when the 2nd floor is high enough: 21 East 22 Street mini-loft sells at $1,086/ft in Flatiron

The Market shows some love for the little, the low, and the lovely
The 1988 conversion to residential coop living 21 East 22 Street is one of the largest buildings with some of the smallest lofts among classic Manhattan loft buildings. Most units in this 12-story, 128 unit coop are under 1,000 sq ft and most sales come in under $1,000/ft. So it is interesting that the vertically challenged “800 sq ft” (per our data-base) Manhattan loft #2L at 21 East 22 Street recently sold at $1,086/ft with hardly any resistance from The Market: it came out at $879,000 on October 18, found a contract by January 4, and closed on April 18 at $869,000. The tree top views did not hurt after all; nor did the recent and lovely renovation, leaving the loft replete with proper proper names.

Contrast that history with the “750 sq ft” #2E, which cleared on September 26 at $555,000 ($740/ft for those who can never find the Calc Function on your phones). That one had a challenging layout (funky shape, only one window) and a well-lived-in look (all that stuff!) that the listing insisted was ready for you to inhabit without changing a thing (“Create your own Intimate Living Spaces with Distinct Full Size Bedroom, Dining & Office Areas”). (Babbling question: what does “Architectural Design” mean??) But The Market deemed #2E inferior to #2L by 32% on a price-per-foot basis.

Or contrast #2L to the “850 sq ft” #2H that sold on February 11, 2011 at $826,000 ($972/ft). That one boasted of “beautifully renovated open kitchen with high-end appliances, wine cooler, oak floors, and great storage including a customized walk-in”, among other things, yet still cleared 10% lower.

You have to up to the 9th floor to find a small loft in the building that sold higher than #2L on a price-per-foot basis. The “950 sq ft” loft #9H is bigger (with a 2-bedroom layout), much higher, and also lovely (and features a web link:

Open stainless kitchen with top of the line appliances. Custom lighting and maple cabinetry. Amazing volume of storage throughout. The innovative design elements are by Jonathan Schloss Architect. Visit www.jonathanschloss.com..

#9H sold on August 8 at $1.07mm ($1,126/ft), not even 4% higher than #2L despite the extra bedroom and being 85 or so feet higher.

Yes, indeed, The Market loved #2L, the little and low loft that could.

© Sandy Mattingly 2012

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