an 8% solution
The Manhattan loft #3A at 17 White Street came to market on March 13 at $4.5mm and found a contract within about six weeks — the kind of trajectory that often implies a deal at or close to the asking price. It showed up as Sold & Closed on the inter-firm data base in mid-July, while the clearing price was revealed in a NY Post Just Sold feature on July 3:
17 White St.
Four-bedroom, three-bath co-op, 3,000 square feet, with 14-foot beamed ceilings, cast-iron pillars, oak floors, modern kitchen with separate pantry, laundry room, walk-in closets, 12 oversized double-pane windows, N/S/E exposures and keyed elevator. Maintenance $1,278, 50 percent tax-deductible. Asking price $4,500,000, on market four weeks. Brokers: David Friedman, Vertex Realty Group, Jeff Roth, Citi Habitats and Richard Ornstein, Halstead Property
(The agents reported to the Post "four weeks" but reported to the data base a contract signed as of May 1, hence my "about six weeks". Allowing for the typical week or so between accepted offer and contract signing, that is still a pretty quick deal. And that’s Richard Orenstein of Halstead, not "Ornstein", who must apparently represented the buyers.)
getting what you want
Interesting to me that the sellers negotiated quickly to a $350,000 reduction from their asking price, as that result indicates that the buyers started at something around a 10% haircut, or more. Clearly, sellers were "negotiable" from Day One. Props to Jeffrey Roth of Citi-Habitats for representing the sellers through this and (evidently) getting them what they wanted relatively quickly.
funny little block
This building is on the last western block of White Street, just west of the wide intersection where Church Street and Sixth Avenue fork — an intersection thatalways seemed to me to be a major boundary separating this block form the rest of White Street. With White Street ending in a T intersection with West Broadway just to the west, this is one tricky location to direct a stubborn cab driver to. Then again, there’s not much incidental through-traffic here.
The listing description says the loft is "architecturally designed" — which it may be, but I don’t read the listing photos as making that case. (Perhaps the devil is in the details that don’t show up so well in the photos.) No question that the "3,000 sq ft" Long-and-Narrow footprint is terrific. Windows on 3 sides, including 5 on one long side. There’s plumbing on both long sides (kitchen on the east wall, both bathrooms opposite), and just those seven columns running down the middle of the length to work around.
If I am reading the floor plan and photos correctly, the master suite is in the middle of the long west wall — without a window. One of the other 3 bedrooms (the one next the master) also lacks a window. But assuming that the bedroom with the multi-colored panels is one of the bedrooms on the south wall, there does not seem to be much light coming from the south, so maybe that accounts for theplacement of the master suite in the architectural design.
At more than $1,300/ft, this is a pretty healthy price in a no-amenities coop — though the low maintenance certainly makes the cost-of-carry more reasonable.
© Sandy Mattingly 2008