having it all in Tribeca for relatively little, as 405 Greenwich Street condo loft goes for $1,173/ft
50 weeks is a long time in the current Manhattan residential real estate market
This number ($2.585mm) does not match these words (“newly renovated …. loft has it all”) about the recently sold “2,204 sq ft” Manhattan condo loft on the 3rd floor at 405 Greenwich Street. If you do the math (or remember the headline), that’s ‘only’ $1,173/ft in northwest Tribeca behind the Holland Tunnel spillways. You can take my word for the fact that is a rather low value for a truly top-end renovation for a condo (even a no-frills condo) in this increasingly chi-chi corner of Tribeca, or you can take my words in posts about higher value lofts recently sold (such as the to-be-combined Tribeca sale at $1,537/ft in my October 19 post, the Soho ‘project’ loft at $1,018/ft I hit on October 10, or another ‘project’ near the Ace Hotel at $1,071/ft I hit on September 27), or you can take my numbers by scanning the Master List of Downtown Loft Sales.
In the spirit of the famous lady complaining about the small portions of the bad food in the Catskills 50 years ago, not only was this sales price disappointingly low, it took a long time to arrive:
|Sept 13, 2012||new to market||$2.95mm|
|Jan 9, 2013||$2.85mm|
|May 9||change firms||$2.65mm|
That’s 4 prices, two firms, and 356 days to contract.
what does “it all” look like in a modern Tribeca loft?
The full-floor loft is not quite a classic Long-and-Narrow, as there are no back wall windows though there are some side windows to the rear. The photos are limited (no kitchen pix??) and the floor plan is too obscure for my eyes, but it appears there is a second bedroom toward the back (using one of the side windows) and a master suite along the entire rear wall with (possibly) 3 side windows. All the plumbing (2 baths, the kitchen, and a powder room) are on one long wall between the public stairwell and the master bedroom, while the elevator is in the wrong place, taking up a window in one front corner, leaving only two windows in the public space. White walls and ceilings help lighten up the space in real life, no doubt, and bleaching the listing photos helps lighten up the marketing, but this is likely to be a disappointing space for the light lovers of Tribeca.
It is hard to know what both parts of this babbling mean (“[e]xtra clean and newly renovated”) in a building that was converted to condominium in 2002 and sold then with “oversized gourmet island kitchen featur[ing] top of the line cabinetry and appliances”, central air, and “lavish limestone master bath”, already in a 2-bedroom-2.5-bath array, but maybe there were upgrades that are not described or visible in the listing photos. (But: “extra” clean??) Perhaps the “professional stainless chefs kitchen[with] cherry cabinets” of 2012-13 is different from the original “gourmet island kitchen featur[ing] top of the line cabinetry”, but that’s just guessing. (And: no kitchen pix??)
If you assume top-of-the-market finishes for 2002, we have a mint condition condo with central air and wood-burning fireplace that just sold for $1,173/ft in prime-ish Tribeca.
if not “all”, what’s missing?
Reasoning backwards is much easier than reasoning forwards, as The Market has already answered. Taking full advantage of that unfairness, I see the windows as an issue, and possibly what’s outside them. As I mentioned, there are only 2 windows up front, with the elevator sitting where a third should be (had been, long ago), and the run of utilities on that long wall (elevator to stairs to half bath to kitchen to bath to utilities to master bath) taking up a full third of the width of the loft. Property Shark has the building at 25 ft x 100 ft, which means that long great room up front is something like 16 ft x 65 ft, kinda sorta like a bowling alley with no natural light getting back to the kitchen / dining areas. You could make the kitchen even darker by putting a third (interior) bedroom opposite, as there is no other logical place for that bedroom without a massive re-do.
Those two front windows look across wide Greenwich at the base and plaza of the Citibank tower. That is far from the most charming view in Tribeca but I doubt it is materially worse than looking at Independence Plaza as they do a couple of blocks south.
That’s all I got. (Ain’t much.) Not having seen the space I can’t comment about feel, but if there are any classic loft elements apart from the back wall of brick, I missed them in the photos and babble.
$1,173/ft, for a condo loft in near-prime Tribeca with (at worst) a nice 2002 build-out. The Market sneered at this loft as hundreds of owners of downtown lofts brought them to market and walked away with money.
Look at this recent sale at $1,618/ft a few blocks down and over (in truly prime Tribeca). The “1,700 sq ft” Manhattan loft on the 7th floor at 14 Jay Street may yet get its own post, but today I will use it as comp fodder. Two bedrooms only (like at 405 Greenwich Street), “beautifully renovated” with central air, fireplace, “state-of-the-art chef’s kitchen” and probably a few more bells and whistles (sound, heated floors) and real views. Yet, a coop that went 38% higher than the 3rd floor condo on a dollar per foot basis and (while 500 feet smaller) in actual dollars $170,000 higher. (Note to self … play with this pair again.)
A new building will be going up next to 405 Greenwich, and this apartment will lose its two bedroom windows. The only windows left will be the two facing the street.
Thanks for the info about developments in this dynamic corner of TriBeCa. Without looking, I assume the new one will be on a Ponte family site.
The threat of loss will probably have a greater impact on value here than the actual loss down the line. After all, there are a remarkable number of expensive lofts with interior “bedrooms” only, or with close-views of bricks. Thanks for stopping by, TriRes, and for leaving a trace.
There will be a courtyard in the back of 403 greenwich. So 405 will have the last 3 side windows safe!
thank you, Tribeca Guy! It’s those pesky (devilish) details that make the difference.