entries tagged with: , , , , , , , , ,

Aug. 11, 2009 - RE: did a jazz fan or a muppet maniac buy Mingus's place at 5 Great Jones Street?

Posted by Chris Au

Hi Sandy, I was one of the listing agents for the property and it was indeed the one time residence and workplace of Kermit Love as his name was on the previous proprietary lease.

I can tell you that there were multiple bids for the property that led to it selling at the asking price.

Also, it was not in need of a total upgrade since the current owner is occupying the space as is and is not planning a renovation. Most of space was in very good condition but not ultra new and modern. Obviously there are those that don't prefer new and sleek. While it was not for everyone it was certainly the right space for the person that "got it."

I always appreciate your insights on the market and your knowledge of loft buildings. Keep up the great work!

Chris Au

 

Permanent Link

Aug. 15, 2009 - RE: did a jazz fan or a muppet maniac buy Mingus's place at 5 Great Jones Street?

Posted by Anonymous

thx for th confirmation about Kermit Love, Chris, and for stopping by

Sandy / MLG

Permanent Link

Write a Comment

Your Name:  RealTown Members: Click here to login
Your E-Mail: 
Your Website: 
Subject: 
Your Comment: 
Notifications: 
Privacy: 
Verification: 
To verify that you are a human and not a script, please enter the verification word from the image into the box on the right.
 

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

ch ch ch changes September 30, 2013
diversion is more of a (small) rant about Manhattan real estate "penthouses"
50 West 29 Street build-out loft sale not as simple as it looks
28 Laight Street 1-day loft sale looks like a whisper listing
room or light? Tribeca or Chelsea? 2 lofts sold above ask at $2.645 million have different charms


RSS Blog Feed

Categories

apartment types
bubble talk
caution: no real estate content
change is a constant
economic "analysis"
general weird stuff
In the news (me)
loft features / amenities
loft features / kitchens
loft features / outdoor space
loft features / "space"
loft features / views
lofts in 'other' neighborhoods
Loft neighborhoods / Chelsea
Loft neighborhoods/ East Village
Loft neighborhoods / Flatiron
loft neighborhoods / NoHo
Loft neighborhoods / SoHo
Loft neighborhoods / Tribeca
loft neighborhoods / West 30s
lofts outside New York??
loft style
Manhattan real estate business
Market Data - aggregators
Market Data - reports
Market Trends
Marketing Manhattan apartments
New York, New York, New York
On The Market
open houses
pricing analysis
The Process - buying an apartment
Psychology of the market
public art in Manhattan
schools
truth IS stranger...
what makes a loft a "loft"
internet and blogosphere
renovation opportunities + rewards
One Bed Wonders
new this week


Favorite Links

Manhattan Users Guide (be sure to search the archives)
The Gotham Center for NYC History
Matrix the Real Estate Economy
Hopstop (door-to-door subway instructions)
MTA subway site, including maps + schedules
NYC Dept of Education site
NY State Assn of Independent Schools (find private schools)
cul-cha!
the local TriBeCa newspaper
"the weekly newspaper of lower Manhattan"
Brooklyn, but a great blog
Patell & Waterman's History of New York
The Soho Memory Project by a long-time resident
Tribeca Commons, an economist considers history, development + more
NYC Past photo tumblr
Manhattan Loft Guy Facebook page (use dropdown menu for Timeline)
the MLG Master List of loft sales, to Nov 2008
Tribeca Citizen
Malcolm Carter
Brick Underground, "vertical living demystified"
Daytonian In Manhattan a tourist's wonder with a local's eye
Urban Digs (numbers, graphs & charts, oh my)
True Gotham (very) occasional front-line dispatches
DNA Info, local news via the inter-tubes
The Real Deal, our industry rag
Coop and Condo (a lawyer writes with a funny pen)
Crain's New York real estate
Tom Fletcher’s NYC Architecture
Jeremiah’s Vanishing New York
Architakes, one guy's take
Scouting New York (location guy with camera)
Forgotten NY
Soho Alliance
Soho Journal
Chelsea Now (area news)
the essential. if ephemeral, New York
The Broadsheet Daily (especially for BPC, FiDi and Tribeca residents)
The Atlantic Cities

Links

Home
View my profile
Archives
Email Me
Blog Manager