434 East 10 Street closes / way east with stairs + work to be done

$641/ft, perhaps
The Manhattan loft Unit 4 at 434 East 10 Street closed with a deed filed on August 29. There’s no clearing price available yet through city records, but the asking price of $995,000 (about $641/ft for "1,550 sq ft") looks pretty darn strong to me,considering (a) that it probably needs a gut renovation (the web listing says " currently configured as a 1 bedroom, 1 bath, with a huge living room plus a massive open artist workspace, it could be re-configured into a 2 or 3 bedroom …. bring your vision and architect"), (b) there’s a bunch of stairs to this penthouse (a 4-story building), and (c) it is way east — almost at Avenue D, 4 long + 4 short blocks to the "L" at First Avenue or 7 long + 4 short blocks to Union Square.

Alpha City indeed
On the one hand, the self-managed coop has been here for 20+ years (they just re-did the facade and installed large double-pane windows; nice job with maintenance of $510/mo), with a mix of old tenement buildings, garages, warehouses and other artist-type loft buildings on the block. On the other hand, there’s a park and outdoor pool across East 10th Street, a self-storage warehouse next door to the east, and a pair of NYCHA buildings across Avenue D. Did I mention that it is way east?

On yet another hand, it didn’t take long to sell: it came to market on May 27 at $1.095mm, dropped $100k in 3 weeks, then found a buyer and contract 2 weeks later.

long + winding road next door
I hit a listing in the building next year way back in July 2007, price drop for raw Alpha-Land space at 430 E 10 St (bring caution).
 

They changed firms with that listing in January and in February dropped the price (again) to $1.825mm.

StreetEasy’s

building page (

here

) shows a completed sale in April for this space, but I don’t see a clearing price anywhere and I can’t tell if any C of O issues remained. Assuming they got the most recent asking price (a generous assumption in this scenario), that is roughly $500/ft for a huge amount of space and a large renovation budget. Not to mention, all those steps.

Street Easy has information on 434 East 10 Street,

here

.