primitive loft at 474 Greenwich Street sells at $908/ft

no artists evident, but still

The “1,100 sq ft” manhattan loft #5N at 474 Greenwich Street in the far northwest corner of Tribeca was billed as a “Classic TriBeCa Artist’s Loft”, which is true, even if there was no sign that it had recently been occupied by a working artist when I saw it during its active marketing period of November 3 to the February 8 contract. But you could easily imagine an artist working there, with the 3 tall east windows facing the angled Canal Street providing terrific light (for an artist) and long views (for us civilians). And you could easily imagine that artist having been … errr … frugal in the improvements made to this space, with a basic and large kitchen and a workmanlike bathroom. Just as you can easily imagine that artist living (toiling) by herself (note that there is no outer wall to the “bedroom” on the floor plan).

Maybe that is why the broker babble uses Initial Caps: it is a “Classic TriBeCa Artist’s Loft” but not the loft of an artist. Or maybe the artist materials were packed away out of sight in one of those storage areas.

As should be evident from the babble and my comments, this loft needs a great deal of updating, if not outright renovation. Your Mileage (and your budget) May Vary. The kitchen and bath are as likely to be 15 years old as 25; perhaps you’d put the sleeping area in the back, with the new (smaller) kitchen in front; you may have to upgrade the electrical service and you will have to fix the windows so that they all close tightly. You don’t want to block any of the light or views from any of the 4 windows (that one facing north also provides great light).

Tribeca in 6 figures
There are not a great many “Classic TriBeCa Artist’s Lofts” of this size, so there is probably a premium for small space (contra Conventional Wisdom) that can be bought under a million bucks. This one closed at $999,000, a small discount off the $1.05mm ask. Tribeca for 6-figures is a narrow needle to thread.

the view must be worth a lot
Either there is a small-loft premium here, or the views and light are worth a great deal 9or some combination of the two), as the last loft to sell in this small coop was the “1,800 sq ft” loft #2N, which sold in February 2010 as a “superb renovation” for an even $1.8mm, or $1,000/ft. There is a large renovation budget between the primitive #5N and that “superb renovation” in #2N, for things like the

chef’s kitchen … with minimalist custom maple cabinets, bluestone counters, variegated slate floors, and glass backsplash …[and t]op-of-the-line appliances include a 6-burner Thermador-vented-stove with grill and double ovens, Sub-Zero refrigerator and Bosch dishwasher. master bedroom suite [with] spa-like bathroom featuring Bisazza glass tiles, granite counters with onyx trim, maple cabinetry, soaking tub and a separate steam shower… [and s]ophisticated finishes throughout includ[ing] hand-polished waxed plaster walls and industrial metal and glass doors to provide privacy and light…, surround sound

There is a $92/ft spread between the superb #2N and the primitive but well-lighted #5N; hardly enough for the renovation expense of turning one into the other.

Here is a fun comp for the “1,110 sq ft” #5N: the “1,169 sq ft” over-dressed loft #1704 at 15 Broad Street (Downtown by Starck) sold 10 days before #5N for $1.055mm, or $902/ft. Yes, the neighborhoods are very different, and account for a large spread in favor of Tribeca (even far northwest Tribeca). But Downtown by Starck was a state of the art uber-loft conversion, with high amenities, and it is a condo. Yet #1704 there cleared for just under the no-frills coop #5N, on a $/ft basis.

Fun stuff, no?

© Sandy Mattingly 2012

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