124 W 18 primes the pump / new condo under $1,000/ft?
impressive marketing structure to build interest
Marsha Frances at PruDE has a new listing, the 2d fl at 124 W 18 St, which she is not showing until an open house on June 13, then is showing at three other open houses in seven days. That seems to me to be brilliant way to generate a lot of interest at those first open houses (assuming the loft is worth it, of course) – potentially much more apparent interest than if she started showing immediately.
The 2d floor is said to be 1,70 sq ft in a seven-story condo converted from a 1920s industrial building. They are asking $1.65mm, with taxes and common charges at $1,791/mo. Less than 21 feet wide, this is of the Long-and-Narrow variety, with three rather large windows at each end, but only one bedroom window and two small bathroom windows along the sides. The kitchen and baths are in the middle, near the entrance, so the kitchen will get a lot of traffic going from bedrooms to living area, and back. They are not bragging (much) about the finishes, so at $1,000/ft in this neighborhood, this could be a relative condo bargain.
If it is 1,700 sq ft.
Property Shark shows these full-floor lofts at 1,461 sq ft, but even that number seems high to me. The PruDE floor plan shows the width as 21’7”, with the long room dimensions, front to back, of 17’9” + 12’ + 17’ + 15’9”, or a total of 62’ 6” (if the dimensions are accurate). The total rectangle (including the elevator and common stair) is then about 1,350 sq ft. At that size, the asking price is over $1,200/ft – a different proposition than under $1,000/ft.
The last sale I see in this building was the 6th floor, in May 2005. DO you remember the heady days two years ago? That loft was listed at $1.35mm in March and closed in May — after what must have been a nerve-wracking bidding war for the participants — at $1.662mm. My gratitude to Daria Saraf at Corcoran, who had this to say about the size of the 6th floor unit “please note that the 1700 is stated in the offering plan but also includes elevator and stairwell which is approximately 150ft…leaving 1550 Net Square Feet”. So apply salt liberally to the dimensions here.
© Sandy Mattingly 2007
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