30 Bond new on hot block / how hot a renovation?
[update 12.14.08: I have restored this post (below), as the reasons for having removed it in April no longer obtain]
[The original post:]
one of the hot blocks
The 4th floor at 30 Bond Street is a new to market Manhattan loft as of this past weekend, asking $3.45mm and $1,645/mo for "2,000 sq ft" of "mint and magnificent" recent renovation, offered through Richard Orenstein of Halstead.
The footprint is the very model of the modern Long-and-Narrow, at 21 feet wide (narrower in front, where the public stairs intrude) with 3 windows front and 4 back. The layout is classic, with the 2 north-facing bedrooms splitting the 4 windows and the plumbing along the long west wall (1 bathroom has a window; the laundry room is just past the kitchen along that same wall). There is a small windowed office space opposite the windowed bath. One interesting choice they made was that neither bedroom is large (roughly 10 x 10 and 12 x 10 feet); a second is that only the smaller bedroom is en suite; the larger (windowed) bath serves both guests and the larger bedroom.
renovation choices + timing
The sellers bought the loft in December 2005 for $1.725mm (per StreetEasy) and almost immediately put it on the market for $1.95mm, but took it off after 3 weeks. (Yes, there are still 8 millions stories in the naked city!) Can’t tell how long they enjoyed the loft in its pre-renovation state, but they believe the recent renovation has added (along with the addition of sexy neighbors 40 Bond and 48 Bond) more than $1.5mm in value.
The 5th floor sold in February in a fairly primitive state (“currently configured” as 3 bedroom-1 bath; “could be the loft of your dreams”) for the asking price of $1.895mm (it took only 4 weeks to get to contract). The quirks of coops: that one (also a Halstead listing) was billed as “1,800 sq ft”, compared to the 4th floor at “2,000”. [UPDATE 12.14.08: these sellers demonstrated on March 18 that they were pretty-darn-serious about selling, when they lopped $500k off the asking price, which succeeded in a contract as of May 8 and a clearing price of $2.9mm with a deed filed on July 20. VERY serious props to them and agent Richard Orenstein of Halstead in (having the cojones and) finding the right price to get a deal done in that changing market]
good neighbor policy
I have talked before about how 40 Bond and 48 Bond have contributed to a There Goes The Neighborhood (Manhattan loft value) experience: November 1 re-setting values at 57 Bond / there goes the neighborhood, with a follow up on that listing on January 7 57 Bond back on market / still pushing (new) neighborhood values.
The 4th floor at 30 Bond Street is a new to market Manhattan loft as of this past weekend, asking $3.45mm and $1,645/mo for "2,000 sq ft" of "mint and magnificent" recent renovation, offered through Richard Orenstein of Halstead.
The footprint is the very model of the modern Long-and-Narrow, at 21 feet wide (narrower in front, where the public stairs intrude) with 3 windows front and 4 back. The layout is classic, with the 2 north-facing bedrooms splitting the 4 windows and the plumbing along the long west wall (1 bathroom has a window; the laundry room is just past the kitchen along that same wall). There is a small windowed office space opposite the windowed bath. One interesting choice they made was that neither bedroom is large (roughly 10 x 10 and 12 x 10 feet); a second is that only the smaller bedroom is en suite; the larger (windowed) bath serves both guests and the larger bedroom.
renovation choices + timing
The sellers bought the loft in December 2005 for $1.725mm (per StreetEasy) and almost immediately put it on the market for $1.95mm, but took it off after 3 weeks. (Yes, there are still 8 millions stories in the naked city!) Can’t tell how long they enjoyed the loft in its pre-renovation state, but they believe the recent renovation has added (along with the addition of sexy neighbors 40 Bond and 48 Bond) more than $1.5mm in value.
The 5th floor sold in February in a fairly primitive state (“currently configured” as 3 bedroom-1 bath; “could be the loft of your dreams”) for the asking price of $1.895mm (it took only 4 weeks to get to contract). The quirks of coops: that one (also a Halstead listing) was billed as “1,800 sq ft”, compared to the 4th floor at “2,000”. [UPDATE 12.14.08: these sellers demonstrated on March 18 that they were pretty-darn-serious about selling, when they lopped $500k off the asking price, which succeeded in a contract as of May 8 and a clearing price of $2.9mm with a deed filed on July 20. VERY serious props to them and agent Richard Orenstein of Halstead in (having the cojones and) finding the right price to get a deal done in that changing market]
good neighbor policy
I have talked before about how 40 Bond and 48 Bond have contributed to a There Goes The Neighborhood (Manhattan loft value) experience: November 1 re-setting values at 57 Bond / there goes the neighborhood, with a follow up on that listing on January 7 57 Bond back on market / still pushing (new) neighborhood values.
the new kids on the block that have driven prices very far very fast are 40 Bond and 48 Bond. 40 Bond is the 31-unit Ian Schrager project with "five star hotel services and amenities", in which original units can still be had for as little as $3.5mm for "1,269 sq ft" (#6D) or as much as $9.95mm for "3,288 sq ft’ (#9A). 48 Bond is the smaller (17 unit) Deborah Berke designed project that has a "3,141 sq ft" full floor unit left, asking $5.15mm.
That 57 Bond loft (#4E) was brought to market at $3.45mm in November; it has since been dropped to $2.995mm. As I said in November, it is:
"2,125 sq ft" in a 2003 condo conversion that sold as new four years ago for (probably) less than half that. (I don’t see a closed price for this unit when it was first bought in October 2003, but #2E sold 3 months later for $1.563mm.)
We will see if the magic of Bond works better for the newly renovated 4th floor at 30 Bond than it has (so far) for the new-4-years-ago #4E at 57 Bond, or better than it did for the recent sale of the 5th floor at 30 Bond. That sale provides a recent base line value for a pre-renovation space in that building, hot block aside; perhaps the additional value for the 4th floor will come only from the renovation.
[UPDATE 12.14.08: #4E at 57 Bond cleared for $2.918mm, with a deed filed on April 23; after all, a fair bit of Bond Magic for a 2003 conversion of 2,125 sq ft; and, yes, there was Bond Magic left over for 30 Bond #4, as well; the July 2008 $2.9mm compares very well to the $1.725mm December 2005 — even allowing for a magnificent renovation]
© Sandy Mattingly 2008
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