where is your “prime Tribeca”?
You could argue about where the most prime Tribeca micro-nabe is, but ti should not take too long. I can see a case for N. Moore Street or Franklin Street, both between Varick and Hudson, and much less of a case for the top (northwest) corner. But my money for the small area having the most Tribeca-ness is Duane Street around the park, west of Hudson. Ignore, if you can, the Independence Plaza towers at the west end of the triangle, then all the buildings facing the park have some character, with some sidewalk awnings and loading docks, and the interesting angles that make for interesting streetscapes and views. I may be unduly influenced by the fact that there still were butter and egg businesses along this block when I moved to Tribeca in 1981, but that is my personal favorite block in all of Tribeca.
Which is a long way to introduce the sale of the “2,336 sq ft” Manhattan loft on the 2nd floor of 176 Duane Street, which was marketed as though this is the most prime spot in Tribeca and this loft is the quintessence of Tribeca. I cannot disagree. I will sometimes yield to the temptation to snark about broker babble, but not this time:
a special property … that captures the true spirit and essence of its neighborhood. …an industrial 1868 building that once housed a butter and egg company, is the quintessential Tribeca floor-thru loft, one that exudes all the romance and charm of old New York. …12-foot high exposed wood beam ceilings, authentic brick walls, and a long window seat made from one of the building’s original wooden beams embody the spirit and soul of Tribeca, while enormous 10-foot high double-glazed windows afford you stunning treetop views of romantic Duane Park and the surrounding historic district. …subtle details such as a hidden wood and steel fire door ….
The loft is a classic Long-and-Narrow, wide enough to have rear bedrooms side-by-side, with no side windows, and plumbing on both sides. In addition to the two bedrooms, there is a den and a home office in the long middle of the loft. At 37’6” x 22’10”, the front open space is larger than some new cookie-cutter 2-bedroom condos.
I regret not having a Full Screen option for the listing photos, to better appreciate the 10 foot windows, beamed ceilings, etc, etc, etc. (When will Halstead decide to keep sold listings on the public website??) This is a lovely loft, with a large terrace facing the rear of the Reade Street buildings in back.
‘quintessential’ loft in ‘prime’ Tribeca leads to premium pricing
This quality and this location do not come cheap: the loft cleared at $4,412,500 on November 14. (Yes, this is not new news, except that it was not public until the deed record was filed on January 19; note that the listing designation is “#2”, for being on the second floor, but the deed is for Condo unit “#1”.) Ignoring the terrace, that is $1,889/ft for a no-frills-no-amenities 5-unit condo, if you are scoring at home. (Roughly figuring the 360 sq ft terrace as worth 50% of the interior on a $/ft basis under this rubric from The Miller, the new calculation is a still-impressive $1,754/ft.)
In the Master List of Manhattan Lofts Sold Since November 2008, I count only 7 Manhattan lofts that have sold at a higher price on a dollar-per-foot basis than the adjusted $1,754/ft since June 1, 2011 (without adjusting these for outdoor space), out of 368 loft sales on that sheet:
141 Fifth Av #38
#PH-W at 144 West 18 Street (the Chainworks Building)
the loft with 4 terraces that I hit in my August 29, 2011, 4 terraces = 1 bidding war for penthouse loft at 144 West 18 Street
225 Fifth Av #10M (Grand Madison)
#4E at 173 MacDougal Street (MacDougal Lofts)
the loft that survived a Napoleon complex that I just hit on January 9, 173 MacDougal Street loft zooms through market, into stratosphere
#20A at 15 East 26 Street (Fifteen Madison Square North)
the Bob Vila loft that I hit in my December 5, 2011, old house guy takes a million dollar bath in new loft on Madison Square
225 Fifth Av #PH-Y (Grand Madison)
99 Jane St #6J
That puts the value of quintessence in prime Tribeca in some impressive context, doesn’t it?
Comping is hard in this building, as this sale of the second floor is the first resale in this small (5-unit) building in which the sponsor sales were from 1998 into January 2000. I am pretty sure they were sold as white boxes, but the 2011 seller at $4,412,500 bought the second floor on November 17, 1998 for $994,000, or $425/ft. Say she put $500,000 into building it out so beautifully … so quintessentially. Nice appreciation! (Nearly 300%.)
© Sandy Mattingly 2012