2 cuts (deep), 5 months (short) to contract at Dietz Lantern, 429 Greenwich Street

getting it done
The Manhattan loft Unit 6B at 429 Greenwich Street, northwest Tribeca’s Dietz Lantern building, closed on December 22 (deed filed January 8) at $2.45mm, the culmination of a fairly serious marketing campaign. They started in May at $2.999mm but dropped to $2.65mm within 3 weeks, holding there for the Summer before dropping to $2.499mm in September and finding a contract within 3 weeks of that last drop. All in, that’s 18% off the first asking price, a bare 2% off last listing price, and less than 5 months to contract. As I said, fairly serious. And successful.

in the family way
I am not sure I would describe this building as "cherished", but it has been popular. This is a very handsome 120 year old building that was converted to condos in 1996. #6B is ‘only’ "2,100 sq ft" and is set up as 2 bedrooms; other units this size in the building have three bedrooms, and there are units as large as 4,000 sq ft. In other words, it features "family-sized" lofts, with the convenience of a garage (two deeded spaces were included in the #6B sale) and a doorman. This corner of Tribeca is not what some consider prime Tribeca (it sits just a bit below Canal Street and is bracketed by the Holland Tunnel spillways to the east and West Street to the west), but is no longer ‘sleepy’.

proving popularity
How popular has Dietz Lantern become? Here’s how 2 neighboring lofts have traded in the last 14 years:

  #2B ("2,100 sq ft", 2 BR + 2 bath) #2C ("2,400 sq ft", 3 BR + 2.5 baths)
December 1996   $680,000
September 1997 $550,000  
March 1998   $900,000
Sept / Oct 1999 $1,150,000 $1,475,000
June 2006   $3,375,000
November 2007 $2,590,000  


That’s pretty popular.


© Sandy Mattingly 2010


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