cash back on new one at 93 Mercer

new this weekend
#4W at 93 Mercer Street appears to be something of a sweet deal for a classic loft in the heart of Soho and was new to the market this weekend. They are asking $2.49mm and $1,896/mo for “2,200 sq ft” and offering 11 foot ceilings (tin, or some patterned material), exposed sprinklers, columns, maple flooring.

The kitchen does look very “chef” and the master bath very “spa” (whether you would use the bathroom as a retreat is a personal choice). The footprint is nearly square, with those large west windows overlooking Mercer Street and one window in the second bedroom (can’t be much light back there). I would not describe this layout as “great”, as the bathrooms are somewhat removed from the bedrooms, but it should certainly feel spacious.

no premium to speak of
The Market has not treated this building as a premium Soho building, though there are no recent sales. #2E was said to be “1,900 sq ft” and sold “as a true wreck” (honesty is the best policy) in December 2005 for $1.245mm. #3E was said to be “2,000” sq ft and sold in March 2005 for $1.54mm. #2W was said to be “2,300 sq ft” (notice how frustrating it is to have coop measurements) and sold in June 2004 for $1.23mm.

Just down the street, 85 Mercer has done a bit better, despite not having an elevator. #2R at 85 Mercer Street sold quickly for $2.695mm in August and is said to be “2,000 sq ft”. #2F was said to be “2,500 sq ft” of gut-renovated “movie start” space, and sold a year ago for $2.995mm.

73 Mercer is a condo, where #3S sold in March 2006 for $2.5mm (“2,000 sq ft”).

Crossing Broome Street, the next block has more high-priced lofts, such as at the Hohner Buildings, 46 and 48 Mercer and – of course – the bling-bling at 40 Mercer.

ka-ching ka-ching
The coop at 93 Mercer must have very sweet ground floor leases, one that appears to have been set up right so as to generate income to shareholders without violating the 80/20 rule. The listing says the buyer of #4W will own shares in those leases that not only are valued “up to” $600k but generate shareholder dividends of $50k a year (divided among 10 or 11 lofts).

© Sandy Mattingly 2007

Tagged with: , ,

Leave a Reply