Dietz Lantern loft at 429 Greenwich Street sells for $1,186/ft with one wall

more to be added, probably
This floor plan exemplifies one of the things I like about Manhattan lofts: the (general) absence of load-bearing elements gives a loft owner remarkable flexibility, well beyond the level the owner of a Manhattan “apartment” would even dream about. That single-walled floor plan comes from the “2,300 sq ft” Manhattan loft #4A at 429 Greenwich Street (Dietz Lantern, up in Northwest Tribeca), which sold on November 30 at a number odd enough to suspect hard bargaining: $2,727,500. Those four dots on the floor plan are, of course, structural columns, but there are no other structures in this large footprint that keep the 5th floor flooring from coming through the 4th floor ceilings.

Spaces this large that have a single bedroom easily fit my profile of a One Bed Wonder, but unlike the first one of those that I blogged about, this Dietz Lantern wonder is easily split. I will talk more about the listing below, but for now there are only two things to note: it was all about the bones (“exposed white-washed brick, columns, an authentic steel door and the renowned high barrel-vaulted ceilings”), and it sold quickly (to market at $2.85mm on August 21, in contract by September 10).

On the one hand, you can’t argue with success, and “success” easily includes a contract within 21 days at only a 4% discount. On the other hand, that was still only $1,186/ft, in a building in which this “2,667 sq ft” loft upstairs went into contract a month later at an astronomically greater value, as “astronomically greater” certainly includes the 63% premium for #7F at $1,931/ft over #4A at $1,186/ft.

That one (#7C) has a better view (“fantastic light and Tribeca views thru-out from south, north and west exposures”) but similar utility (assuming #4A has space for 2 bedrooms; they both have 2.5 baths) and the same skelton (“white-washed exposed brick walls, high barrel-vaulted ceilings and columns”). Obviously, #7C is dressed to the nines, while #4A is barely dressed at all (kitchen and bath pix are nice, though, and there is central air). I am surprised that the better dressing and the view are worth another $745/ft.

Do you think the #7C folks put in a $1mm renovation at some point? (That would have been only $375/ft, which should buy a fair amount of improvement.)

That there can be such dramatic difference in values for lofts in the same building, with the same basic elements is anoter another thing I love about Manhattan lofts!

honest question, snark avoidance
What do you think about the #4A listing photos, especially the virtually staged main photo? Selling an empty loft is tough, especially one with only one wall that has wide wide open spaces. I assume the seller and agent had a conversation about staging, and what it would cost to have some furniture in there. The result is that one virtually staged photo as the main large format photos, then a series of photos of all but empty space.

Seriously, what do you think of the virtually staged main photo? I suppose some folks might be confused by it, but given that the next photo is the same room with no furniture, I hope no one was too surprised to walk into an empty loft. But the quality of that virtual couch …?? That space is 25 feet wide, yet the couch takes up a lot. And doesn’t it look too tall?

I look at listing photos every day, so my eye may be more … jaundiced than the eyes of Joe and Mary Loftbuyer. I wonder if consumers look at this as good marketing, or as a weak effort. And don’t ask me about the (apparently rea real) rug in the 4th large format photo…. If I were a buyer, I would certainly roll that up to see what the floor looked like.

stalker alert
It is easy to guess that any buyers of #4A would upgrade the space, but the determined trackers like Manhattan Loft Guy know that these buyers came from a pretty well-dressed loft that they rented for about $10,000/mo just 3 blocks closer to prime Tribeca. (Based on the notice address on the #4A deed, they came from this “1,900 sq ft” loft set up with 2 bedrooms.)

Of course I wonder if they moved because the figured out the loan that $10,000/mo could support, or if they needed more than 2 bedrooms. But I have to say that I also love people who also love Manhattan lofts. These folks qualify. Best of luck as they re-do #4A.

© Sandy Mattingly 2013