177 Duane

I don’t know that it helps a listing sell if the agent says something like “hurry, hurry, hurry, this hot one won’t last” – not my style — but you see it often enough. If you do it, however, you should put a calendar note somewhere so that you remember to edit your listing text….
strong listings last?
#3E at 177 Duane St is nearly three months old now, but the BHS site still says “[t]his fine home will not last. Maybe it’s a survivor….
It looks like a lovely loft, priced accordingly: $2.9mm for what is said to be 2,200 sq ft ($1,840/mo maintenance). This is the classic Long-and-Narrow, with three windows at each narrow end. They brag about the architectural renovation, with “no detail left untouched” and finishes, appointments and fixtures that are “refined, elegant, and most importantly, current.”
As I said, it does look lovely, but what caught my eye was the Hurry Hurry thing, which usually provokes me into checking the listing history. Then I check the light in any loft described as not only “light-filled” but being “filled with glorious natural light all day long”. When I see that, I check the windows and the pix. But here there’s only two interior photos (both of the three south-facing windows in the kitchen and living areas).
how big is that doggie in the window?
If the room dimensions are anywhere near accurate, the entire length of the unit is about 70 feet (38’ 6” + 19’ + xx for the 2d bathroom and closet) and 21’ 6” at the widest ends. Without taking into account the space lost to the elevator and stairwell, that suggests the space is not much larger than 1,500 sq ft – which puts the price pretty close to $2,000/ft. “Tribeca loft … perfection” indeed!
With the same unit for sale on the top floor, there are opportunities for interesting comparisons.
same foot print, different unit + price + size (long history)
#6E has been for sale since last July (with two breaks while it was off the market), starting at $2.995mm and is now at $2.695mm (and $2,150/mo). Corcoran lists essentially the same footprint as 1,900 sq ft, but their room dimensions also suggest a total of not much more than 1,500. Even with three skylights, this one doesn’t look all that “sun-splashed” either (though there are more interior photos than on the 3rd floor).
While the level of finishes are not described as enthusiastically in 6E as in 3E, this unit also has 750 square feet of roof rights – and is asking $205,000 less. (Open House next Monday, May 21, 5:30 – 7)
I don’t see a closing price, but #5W sold two years ago off an asking price of $1.995mm. That looks to be the same footprint as its eastern mirrors, with finishes that are between the levels of #3E and #6E.
call the lawyers
If you are interested in this building, be sure to ask about 80/20 (IRS rules for coops – beware the 80/20 rule); they may get huge retail income. The BHS listing says the tax deductibility of the maintenance is 0%.
© Sandy Mattingly 2007
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