OYAToMLG / two million dollar Manhattan loft views edition
One Year Ago Today on Manhattan Loft Guy, more views, much money
About a Madison Square view that really really really seems to have been provably worth a great deal of money: a $2 million view on Madison Square? comping at 15 East 26 Street.
I flagged this March 20, 2010 post as a future OYAToMLG (that occasional feature) a few weeks ago, and the timing works out perfectly with my very recent post on the same theme (March 18, under $800/ft for brand new Lifesaver lofts at 120 Eleventh Avenue). As I said a year ago,
Everyone will still have opinions about what a view may be worth, but in this instance this view over Madison Square Park was worth $2,014,000. Indeed, while I believe that few people would estimate a view premium on this scale, facts are facts.
The Market valued this new condo conversion on the edge of Madison Square much more highly than the Lifesaver Lofts on Eleventh Avenue. The spread between values With Park View vs. With ‘City’ View on East 26 Street was $2,023/ft for #14A at 15 Madison Square North vs. #14F at $1,146/ft; a huge spread but from a high base. The spread between River View vs. Treetop View at 120 Eleventh Avenue is (to me) significant (in both absolute and market value terms), but is on a much smaller scale and at a much lower base: $997/ft for #3A vs. $799/ft for #2A.
Interestingly, the developers in both cases started out with the right kind of spread for the Premium View unit, though The Market adjusted all the prices down before the four units closed.
Again from that post a year ago:
I suspect that this spread is out of guidelines for any appraiser, as I have been told that direct river or park views can add "10+%" in value; I don’t know how much range an appraiser would put on that "+".
I still think the spread at 120 Eleventh Avenue would give a bank appraiser pause, but that’s not my problem. These market facts are facts.
Next up in this ‘occasional feature’ … a much older [Year] Ago Today on Manhattan Loft Guy. Set your calendars for Tuesday for that one.
© Sandy Mattingly 2011