new loft at 101 Wooster Street is an implied project

clean-up: I had removed this post, but the loft has traded, so is no longer an active listing and can be commented on…

[I have removed the content of this blog post, as it comments about the current listing of another agent. For information about why, check out end of an era for Manhattan Loft Guy / a new day dawns? from April 9.]

you got your pros
There’s a lot of good stuff about #6R at 101 Wooster Street, new to the Manhattan loft market today. If you are a Soho fan, being on Wooster at Spring should be appealing ("quiet cobblestone street … surrounded by luxury boutiques amidst authentic loft buildings"). The space is said to be quiet, with "streaming" sunlight and "fully operable" windows. The best news may be the price, asking $1.699mm and $1,700/mo for "1,447 sq ft".

you got your cons
Deconstructing the listing description, floor plan and photos, this loft appears to be fairly primitive. You could probably live in it as is, but you would probably upgrade or renovate extensively. Note that there are no words or pix devoted to the kitchen or (single) bathroom. Note the size of the 2 bedrooms and interior office (none as long or wide as 12 feet). Note that the 4 south windows are lot line windows. Note that those things that look like windows in the office / "interior bedroom" on the floor plan must not be windows because, after all, this is described as an "interior bedroom".

Note that they are selling change: "there is much that can be done to customize it to your own whims and desires" and "an idyllic setting could be made into your dream home".

what does that change cost?
So perhaps it comes down to whether there is enough potential in the quiet and sun and location to make this loft a dream home at a reasonable buy+renovate budget. They are asking over $1,100/ft and figure $200/ft for a substantial renovation (insert disclaimers here). Bring your architects!

The last sale in the building was #2R, which sold in October 2006 for $1.648mm (ask had been $1.8mm). That one was marketed as though done: with top-of-the-line appliances and an "ultra chic" bathroom.

[Update: it traded for $1.68mm on November 6, 2008]

© Sandy Mattingly 2008