sweeping the new at 477 Broome + 458 Broome + 354 Broome Street

There are 3 new Manhattan loft listings on Broome Street, from Greene to Elizabeth, 2 at $3.495mm (coincidence?), 1 at $2.2mm. Two feature multi-level space; two feature outdoor space; two feature three mints worth of renovation.

it’s the terraces, Mars
477 Broome Street #61 is offered through Doug Russell (and son Matthew?) at BHS for $3.495mm and $2,172/mo for duplexed space with 3 bedrooms, but the glory of the space is the skylight light and the two terraces. The lower space looks to be roughly 30 x 40 feet with windows only in the 2 north-facing bedrooms; the 13.5 x 11 foot master bedroom is upstairs, with closets and master bath; the light in the living/dining area is from the skylight above the stairs, which – as pictured – brings much light into that public space.

There’s no link, but they say the loft was recently featured in the NY Times (before this listing, apparently). The recent renovation added the upper level and the two terraces (looks as though they raised the roof, put down a deck on the old roof around the master bedroom and added the upper terrace and skylight on top of the master bedroom and stairway.

For the person who wants real outdoor space (not a balcony or small terrace) and loves SoHo, run, do not walk. The interior space may only be about 1,500 – 1,600 sq ft, but there are very few opportunities to get this kind of outdoor space in SoHo (about 1,000 sq ft on the 2 terraces). If the prime SoHo (apparently) prime renovation is worth $1,500/ft for the interior (#22 was said to be “1,399 sq ft” when it sold in November 2006 for $2.1mm), the terraces will cost another million bucks at the current ask.

What is that outdoor space worth to you?

what is this outdoor space worth to you?
The 5^th floor at 458 Broome Street is newly offered by Corcoran’s Ernie Goldberg and friends for $3.495mm and $2,574/mo for “2,300 sq ft” that features 17 foot ceilings, 3 mahogany windows , 2 skylights, and … (you knew it was coming, right?) 1 roof terrace (“950 sq ft”). Set up as a 1 bedroom + 2 baths, but the Long-and-Narrow footprint can be reconfigured. (I see only 1 bath on the floor plan; hmmm.)

Until further evidence comes in, figure this one as an upgrade / renovation project, as there is no bragging and no photos of the kitchen or bath(s). And if you go, tell me if the place is furnished with the orange (pix 3 and 6) or the blue/black furniture (pix 4 and 5).

With the roof deck fences and screens, this deck does not (to me) have the same sense of being-on-top-of-SoHo as the top deck at 477 Broome one block west; nor is it a much outdoor space as the 2 decks there. The interior space here is larger of course (about half again as large), though the Long-and-Narrow footprint here is somewhat limiting, even with the 2 skylights.

fruit to fruit
Comparing the 2, 477 Broome is clearly in move-in condition; 458 Broome may require some work. 458 Broome has larger living space, but 477 Broome has larger outdoor space. Depending on the work, the dollars fall in favor of 458 Broome (especially with 1/3 of the maintenance being offset by commercial income) if the work is manageable, but in 477 Broome’s favor if a lot of upgrading / renovation is needed at 458 Broome.

Choices, choices.

further east, fewer dollars + feet
354 Broome Street #5G is 7 blocks east of 458 Broome and is offered by Charles Ward and Ron Taub of PruDE at $2.2mm and $1,327/mo (condo) for “1,700 sq ft” with 18 foot ceilings and triple mints of “architectural renovation” with a very cool floating stair but, alas, no outdoor space. It was also new this past week.

Neither this neighborhood nor the building quality here matches 458 or 477 Broome, of course, and I am having trouble finding the feet here. You’ll see that the high ceilings are used to mezzanine a bedroom over the kitchen that is open to the ‘double height’ living room and that the 2d ‘bedroom’ is a window-less den under that master bedroom. You’ll also see that there appears to be only one window in the space. Those quirks aside, it is hard to apply the room dimensions as given to the total of “1,700 sq ft”. I get the upper level as roughly 23 x 20 (460 sq ft) and the lower floor as roughly 23 x 45 (1,035 sq ft). Perhaps they assign some common space to the official measurement of this condo unit, but with the one window and a mezzanine bedroom, this place is not likely to feel like “1,700 sq ft”. (Compare the utility of this floor plan to that of 477 Broome #61.)

The highest price-per-foot in this building in the lat two years was #3I, which sold for $1.26mm for “1,123 sq ft” (city records show “1,024 sq ft”) in January 2007, also in triple mint condition. #5C was sold in June 2007 for $1.915mm (“1,664 sq ft”), but that was to the next-door neighbor and does not seem to have been publicly marketed.

not so many months ago
There was another sale here last June – of this unit 5G for $1.4mm (city records reflect “1,589 sq ft”). Assuming the triple mints were added by those June-buyers-January-sellers, I wonder if they added $800k in value with that renovation.

Open house Sunday February 3 from 12 to 1:30 PM

© Sandy Mattingly 2008