90 Hudson Street loft earned $500/mo since last sale in 2005

how do you spell f – l – a – t?
The Manhattan loft #2D at 90 Hudson Street sold for $1.2mm on November 12, which is not bad these days for a no-frills-no-amenities-except-roof-deck coop conversion from 30 years ago. Except … 

Except that it is in prime Tribeca, at least for people who prefer the greater bustle of Hudson to the quiet side street. Except that it claims a high level of finishes, including venetian plaster in the bedroom. Except that it has a “450 sq ft” terrace. And (mostly) except that it sold for $1.175mm in August 2005. (it is not such a surprise that it had trouble selling even toward the end of the nuclear winter that descended on the overall Manhattan residential real estate market [on market from March though June 2009], though I am sure they were disappointed not to get that $1.349mm they were asking then.)

but and however
On the other hand (isn’t it always something??), that lovely renovation (with some idiosyncratic elements, like partial concrete floors) might not suit many buyers and might be a bit dated (or tired?) after at least five years. And that south light comes from a second floor ‘view’ over a parking lot. And that terrace is nearly wedged against the building next door, and ‘opens’ to that parking lot. (I doubt The Market valued that terrace much more highly than it did the fire escape that might just be the only easy access to the terrace.)

With all this to-ing and fro-ing, the $1.2mm for “1,105 sq ft” is a healthy $1,105/ft, my quibbles notwithstanding. The last sale in the building (also a small loft) was a post-Peak but right at Lehman sale of the “gorgeous” and renovated “1,000 sq ft” #5B on December 15, 2008 for $1.237mm. That $1,237/ft was post-Peak, but this #2D sale is within shouting distance. So, not bad these days, all things considered. But not very good, compared to August 2005. Sigh….

fun fact from a million years ago (approx) (in Tribeca residential time) (essentially)
This coop was converted to residential in the early 1980s. The first sales price I see for this unit is not quite that old (March 9, 1994), but still pretty old for a Tribeca loft sale in my Master List of Manhattan Lofts Sold Since November 2008. That was like the Pleistocene Era for Tribeca, as suggested by the missing digit in that ancient sales price: $140,000. That is nto just a six-figure Tribeca loft sale, but a six-figure Tribeca loft sale starting with a “1”.

(Still. this loft has only had 3 sales that I can see [going back to 1984], so it did nto make the cut for my  brief post on January 14, rich sales data / 7 lofts with at least 4 sales, all of which multiple sellers last sold within about a month of #2D but for the 4th or 5th times.)

© Sandy Mattingly 2011

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