250 West 27 Street loft sells as opportunity to live the dream (of someone else)

designed within an inch of its life
The Manhattan loft #3J at 250 West 27 Street was a mini-loft with a very specific mission during its recently completed marketing campaign: find the right buyer who would appreciate the very refined and specific design sensibility enough to pay top dollar, and do that in what amounts to the starter market for Manhattan lofts. “Unassuming” it may be, but it did not take long for the loft to find its soul mate, starting with a very precise asking price and with but the small nudge of a modest (of course) price drop:

If you read the broker babble before noting the modest floor plan or the price, you would reasonably expect a much larger, more expensive space. After all, there are “three main large living areas” in this “this serene Asian Fused custom designed Chelsea loft by Lembo Design Inc. and Interior Design Hall of Fame” that has been given a:

triple mint renovation [that] includes a streamlined design with unassuming ultra sleek furniture to compliment the loft’s open space …. Meticulously designed cabinetry; from the spa-like bathroom to the zen-like bedroom provide abundant storage throughout. Multiple zoned recessed lighting, hardwood floors, and high ceilings compliment the elegant architectural features, textures, fixtures and appliances usually reserved for the very high end downtown Manhattan new developments … such as; oversized bathroom with large rain shower, waterworks bath and kitchen fixtures, Bosch oven and range, Miele dishwasher, and Liebheer refrigerator.

Then you look at the floor plan, which is 16 feet in its widest section, in the shape of (but hardly “long” enough to be) a Long-and-Narrow. (This footprint on the floor above was called “800 sq ft”.) Those “three main large living areas” are a triumph of wishes over feet, with the 9 x 16 ft “sleep area” delineated by a raised step and a floor to ceiling curtain. And that’s where all the windows (two!) are.

serenity is a light palette
With little natural light, the space is light because the materials and finishes are all light in color and weight. Some of the built-ins are a natural wood finish, others are bleached like the flooring. The only dark elements that I see in any of the photos are the window frames; I bet the designer is still kicking himself over those.

Buyers were invited to move right in, in part because there is not much room for other stuff, what with the built-in wardrobes, couch and living room shelf. The buyer would have to bring a dining room table and (possibly) a bed and other bedroom furniture. In short, to an unusual degree, buyers were invited to move into highly designed, very specific space, created by someone with wonderful taste and a minimalist sensibility that makes the most of a small loft.

not a lot of upside since 2005
At $738/ft, this oasis of serenity compares favorably to the two-year old sale of #4J ($455,00, or $569/ft), but not so favorably in a broader context. Somewhat remarkably, two of the last four sales in the building have been at higher values. #3A just over a year ago was larger, at “1,100 sq ft” and well dressed with a more classic loft look; it sold at $793/ft. the “900 sq ft” #4E sold in June 2011 with a high end renovation, including wood beams and columns, at $822/ft. Worse, you can’t tell from StreetEasy but when #3J sold in April 2005 for $467,500, the pictures, floor plan and description in our listing system show a more primitive loft (in move-in condition) that has since had a sleep loft removed and a closed kitchen demolished to be opened up.

All the serenity of the current iteration was added after that purchase at $467,500, including the “features, textures, fixtures and appliances usually reserved for the very high end downtown Manhattan new developments”, yet the recent seller got just $590,000. The ‘gain’ of $122,500 (22%) over almost 8 years might well cover the renovation costs (how much serenity can you get for $153/ft??) but will leave little left over for market appreciation.

Even for a zen master, that’s gotta sting.

© Sandy Mattingly 2013