27 N. Moore St + 71 Warren St party like its 1999 (and sell)

eleven years = better by one-fifth or worse by one-third
Two Manhattan lofts sold this month that last sold way back in 1999. In 1999, the "1,800 sq ft" condo with private "300 sq ft" roof terrace  71 Warren Street #5 sold for $780k, 20% more than the "1,699 sq ft" condo unit #7D at 27 N. Moore Street (the ice House) ($650k), but the current market preferred the Ice House (at $2.65mm) over Warren Street ($2mm) by 33%.

Given that N. Moore is generally perceived as ‘prime’ Tribeca and that Warren Street is … not, and that 71 Warren is larger and has private outdoor space, I am not sure if the 1999 spread or its reverse this month is more surprising. (Warren Street was much more remote then, before 101 and Whole Foods.)

similar spaces, different buildings, and very different prices
71 Warren St #5 was marketed as a "penthouse", but the terrace is up a flight of stairs, so not a real  penthouse in the Manhattan Loft Guy lexicon. The unit is a classic Long-and-Narrow with no side windows (4 big windows at each end), plumbing in the middle strung along one long wall, and the 2 bedrooms in the back. The 12 foot ceilings, big windows, exposed brick, and some columns provide classic loft features.

The plus factor here is that 300 sq ft private roof deck. One interesting tidbit about the condo: it is self-managed, which (a) is much more common in coops than condos (though hardly common in  coops), and (b) results in rather low monthly expenses  ($1,344/mo, of which only $478 is for common charges).

#7D at the Ice House is an unfortunate mystery. In StreetEasy parlance, "no listing associated with this closing", and I have no prior listings from which to gain any insight into the condition of the loft. Drat!

The other "D" line floor plans of "1,699 sq ft" show a Long-and-Narrow nearly identical to the floor plan at 71 Warren Street: no side windows, bedrooms in back, plumbing in the middle (but here, on both sides). From the sale listing for the loft next door that sold in 2007 (#7C), we learn that the ceilings on this floor are 11 feet, vaulted, and that these lofts feature columns and big windows. In other words, in many ways a very similar loft to 71 Warren Street, though a bit smaller and lacking a private roof deck.

(The buildings are not comparable, aside from being condos: four units in the self-managed 71 Warren Street; 58 units, with gym, doorman and garage at 27 N. Moore Street. Remarkably, the common charges for #4D at the Ice House were only $901/mo; not bad for a full-service condo and less than twice the rate of no-frills 71 Warren Street.)

Despite the lack of specific information about #7D, I can speculate as to why #7D sold at such a premium over the 71 Warren Street "penthouse" (reversing their 1999 ranking), and why #7D sold for $155,000 more than #4D just sold for in November (that one was said to be "exquisitely renovated").

love your neighbor
#7D benefited from one of Manhattan real estate’s golden rules: your neighbors might be willing to ‘overpay’ for your loft. Remember that #7C loft that sold in 2007? Those are the folks who bought #7D, giving them about 4,000 sq ft. They paid $3.925mm for #7C in March 2007 (over $1,700/ft for those "2,300 sq ft") and have now averaged down by paying $2.65mm for another "1,699 sq ft" ($1,560/ft). Undoubtedly, they have some renovation expense ahead of them, to combine the two lofts.

Arguably, they over-paid for #7D based on the exquisite #4D and changes in The Market since 2007, but they got the unique "1,699 sq ft" on the other side of their wall. And the #7D seller ‘saved’ a six or five percent commission. Smiles all around.

© Sandy Mattingly 2010