112 Hudson Street loft zooms through market above ask


another one
I can’t tell from my notes and calendar why my buyer client around $1.5mm never got to see the “1,103 sq ft” Manhattan loft in prime Tribeca on the
4th floor at 112 Hudson Street, but the sellers didn’t miss us: the loft came to market on February 20 at $1.425mm, found a contract by March 19 after enough buyer activity to blow past the asking price, and closed on April 30 8% above the ask ($1.535mm). Nearly $1,400/ft is not bad (from a seller’s perspective) for a loft that needs some upgrading, even for a (no frills) condo cater-corner to Nobu.

do you remember the 1980s?
Those of you who are too young to remember much about the 1980s should take the hint provided by the listing photos of the kitchen (pic #2) and two bathrooms (pix #4, 5). If these plumbing rooms were not created then, this loft is some kind of weird homage. These plumbing rooms were efficient and reasonably inexpensive finishings in ‘basic’ lofts of that decade. (Note the stand-alone frig, the quality of that appliance [and its mates], the workmanlike sink and faucet. I’d say those are Ikea cabinets, but I don’t know if Ikea had reached these shores in those days; Sears, then.)

Note the (lack of) bragging about any materials or finishes in the broker babble:

lovely and spacious 2 bedroom, 1 and a half bath (with washer/dryer!) loft home on Hudson Street. The living room boasts tranquil and bright west exposures and the serene bedrooms face east.This is a great opportunity with very low monthly charges. 112 Hudson is an established condominium boutique building with elevator, storage in the basement, common rook [sic] deck, and visiting super. Built in the late 19th Century for a nautical equipment vendor and converted to condominium in 1992, this is a true piece of history.

All bones (and peace), not a word about quality. (Oops! If the condo was not created until 1992, the kitchen and baths look original to then, a few years later than I’d have thought.)

The loft is a remarkably efficient 2-bedroom, 1.5 bath array, fit into
an angled Long-and-Narrow footprint with 3 windows in front and 3 (angled) in back. In just “1,103 sq ft”, the bedrooms are large (not wide, but larger than in some lofts, and in any cookie-cutter “apartments”) and having the kitchen and baths in the middle on opposite sides leaves the entire front as an open living area. Absent someone wanting a larger kitchen or an en suite master bath (which would mean adding a tub or shower to the half bath, and moving both baths east a bit), there is no obvious renovation choice that would change the floor plan

Of course, any 2013 buyer is likely to upgrade the kitchen and (probably) the baths. After buying for $1,392/ft, that is.

don’t believe all the hype
There are 15 lofts on my
Master List of Manhattan Lofts Sold Since November 200 that were closed in April (so far, as deeds are still being filed) as resales in Tribeca between $500,00 and $5,000,000. Watch this sentence closely: only 4 sold above ask.

This one, by the way, has now sold twice above ask, as the recent sellers had to beat the ask when they bought in
January 2006 at $1.275mm

listing photo hall of fame, washer-dryer wing
I love listing photo #6, and have to assume that the mirrored image of the washer dryer was captured on purpose. Genius!


© Sandy Mattingly 2013



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