all feet at 108 Wooster are square but not equal
a tale of two footprints
My jaw dropped when I clicked on the floor plan for the new loft listing #5E at 108 Wooster Street. Celine Coudert of Corcoran is representing the sale for $1.275mm and $926/mo for “1,140 sq ft” of the least efficient small space I can recall. Simply staggering in its wastefulness!
So I was curious to see how that asking price per foot of $1,118/ft compares to other offerings in the building.
not looking far for a good data match
As it happens, #5A at 108 Wooster Street is in contract since May (why hasn’t it closed yet??), “1,200 sq ft” and $925/mo, asking $1.3mm – only $1,083/ft.
It is difficult to overstate the degree to which the foot print for #5A is as efficient for a small loft space and #5E is inefficient. #5B has a funky raised platform area (is that structural? seems not), but otherwise each square foot contributes.
#5E, on the other hand, is essentially one box of 26.5 x 23.5 ft plus a 100 sq ft kitchen plus hallways and foyer. Maybe 750 sq ft of very usable, efficient space. The rest consists mostly of entry hallway (30 x 4 ft?) linked to the foyer (6′ 8″ x 23 ft). Foot for foot, there is no way that this space is equal in value to #5B. No way.
By the way, the agent offering #5B for sale is the very same Celine Coudert of Corcoran, so the #5E seller knows the contract price for #5B. Either that seller knows that #5B will close at a significant premium to the asking price, or that seller has a fanciful notion of value that The Market is unlikely to appreciate.
[this just in … meant to check city records before hitting Add Entry and – sure enough – #5B closed in July above asking. But not enough above asking ($1.36mm) to really change the analysis here; more head scratching]
© Sandy Mattingly 2007