Home › loft neighborhoods tribeca › 80 Chambers Street flies off the shelf at $1,000/ft

80 Chambers Street flies off the shelf at $1,000/ft

Sandy MattinglyPosted on Posted in loft neighborhoods tribeca — No Comments ↓

 
how quick is quick?
Check out this listing history, from our inter-firm data-base:
— new to market April 28
— accepted offer May 1
— contract May 2

I don’t know whether to riff on cheesy TV Batman (POW, BAM, SOCK) or The Honeymooners (to the moon, Alice). Darn that was FAST.
 
"It" is the Manhattan loft #11F at 80 Chambers Street, a 2002 conversion at the SW corner of Broadway. "It" is pretty big ("3,525 sq ft"), pretty light (36 windows, four exposures), and configured as 4 bedrooms with 3 baths. "It" was offered at $3.595mm and closed (per the NY Post Just Sold feature last week) for $3.51mm. ZOOM

Here is the Post’s description:

TRIBECA $3,510,000
80 Chambers St.
Prewar four-bedroom, three-bath loft condo, 3,525 square feet, with 10½-foot ceilings, walk-in closets, Miele and Sub-Zero kitchen appliances, limestone bath, central AC and N/S/E/W exposures; building features doorman, roof deck, gym, playroom, conference room and laundry. Common charges $3,416, taxes $1,750. Asking price $3,595,000, on market 16 weeks. Broker: Paul Koblus, The Corcoran Group
 
Here is the (somewhat spare) web listing from the selling agent, Reba Miller, of her eponymous firm. (Sadly, she gets no credit in the Post.)
 
Hefty monthlies in absolute terms ($5,166) but not out of line for a full service Tribeca condo on a price per foot basis ($1.46). Closing price was just a hair under $1,000/ft for a not prime Tribeca location (unless you work at City Hall or want quick access to virtually every subway).
 
Curious that StreetEasy does not have the #11F closing on its building page (here), but Property Shark has it. The deed was filed August 18 (not bad at all, as the inter-firm date for Sold & Closed is August 20). That seller did pretty darn well, as the prior transfer was almost exactly four years earlier (Aug 17, 2004) at $2.125mm. The recent sale of #11F is by far the highest price for 80 Chambers to date [correction: in this line, not the entire building], though this kind of return may motivate others, no? (Check in with StreetEasy for updates.)
 
how to confuse the mailman
This building has a rather unusual development history, as it is (at the most basic level) a 3 unit condominium created out of a former NYS office building at the corner of Broadway and Chambers Street, with three separate entrances. One unit is called "86 Chambers Street", is the lower seven stories and is made up of street-level retail and stores. The second unit is "80 Chambers Street", is floors 8 through 15 and was planned as "luxury rentals" but ended up as residential condominiums. The third unit is "270 Broadway" (aka Tower 270), is floors 16 through 28 and has been residential condominiums. 
 
I am not sure when in the process they changed their minds about rental/condo for the middle floors, or whether the finishes are different at 80 Chambers compared to 270 Broadway. (Here is the New York Times article from February 11, 2001 describing the original plan. As of August 9, 2002, the Times reports that the conversion was "almost finished" and was still planned as condos on high floors and rentals on lower floors.) The fact that prices for 270 Broadway have tended to be higher than at 80 Chambers may be explained by the light and views from the higher floors, or it may be that those floors were simply build out "better"….

 

© Sandy Mattingly 2008
 
 

 

Tagged with: , , , , , , , , ,

Leave a Reply