whole floor at 48 Great Jones gets the Curbed treatment
lofty loft or lofty loft price?
Curbed asked yesterday if the 2d floor at 48 Great Jones Street was On the Market: Noho’s Loftiest Loft?, and managed to get a rise out of its readership (of course). Plus, it even got some people who claimed to have direct knowledge of the building – which is always a useful (and unusual) thing to get from Curbed (no offense, Lock).
Having recently blogged about a smaller full-floor unit (4th floor at 43 Great Jones) across the street (on August 7: new at 43 Great Jones / too many features, too many steps?) and mentioned the open house at #6R in this very building last weekend (Sunday open houses over $3mm / more chateaubriand), I figured I would weigh in among the Curbed-folk, but as per usual with my Curbed.com ‘contributions’, was probably too late to add anything to the discussion.
The 2d floor is a huge space – “4,500 sq ft” by the estimate of Danielle Wiedemann at Sothebys – and a huge opportunity, at the right price. She does not say much in the listing about the finishes or fixtures, so my working assumption is that they are not worth bragging about (pix are consistent with this assumption).
to and fro, and fro and to
The layout is very … err … peculiar, which makes me think it grew organically from the usage of a long-time owner. There’s a large photo studio and darkroom, which leads only to a bedroom or the outside corridor. There are 3 full bathrooms (and one half) none of which are in the master bedroom. You get to the second bedroom either directly from the outside corridor or through a “sitting room” and (some other space? a closet??). As drawn, there are only two closets on the whole floor. It looks as though there are four ways to enter the loft from the main corridor, and the main corridor is awfully large for a one-unit-on-this-floor loft.
So, with all the to-ing and fro-ing involved with this layout, and with the absence of bragging about this space as built out, I see the market for this space as people with the need for a huge space and the means to gut it and rebuild. So asking $5.57mm for “4,500 sq ft” seems a stretch to me, if the buyer is going to spend another million-plus for renovation.
history, history, history
This listing is relatively new with Sothebys, but not new to the market, as it is now on its third firm since June 2006. It started then at $6.85mm and bounced down to the $5.3mm that Wiedemann started it at in June this year before raising it to $5.57mm after four weeks on the market.
Even fully renovated lofts have not commanded much of a premium in this building. #3F was said to be “fully renovated” (with marketing pictures to back that up) when it closed in January at $2.4mm for its “2,700 sq ft”. #6R is now pushing for a premium, but that is described as “[m]asterfully renovated with no expense spared, [a] gorgeous triple-mint loft offer[ing] approximately 2600 square feet of unique luxury living”, and asking $3.125mm – barely $1,150/ft.
The owner of the 2d floor is asking over $1,200/ft, the gulf between this (apparent) condition and “masterfully renovated” notwithstanding.
© Sandy Mattingly 2007
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