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Manhattan Loft Guy

Sep. 3, 2013 - jaw-dropping views provoke jaw-dropping price for 261 Broadway loft


raising the roof

Yes, the “1,140 sq ft” Manhattan loft #12B at 261 Broadway has the jaw-dropping views claimed in the broker babble (especially if you like to give traffic reports to friends interested in driving over the Brooklyn Bridge), but the fact that it just sold at a 19% premium to its prior sale in 2007 and at a premium to the previous dollar-per-foot record high sales makes my jaw ache even more. The loft came out on April 18 at $1.595mm and found the contract by May 9 that closed (you have to click around on StreetEasy, dammit) at $1.705mm on July 17. That’s 3 weeks to contract 7% over the ask, and $1,496/ft, but wait, there’s more!

The loft just sold in the same condition as when it sold for $1.435mm on May 17, 2007 (no pix survive, but that old listing description makes that clear). You’ve already been told that that $210,000 gain is a 19% premium; that was a pre-Peak sale, of course, but only by about 8 months. That prior sale of the same loft at $1,259/ft was the previous dollar-per-foot record high sale. Other than loft #12B sales, the previous dollar-per-foot record high sale in the building was the lovely mini-loft next door 7 months ago. The “754 sq ft” #12A was sold for $840,000 ($1,114/ft) on January 28 with high-end finishes and essentially the same views as next door, here babbled as “cinematic city, park and Brooklyn Bridge views” (with the same landmarks and the same opportunity to do traffic reports).

There is some premium for being a 2-bedroom rather than a 1-bedroom, I assume. But not 34%.

finishes + layout + view = $$$

The broker babble is very enthusiastic, beyond the views, with proper proper names and materials detailed:

Windowed chef's kitchen includes stainless steel breakfast bar dining; Wolf range, Sub-Zero refrigerator, Bosch dishwasher, 56-bottle wine refrigeration, Vermont soapstone sink and natural granite stone counters. Master bedroom has wall of custom closet cabinetry. Master bath has Orgami deep soaking tub and custom vanity. Second bedroom has custom closet. ...high ceilings, gallery-size walls for art; solid oak walnut stain flooring; large walk-in closet and powder room.

The floor plan sits in a nearly perfect nearly square footprint, with 3 of the “7 over-sized windows [that] provide dazzling light from morning til evening” in the public space, the “master bedroom” with corner exposures south and east, and the last of those 7 windows in the second bedroom. Only a quibbler would note the limitations on the floor plan: there is only a bath and a half, both rather far from the “master bedroom”. (As far as far can be in a “1,140 sq ft” space.)

In other words, given the scale, this layout is pretty close to perfect. With the better-than-nice finishes and the all day light east and south, the price probably reflects the lack of 2-bedroom true loft inventory in Tribeca.

There’s no doorman at 261 Broadway, but this isn't a no-frills coop: there’s a live-in super, a laundry room, and a lovely common roof deck. Hence, monthly maintenance beyond that of its no-frills Tribeca neighbors (for #12B: $2,149/mo, or $1.88/ft).

the small neighbor next door is jealous

Loft #12A is another well-appointed loft, at “754 sq ft” just 386 sq ft smaller than #12B and (proportionately) lacking a half bath and second bedroom compared to its larger neighbor. The main exposure is, again, east, over City Hall and toward the Brooklyn Bridge, with the secondary exposure being north rather than south. I read the photos and babble as enthusiastic as those of #12B:

sun-filled loft features soaring ceilings, hardwood floors, over-sized windows and built in book cases and cabinetry topped with honed granite in the spacious living/dining area. ... clever design ... allow[s] for flexibility with pocket doors and windows which open and close off spaces. The custom chefs kitchen with stainless steel and Carrera marble countertops is nicely tucked off the dining area. The bedroom ... has a wall of custom built drawers and cabinets and the well-proportioned bathroom has linen closet, polished concrete floor and hand-painted English wallpaper. Fully outfitted closets and built-ins throughout….

Same building, same year, same view, similar condition, but smaller by one bedroom and a half bath. Loft #12A didn’t take long (32 days to contract), but it only got $1,114/ft. As tough as the 2-bedroom market is in Tribeca, there are not many classic buildings that even have 1-bedrooms, so I am a bit surprised the spread is so large between #12A and #12B. (I discussed other “A” line sales at 261 Broadway in my April 19, 5 years later, small loft at 261 Broadway sells (angels rejoice); #12A is definitely the cream of the A-line crop to date.) Note to self … consider a post about the 1-bedroom loft market in downtown Manhattan ….

© Sandy Mattingly 2013


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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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