463 Greenwich Street loft is a fascinating project, sells at $1,442/ft

why not another one?

The “1,320 sq ft” Manhattan loft on the 4th floor at 463 Greenwich Street in northwest Tribeca is an interesting comp for yesterday’s somewhat primitive loft in prime Soho. Similar in size and in having classic loft character (I know it when I see it), this one is not quite as primitive in condition but still needs updating (more glass brick!). This one has views, though there is always the risk that nearby development will reduce or eliminate the “Hudson River and architectural views”. This one went only 3% above ask (it is the season for that sort of thing, of course), but started higher than the Soho classic, so went for $1,442/ft instead of yesterday’s $1,287/ft (both strong prices for no-frills coops). They were both quick to contract, but this one started a little later so they overlapped only a little while; probably long enough for some people who saw 152 Wooster Street to have seen this one, as well.

This one has a better floor plan (again with the single bathroom behind the kitchen), with more flexibility about future layouts, but has only a single exposure. (It helps a lot that it exposes the river, of course, rather than nearby brick and a parking lot). Exposed brick, wood beams and (wood?) columns with fascinating caps, and new mahogany windows provide the character; the nearly square floor plan provides that flexibility.

these can be a little faster than they look

Yesterday’s Soho classic was available for 4 weeks before going to contract by April 12. This Tribeca beauty came out on April 5 ($1.849mm) and was tied into a contract by May 1. Typical in such cases, the process moved even more quickly than the May 1 contract implies: by the time my buyer saw it in the first week there were 2 offers “in the $1.7s”; the next week there were “several” offers above ask and a deadline of April 16 for Best & Final offers, so that winning bid of $1.903mm was almost certainly accepted by April 17, with some probably anxious moments in due diligence and contract review before that buyer was assured of really getting the loft with the fully signed contract on May 1. (My guy passed, as the purchase + renovation budget got out of his comfort zone.)

Again: $1,442/ft for a no-frills coop that, while in perfectly “livable” condition is not in the condition that a buyer near $2mm will keep it at. The kitchen (glass brick!) is just not up to snuff, nor is that (unpictured) bathroom. While the current layout is a logical use of the space, my guess is that the buyers have asked their architect or contractor to erase the lines on the floor plan and start fresh. Maybe it is not necessarily  a $300/ft job, with just a new kitchen and 2 new baths; though you can always spend anything once you get started….

changing centuries by going a short distance

As noted, this 4th floor loft is a beauty, giving the new owners the opportunity to create a thoroughly modern environment in a classic frame. Their former home was about the opposite kind of Tribeca space, just half a block away. They sold this “880 sq ft” 1-bedroom full of stone and glass (and wenge) in the oh-so-modern, oh-so-metallic Zinc (475 Greenwich Street) for $1.375mm the day before the contract at 463 Greenwich Street was fully signed.

Obviously, they love the neighborhood. Apparently, they needed more space. Presumably, they came to appreciate the classic Tribeca loft form while living in a modern … er … knock-off. (No insult intended.) Snobs like me just love that sort of move.

© Sandy Mattingly 2013