FiDi at $645/ft as 3 Hanover Square loft sells at ask

little attention for these little lofts
I don’t often pay attention to the various lofts in the greater Wall Street area, but the April 15 sale of the Manhattan loft combination #7AB at 3 Hanover Square caught my eye this weekend (deed filed April 23) not so much because the modest asking price resulted in a full price deal but that that asking/clearing price of $775,000 comes to only $645/ft for the “1,200 sq ft” loft. Modesty rewarded, but apparently there is much here for the loft to be modest about. (Always loved that locution!)

Granted, the four windows are on only one wall and I would not consider them “oversized” for a loft, but there should be a lot of volume in a 1-bedroom layout with “1,200 sq ft” and 12 foot ceilings, especially with “excellent” sunlight. The kitchen has some appliances (see below) and one of the bathrooms has been renovated with marble. Yet the loft sold for $654/ft.

It came to market on January 10 and was in contract 3 weeks later. Nice work; modest, as I said. A quick look at the building history shows that this seller learned the lesson of other “large” lofts here. (#7AB is two former studios; te building has many 1-bedroom configurations under 1,000 sq ft.) The last two “larger” lofts to sell at 3 Hanover Square were the natural corner-2-bedroom #10C, which sold on October 21 at $471/ft (“1,400 sq ft” for $660,000, after starting last March at $869,000), and the #20FG combination, which sold at $537/ft on October 8 (“2,000 sq ft” for $1.075mm, after coming to market in November 2009 at $1.245mm).

Indeed, one can see from those October sales that #7AB was actually somewhat aggressively priced at $645/ft, but it hit the number. I don’t know this building well enough to know if this recent sale shows an uptick in market values near Stone Street.

peaking at $838/ft
A quick review shows that the top price-per-foot in the building was probably #17G on June 5, 2008, “960 sq ft” for $805,000, or $838/ft. Not a high peak, one might say, but still 30% higher than the recent #7AB sale. O. U. C. H.

spice market babble
I can’t swear to being up to date on new materials and design ideas, but I will be that the open kitchen really only features the first three of these: “a SubZero refrigerator, Whirlpool Gold D/W, GE Profile Range and coriander counter tops”, and that those counters are Corian rather than the seed that cilantro comes from. Am I wrong?

© Sandy Mattingly 2011