111 Fourth Avenue lofted loft gains 12% since 2007 sale
if you build it (up), they will come
Offhand, I can’t recall a more bullish Manhattan loft resale than that of #6B at 111 Fourth Avenue, which closed on April 7 at $750,000 after having been purchased on October 27, 2007 at $670,000. If you, too, have one of those special “apps”, you, too, figured out that is a 12% gain from pretty darn close to The Peak. And, yes, the loft was in the same condition (fully built out, with a then-newly-renovated bathroom) in 2007 as now.
vertical living in a tall box
Typical of lofts at 111 Fourth Avenue, #6B has a relatively small footprint but with ceiling heights that offer ways to build space by moving up. In this case, there is an office and bedroom added on top of the kitchen and lower bedroom. People of average height fit up there, though with ceilings 6’ 2” they may flinch a lot. Downstairs, giants can roam (or, people who can fit under 6’ 6” ceilings), though they may feel more comfortable in the “double height” living room. (The living room is taller than it is wide.)
The layout is not ideal for a lot of people, but it is an extremely efficient and cost-effective way to get a room for a kid or two, and an adult sleep loft up on top. If the room dimensions are credible, the footprint is only 20 x 25 feet, yet there must be a sense of space in that living room, with the big windows. (No view, however, as you will see if you look closely at the living room picture.)
comping is, of course, hard
Props to the seller and agent (no offense, but I’ve never heard of ROOM Real Estate) for playing a quick game of bingo with The Market, coming out on December 2 and getting that full price deal by January 25, in an environment that might have posed some challenges.
When #6B came out, #3B was awaiting closing at only $550,000. That one has taller ceilings (16 feet) but a loft that is not as big as in #6B. It appears in much more primitive condition, but there’s a huge gap between #3B at $550,000 on March 3, and #6B at $750,000 on April 7. (That “app” can measure it for you.)
While #6B was out, #7B also came out for a short period, asking $695,000 from January 10 to February 22. That one claimed 14 foot ceilings, but was not as
efficiently built out crammed to the gills as #6B, with only one sleep area.
Net-net, in comparison to its neighbors and to the froth of 4Q07, #6B is an impressive sale at $750,000.
today is a good day
… because I learned that 111 Fourth Avenue has a name: International Tailoring Company Building. I did not know that.
© Sandy Mattingly 2011