38 W 26 has a new one, stretching

pushing the envelope
Unit 3A at 38 West 26 Street is newly for sale as of this weekend, asking $2.16mm and $1,200/mo for “1,790 sq ft” of “classic loft of yesteryear”. [Update Nov 2: loft is marked Temporarily Off the Market and is off Corcoran’s website]

gritty block
This block has only a few residential buildings on it (2 rentals, one other loft coop), and is a bit of a micro-nabe with the (tacky?) street (and [tacky!] sidewalk) retail of Broadway to the east and the newly looming rental towers of Sixth Av to the west. The blocks west of Sixth have traditionally carried higher values than the blocks between Sixth and Broadway / Fifth Av above 23rd Street. There are now four restaurants or clubs next to across the street from this building.

tough comps
There have been only three sales in this building in the last four years, clustered in 2004 and 2005, none at prices like this one.

#10A was said to be “3,000 sq ft” in original condition and had 3 exposures and sold in August 2005 for $2mm.

#7B was also said to be “3,000 sq ft” and sold in July 2004 for $1.55mm, very likely in original condition.

The coop loft building down the street is 22 West 26 Street, where there have been exactly two sales above $1,000/ft. The last sale was #5C in August, $1.9mm for “1,780 sq ft” in triple mint condition with “stunning” kitchen and spa-like baths. PH-B sold in March, $2.295mm for “2,200 sq ft” after a very expensive renovation.

#2B sold in July, “2,190 sq ft” for $1.85mm. (This was an over-the-top renovation, and my original One Bed Wonder [Feb 24: what is a 1 bed wonder?], as described here.) #2A sold in March, $1.5mm for “2,000 sq ft”.

Hard to find much local support for expecting #3A at 38 West 26 Street to fetch nearly $1,200/ft.

challenging layout
Few people would buy #3A and move in without moving some walls or adding a second bathroom. The footprint is a squat “T”, with the 10 north windows along the “T” and the plumbing on the opposite wall. Clever architects will find ways to have 2 (real) or 3 (interior) “bedrooms”, and to efficiently use the space. The current use has one bedroom plus artist’s studio, with the bedroom a long PJ walk to the one bathroom. The kitchen is of the “new” and “chef’s” variety, but everything else may have to go.

back in the day
The same agent offered this unit the last time it was publicly for sale – in 1996. The asking price then was $499k.

Open House Wednesday Oct 31 from 12:30 – 2
Open House Sunday Nov 4 from 12 – 2

© Sandy Mattingly 2007

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