395 Broadway loft sells at $1,174/ft, a relative bargain to a gut job

is there a gut premium?
The “1,163 sq ft*” Manhattan loft #11A at 395 Broadway just sold in mint-y condition at $1.365mm, or $1,174/ft, in the northeast corner of Tribeca. That compares very favorably to the last “A” line sale here, which I hit in my January 26, 2011, gut job loft at 395 Broadway provokes war, gets $1,000/ft,. That loft #15A was marketed on a floor pla and description emphasizing light and views (“[n]eeds complete gutting”), and cleared at $1.201mm ($1,033/ft), a $151,000 premium over the ask.

That spread is bigger than the same-building spread I hit yesterday (February 21, Soho gut job for $762/ft, as 81 Grand Street loft sells after 14 months, 5 price drops), but is still hardly big enough to include the kind of renovation needed to get #15A to look like #11A. Makes me wonder if buyers in more significant numbers  are willing to pay a premium for the opportunity to build out exactly as they wish, rather than buy someone else’s taste (however well done). After all, this is two in a row.

(Note to self: find other gut-v-mint examples.)

has it all, in a single bathroom
The broker babble for #11A never uses the word mint, but that adverb is a natural modifier, based on this enthusiastic bragging:

sleek renovated kitchen features Wolf, Miele and Bosch stainless steel appliances, as well as glass tiles, frosted cabinetry, Blum soft-close hardware and limestone countertops. The fully renovated and modern bathroom has durable and beautiful wood grain-pattern porcelain tiles, a cozy Victoria Albert free-standing soaking tub and Duravit fixtures. This home also features a Bosch Washer/Dryer, walk-in closets and an open floorplan to easily allow for a second bathroom (please consult your architect).

The only “con” is that single bathroom. The light from #11A might not be quite up to the standard of #15A (50 feet in elevation can do that), but it is worth talking about:

over-sized windows looking North and East out to a beautiful and bright city skyline

(#15A claimed “all day sunlight and unlimited views from seven huge windows facing north and east, PLUS two more south facing oversized windows can be punched in”.)

Obviously, I am confident that it would have cost the #15A buyer more than $141/ft to make that (“[n]eeds complete gutting”) look like #11A. And would have taken the expense of maintaining two residences for the duration of the renovation. Go figure.

paging Marilyn Monroe
Can we get a throaty chorus of “happy birthday, Mr. President”? Putting aside Julian v. Gregorian calendar issues (and the 11 days that disappeared when George Washington was alive) today is his 280th birthday. My best post for “Dad” is my February 22, 2010, another birthday but no sales today, which quotes from his remarkable letter to his people. That whole thing is worth 10 minutes of your time.

speaking of ancient history…
Readers of a certain age will remember Album 1700, released by Peter, Paul & Mary in 1967. (You others can do The Wiki.) My favorite from that album is The Song Is Love, but that’s not why I mention them.

This is Post 1700 for Manhattan Loft Guy. Not a big round number, except for PPM fans; certainly, a big number, though smaller than 1,701. Patience, Prudence, patience….

*StreetEasy uses “1,163 sq ft” in the deed record for this sale, and for #15A. I used “1,200 sq ft” in my #15A post a year ago, having missed the lower number on the deed record.Note to self: amend that post and change the number on the Master List of Manhattan Lofts Sold Since November 2008.

© Sandy Mattingly 2012

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