$1,200/ft coop loft, but why?
The 9th floor at 105 East 29 Street just came to the market, asking $3.75mm and $2,500/mo for "3,000 sq ft", which is a pretty nice premium for a coop at 29th and Park, without the new Gansevoort hotel cater- corner yet (NY Times Aug 29: Counting on a Hotel to Make a Neighborhood Hot.)
Listen to Halstead’s Hoyt Spelman explain the value, beyond his listing headline "loft w/ open views, great light":
3000 sf, excellent condition, closer to midtown than downtown, steps from the Lex #6 subway. N,E,S expos — great view of the EmpireState from the LR and the Chrysler Bldg. from the master bath! Currently set up as 3BR, 2 baths. K has all the right stuff. Huge open LR/DA/library area. Coop, mt. only $2500.
Perhaps a more descriptive description will follow, when he puts up some pix and a floor plan. Perhaps.
That living room view of the Empire State and bathroom view of the Chrysler must be pretty cool, as this space is offered for $1 million more than the 4th floor, which definitely needs some work and which has been without a buyer for lo these last 16 months.
I must have commented on that 4th floor Bellmarc listing at some point since June 2006 (maybe one of you will tell me when). The 4th floor is set up as a "2,300 sq ft" unit and "700 sq ft" income producing apartment (liberal coop board!), so would have to be recombined to be comparable space to the 9th floor, but neither listing is bragging about finishes or plumbing, at this point, at least.
They brought the 4th floor to market 16 months ago at $2.995mm then dropped to $2.75mm in October and have been holding steady ever since. If nothing else, maybe the $1 million spread to 9th floor will finally get the 4th floor sold.
another $1,200/ft coop loft, here’s why
There has been a sale in the building very close to the ask for the 9th floor, but there’s a reason (or two).
The 7th floor sold twice in 2006, in January for $1.7mm and in October for $3.7mm. In between, clearly, there was a triple mint renovation, as described prospectively in the Corcoran listing. That description also provides a celebrity connection that may have justified a premium. I will let them do the shouting:
This amazing loft is the former residence and art studio of ROY LIECHTENSTEIN.
(Never mind the fact that it has probably been gutted since RL’s day, however many owners ago.)
Other building history is not especially bullish.
The 11th floor was offered for sale for 11 months (ending last month) for $3.8mm. That description went on and on and on, with references to "thoughtful design", "highest quality workmanship", "architectural details", custom cabinetry, and so on and so on. That’s 11 months of "didn’t". Didn’t work. Didn’t sell.
a $750/ft coop loft, that’s what
The 2d floor did sell, in February 2006 for $2.25mm. They said nothing about views in that listing (natch) but they did mention Gaggineau [sic] and Sub-Zero.
Unless Hoyt Spelman adds pictures and text to pump up the value of the 9th floor (or a reference to A FAMOUS ARTIST), I don’t see the 9th floor clearing price approaching the 7th floor. Even with a Gansevoort oh-so-Meatpacking-premium.
© Sandy Mattingly 2007
Posted in lofts in other neighborhoods Tagged with: Chrysler, East 29, Empire State, Gansevoort, Liechtenstein, Madison