245 Seventh Avenue loft got the memo about 2007 pricing, sells at (small) premium

which number is most impressive?
There are several impressive numbers associated with the sale on August 16 of the “2,258 sq ft” Manhattan loft #3A at 245 Seventh Avenue for $2.8mm: that was the 6th time the loft has sold since 1997; the ask had been (only) $2.7mm, so it earned the coveted green background on the Master List of Manhattan Lofts Sold Since November 2008; and (my favorite) it last sold at $2.75mm (on January 5, 2007) so it (just barely) made the spreadsheet of now 67 pairs of Manhattan lofts that sold both in 2007 and 2011, lending further (and moderate) support for the proposition stated in the title of my September 27, is the Manhattan loft market back to (up to) 2007? 61 repeat sales say “probably”, “a bit”. This makes 45 of the 67 paired resales that showed a gain since 2007.

a rare loft foyer
Lofts that are nearly square (like this one) and have at least two exposures (like this one) have a lot of flexibility, especially (like this one) when they have at least 3 sets of plumbing stacks. But what really strikes me about the #3B floor plan is a simple thing: it has a real foyer. Many lofts build in a foyer (especially those with direct elevator access), but this one is quite large and functions as the hub: take two steps into the loft and the half bath is behind you, the 2nd bedroom is on your left (overlooking West 24th Street), the kitchen and living room is ahead with 2 exposures, and the master is on your right (overlooking Seventh Avenue and Whole Foods).

Note the proportions. The second bedroom is almost square and bigger than some ‘masters’; the master is bigger than many prewar apartment living rooms; the public space (kitchen, dining, living) is nearly square. The sense of volume is heightened (if you excuse the expression) by 11 foot ceilings and 10 windows (7×4 feet each?). What terrific space!

The obvious place to add a third bedroom is the current ‘dining area’, which would still leave a large and nicely proportioned corner living area. I suspect that few people would share my fascination with loft footprints and appreciate this one so much, but I can live with being a little fixated on odd details….

do I need to watch the Food Channel more?
The most enthusiastic babbling focused on function and celebrity, not geometry (I apologize for SHOUTING):

Not to mention the AMAZING COOKS’ KITCHEN designed and built by a CELEBRITY CHEF where no detail has been over looked. Bedecked from top to bottom in Viking Professional appliances…double ovens, 2 dishwashers, 150 bottle wine fridge, a pot filler faucet, an appliance garage, custom cabinetry and stone counters.

I don’t recognize either of the sellers as a celebrity chef, but perhaps the kitchen was designed and built by a former owner, or someone in the ownership string had a celebrated friend who helped a renovation. In order to fully appreciate the kitchen, you need to check the full-page-view photos on the Corcoran site. I am trying to get over my kitchen envy by trying to figure out the full Viking array. I see the double ovens and 2 dishwashers, but is that a salamander / broiler down near the floor under the ovens? And I assume that the stainless pair on the other side of the ovens is a microwave (bottom) and that garage … right?

There are some lovely features in the loft, including the wall covering in the foyer, the channeled curtains in the living room and master, and the columned built-ins in the living room, but that kitchen makes me drool. (Unintentional humor: note how the dining room wall sculpture in the 5th photo looks like smoke going up the cooktop exhaust.)

is it the light, Mars?
#3B cleared at $1,240/ft, which would be a record for the building if #7B had not sold above ask at $3.08mm in May 2007 ($1,364/ft). StreetEasy lacks photos and floor plan for that sale (I hate when that happens) but the babble is enthusiastic and punctuated:

truly spectacular renovated sundrenched loft has it all!!

There’d be a lot more sky on the 7th floor SW corner than the 3rd floor, and the floor plan and finishes sound as though they are very similar to #3B. The 2007 market thought the 7th floor corner was worth 12% more than the 3rd floor corner, $330,000. That seems to me a very healthy premium for more light and sky, but that is clearly what The Market did then.

There is not as much light in #7A, as that has a Long-and-Narrow footprint, with windows front and back instead of on the corner like the ”B” line, and only 4 windows looking west (at The Merc). The 2011 market thought that “2,002 sq ft” loft was worth only $1,173/ft this past July, 5.7% less than #3B.

I guess The Market loves that “B” line footprint, big foyer and all.

© Sandy Mattingly 2011