2 are new at 468 West Broadway / classic, no bling

opposites: prime SoHo vs. northwest Tribeca
Yesterday I hit #2H at 416 Washington Street, asking $2.995mm and $1,559/mo (condo; abated) for “1,676 sq ft” in the River Lofts, which has a very high level of finishes (bling) and amenities, not to mention some celebrity cachet at the northwestern corner of Tribeca. (
new at River Lofts / 416 Washington with street views)

Unit 5G at 468 West Broadway was also new yesterday, providing an interesting — nearly opposite – loft in the center of SoHo. They are asking $3mm and $2,325/mo for “2,400 sq ft” of “classic loft”, featuring “rough hewn beams and columns” and arched windows pretty high over West Broadway, just below Houston Street. The kitchen is featured in neither the text nor the photos (except for being “open” and there being a separate wet bar and wine closet), but one of the 2 baths is “spa-like”.

The building was converted to coops 30 years ago, and had 40 units on 6 floors (some may have been combined since then). As for “amenities”, there’s a laundry room, common storage and a voice intercom. In other words, no bling, nobody wearing white gloves. (The resident super may wear gloves, but I bet they are not white.)

square with east windows only
The footprint is nearly square but the limitation is that “the 50-foot wall of east-facing windows overlooking West Broadway” is the only wall with windows and – with the kitchen near the windows – it would take some fancy drawing to get more than 2 real bedrooms (with windows) along that wall. There are two “sleep areas” in the current configuring, one of which looks like the Master Sleep Area, as it connects with several large closets, a dressing room, and the larger bathroom.

I would think those windows over West Broadway would get lots of light (especially in the morning), as the coop across West Broadway (a wide street with wide sidewalks) is only 6 stories.

one neighbor sold bling, another sold space
#6G sold here in September, with a different footprint from #5G. That duplex unit is nearly the same size (at “2,200 sq ft”) but that includes a library/den upstairs that is about 12 x 18 feet. That one was sold with many many proper proper names and a state-of-the-art renovation, so I would not see it s especially comparable to #5G. That one closed at $4.05mm, $150k above asking.

The combination of #4G/3H sold in June for $3.4mm. That one was “4,200 sq ft” with the #4G part with those same 50-feet of windows over West Broadway and the #3H part with mid-block “Parisian” views through (only) 4 windows. The listing description did not brag about finishes (“warmth, charm and character”) and this may have been a bit of a project – there were still kitchens on both levels and an alternate floor plan was provided.

one neighbor is modest
#5H was also new to the market yesterday, asking (only) $1.95mm and $1,872/mo for “2,200 sq ft”. This one features “exposed beams and brick walls” in a “warm and elegant home”, and has a new kitchen with top appliances, maple cabinets and granite counters. The floor plan is different from the bottom half of the #4G/3H combination, but the footprint is the same. So the “Parisian” views should be the same as on the 3rd floor, but in #5H they are reserved for bedrooms; the entire public space of the loft has but one side window.

AIR error?
(Both units are offered through Corcoran, but with #5H Patricia Dugan says “AIR certificate required”, while with #5G Trish Goodwin says “[t]his apt is not restricted to AIR”. That is a significant difference.)

compare and contrast
All in, #5G at $3mm provides much more space than yesterday’s River Lofts feature, with a lower level of finishes and (comparably) no amenities.

Compared to the closed sales in the same building, #5G has slightly more space than the very well finished (and $4.95mm) #6G and less space but less work than the very “flexible” (and $3.4mm) #4G/3H combination.

Compared to #5H down the hall (at $1.995mm), #5G has much more light and many more dollars. (Look for an open house at #5H next weekend.)

Take as much time as you need, but be sure to hand in your blue books before you leave.

#5G Open House Sunday January 27 from 2 to 3:30 PM

© Sandy Mattingly 2008

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