3,600 sq ft of

Chelsea loft at $920/ft lasts 3 months
Couple of puzzles about the 2d floor at 129 West 22 St, which went into contract this week off an asking price of $2.995mm ($3,000/mo maintenance): (1) how is a full-floor loft that is 3,600 sq ft with windows on the narrow ends “warm and cozy”? (2) how does a second floor unit get “great light”?
They tried to sell it through PruDE for six months spanning 2005-2006, without success, then started again in February this year with Reid Price (then at Corcoran / Sunshine, now at Brown Harris) at $3.395mm. It took a mid-April price drop of $400k (my kind of aggressive response to non-selling; see more price pain on 16 St /if you knew then what you know now… about death-by-small-price-drops) to get into contract this week.
The 2d floor is said to be newly renovated, about 100 feet long, with big windows front and back (and two at the front corners). They say “great light”, consistent with the pix, but from the second floor mid-block that is a bit of a mystery, as the buildings across 22nd Street are 12 stories high, and the buildings in the back (which front along 23rd Street) are three and four stories high.
This building has had enough recent activity to say some things about the Manhattan loft market.
agent knows the market
Price and Brett Miles know the market for this building, as they just sold (this month) the full-floor 6th floor. That one started in November (when Price was at Corcoran) at $2.695mm, and then went on steroids to $3.1mm in December [btw, Barry Bonds is in town] before going into contract in February and closing this month. Can’t get any pictures on the web from this closed listing, but the description implies that the 6th floor is not ‘done’ at all.
The interesting thing about the sale price for the 6th floor is that – after jumping from $2.695mm to $3.1mm (and holding there) – the seller did the deal at $2.75mm without reducing the asking price from $3.1mm.
this one lasts two months, and counting
#10A is for sale through Alex Nicholas and Gabriella Winter at Corcoran at $1.995mm ($2,000/mo) for 2,525 sq ft. (The finishes may be terrific in this unit, but the floor plan is rather choppy, with an odd footprint that they cleverly refer to as a “flexible and meandering space”, with a huge kitchen that dominates the floor plan.) They started here at $2.295mm in mid-March, dropped to $2.175mm on May 1 and then to $1.995mm on May 16 (cumulatively, my kind of aggressive response to non-selling).
This is the one listing in the building that talks about income-producing commercial space on the ground floor, so be careful — IRS rules for coops – beware the 80/20 rule.
this one lasted a year, then ….?
#5A had been for sale in March last year, first through Citi-Habitats for $2.4mm, then with Halstead in June for $1.999mm. It seems to have dropped off the market somewhere between June and March 2007. It is said to be 2,400 sq ft of “great bones” that needs “a little polish”.
but this one took (only) 7 months to close
#12A closed in November for $2.215mm off an asking price of $2.3mm. This one seems to be a little smaller than #10A, but has 1,500 sq ft of roof rights. It was sold as in good condition but in need of renovation, through Ingrid Weigand.
© Sandy Mattingly 2007
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