new at 222 Park Avenue South w windows everywhere

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layout, layout, location
Unit 10E at 222 Park Avenue South came to market this past weekend, a classic Manhattan loft in a long-established coop along a stretch of Park Avenue South that teems with new developments. Presented by Monica Ritterspoon of Corcoran, they are asking $3.75mm and $2,817/mo for "2,450 sq ft" that is very efficiently arrayed into 4+ bedrooms and 3 bathrooms.

As she says, there are windows "everywhere" — 18 in all, with 2 huge south-facing windows in both the master suite and the living room. (They must be the ones providing the "skyline views".) It is rather remarkable that with ‘only’ "2,450 sq ft" they have managed the 4 bedrooms and an office and 3 walk-in closets and a large dining area (17 x 16 feet), yet have room for a 34 x 20 foot living room.

I can’t quite tell from the pix, but there is the possibility of a dramatic flow — as you enter in a long gallery along side the kitchen and the loft ‘opens up’ as you get past the dining area, presenting the views and windows in the living room to your left.

space, space, space (no finishes?)
The listing description is all about the space and light, with no bragging at all about finishes. For example, the only description of the kitchen is that it is both "large [and] eat-in" and there is no mention of bathrooms, other than that there are 3.

space oddities
The room dimensions on the floor plan have to be a bit off. Compare the master bedroom at 14.5 x 14.5 feet to the "bedroom w mezzanine" at 14.5 x 14. The island outside the kitchen ion photo 3 is not on the floor plan, but must be right in the middle of the dining area.

meanwhile, on the 3rd floor
Fascinating comparison to #3E, which has been offered for sale since September by a Corcoran team including Brian Babst. Same footprint as #10E, though this one is all about the finishes and is essentially a One Bed Wonder. Here, the footprint is said to be "2,500 sq ft" and they are asking $4.25mm (down from $4.75mm) and $1,578/mo (why the disparity in maintenance??).

Here, there is "uncommon attention to detail", "rich materials" and a "masterwork of design". But there are many fewer windows than in #10E.

and on the 4th
The last sale i see here was #4D, which sold in October for $1.5mm. Said to be "1,300 sq ft", this was described as much closer to #3E than to #10E ("architect designed and meticulously renovated", "beautiful custom built-ins", "finest materials", etc.). Before that, #9B sold 14 months ago (in a transaction that is not in our system) for $1.3mm. Unfortunately, I have no information about size or condition on that one.

$1,500/ft, or 1,750/ft done — or none of the above?
Until #3E sells, it is hard to get a building comp to support #10E’s pricing. They are a fascinating pair, no? One has a great layout and great light (and no bragging about finishes); the other has a top renovation on a low floor with little light. Unless #10E shows better than it is described, you’d think that the #3E completed renovation represents at least $450k in added value (in a very different layout, of course).

[update 12.4.08: #10E closed, with a deed filed on August 21 for $3.2mm; #3E has been off the market since September]

(C) Sandy Mattingly 2008