back story / 158 Chambers is On the Market in NYT

Today’s On The Market feature in the NY Times real estate section starts with another cool Manhattan loft: 158 Chambers Street #5, with some beautiful pix of this duplexed (mezzanine) loft with one bedroom, one bath but two terraces – and four flights of stairs.
Quick work by Tabak Real Estate, as the unit was new to the market last weekend. Asking $1.485mm ($2,036/mo maintenance) for “1,800 sq ft”, here is the classic Pro v. Con NYT formulation:
PROS: An open staircase, a bedroom with a pitched glass roof, and the remnants of an original warehouse pulley system help make this space dramatic and extremely interesting.
CONS: The common space is undergoing a much-needed upgrade. The apartment is on the fifth floor of a walk-up.
Scroll down the Tabak sales page here for the listing; click here for the Tabak photos; and here for the floor plan on Tabak. If I am reading the dimensions correctly, the main floor is 22 x 63 feet, with the mezzanine 22 x 16.5 feet. Clearly a Long-and-Narrow, with ‘only’ three windows front and three back, but light pours through that huge skylight. At the moment, it is arrayed as a One Bed Wonder (what is a One Bed Wonder?).
The back story is that this unit sold in March 2005 for $900k. I don’t see any building permits for this unit since then. That’s the only sale I see in the building for its entire history as a coop, so it is possible the other shareholders are very long-time residents of this five story building.
Three weeks ago, the Times featured the 4th floor walk-up next door at 160 Chambers (as I blogged about on Aug 4: elevator coming to 160 Chambers / NY Times On The Market). They are planning to do an elevator next summer in that building, which is a mixed blessing when you consider how the layout will have to adapt to an elevator shaft.
Fascinating comparison between 160 Chambers St #3 and 158 Chambers St #5. Counting the mezzanine, 158 Chambers is larger (“1,800” v. “1,500” sq ft) and has the private roof deck and (in my eyes) has a more compelling “loft” look and feel. Maintenance is higher at 158 Chambers, but the price is lower. For now, it is one flight of stairs higher, but come next summer they may be riding an elevator at 160 Chambers. Fascinating….
But for the future elevator, I suspect that loft lovers will prefer 160 to 158 [oops, typed that backwards, make that “prefer 158 to 160], but let’s see what The (actual) Market does to these neighbors….
© Sandy Mattingly 2007
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