more appreciating appreciation / 156 Franklin is new (improved)

4 years + $X later….
The Manhattan loft on the 5th floor at 156 Franklin Street is on the market as of this past weekend, asking $2.195mm and $1,700/mo for “1,700 sq ft” that is “newly renovated”. Clearly, the loft has been renovated since the current owners bought it 3 or 4 years ago off an asking price of $1.095mm, but that is a nice appreciation based on any reasonable renovation expense for this space.

(The Stribling site seems to be down as I write this, but pictures and floor plan can be accessed through the link here.)

classic foot print
The floor plan is classic Long-and-Narrow with no side windows and the plumbing squeezed between the elevator and the master bedroom on one long side. There are no dimensions on the floor plan, but city records show the building as 25 x 87 sq ft; subtracting the elevator and stairway from the building foot print shows that “1,700 sq ft” is a very reasonable coop estimate for size of the floor-through lofts.

I must say I foolishly read the “huge arched 20 ft window” as implying a window that was very tall, but the 20 foot wide window is certainly cool enough (unless you are freaked by fire escapes). The bedroom pictures show light through shear curtains, but there is likely to be no view (except of the North Moore buildings to the north) and only indirect light back there most of the day.

tough comps
With no recent sales in the building other than part of the first floor for $800k about a year ago (size is unknown – to me), it is hard to get good coop comps. The few coop buildings on this block have much larger lofts (3,000+ sq ft), with not many recent sales at all. (E.g., the 5th floor at 144 Franklin Street sold 14 months ago as “3,000 sq ft” of build-your-dream for $2.65mm.)

But this is price Tribeca, just off Hudson Street around the corner from Nobu and down the block from the “1” train at Franklin and West Broadway. Whether the price is high or not, it should attract The Market for small-coops-with-no-amenities.

Open House Thursday December 6 from noon to 2 PM
Open House Sunday December 9 from noon to 2 PM

© Sandy Mattingly 2007

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