neighboring lofted lofts sell at 12 East 14 Street, 9 East 13 Street

duck, duck … goose
Adding a mezzanine or loft to a Manhattan loft with high ceilings is pretty common. One sale last week at 9 East 13 Street, one in May at (the same coop, different address) 12 East 14 Street, and the adjacent one in March pretty much push right to the edge of the envelope that reads "how low can a ceiling be to support a usable (saleable) lofted sleeping area?". The too-the-edge answer: 13 feet, depending on how well agents measure, and report.

This coop was formed from two adjoining buildings and is a true condop (a two-unit condominium, with one condo unit being coop with nearly 40 units). The floor plans are pretty funky, with many units with high ceilings (some, not). I don’t know if both buildings have exactly the same ceiling heights on each floor, but (as you will see) some units claim 13 foot ceilings, some 14, and some claim 15 foot ceilings.

The most recent sale was the June 3 closing of #2J at 9 East 13 Street, which is said to be "1,160 sq ft" with 14 foot ceilings. That size calculation appears to count the entire lofted mezzanine area, which has "6 plus clearance". The mezzanine is stacked above the kitchen and extends (a little) into the living room. Assuming (!) a full 14 feet, the "6 plus clearance" in the mezzanine would leave about 7 feet of clearance in the kitchen. I understand why people do this, but that kitchen is then just barely tall enough for a ‘normal’ six-footer to stand without involuntarily ducking, and the upstairs loft space probably requires some concentration to avoid injury. (Your height may vary.) But, this ‘solution’ is common.

The Market treated this lofted loft very well. Using the only size measure given ("1,160 sq ft", which seems to be counting both levels), the clearing price of $1.12mm comes to $965/ft. This loft came to market in October at $1.195mm and found a contract (without changing the price) by March 27.

paging Frances Hodgson Burnett
The pictures and listing description refer to a small garden, though the floor plan shows none. The existence of this (secret) garden would explain why this loft was treated better than its neighbors.

my ruler is bigger than your ruler
The other two lofts in this coop that sold recently were in the other building, which may or may not have the same ceilings heights. These lofts reported space separately on both levels. All three were on the market for some of the same time, so it is very likely that anyone who saw one of them in that period, saw all three.

The Manhattan loft #3D at 12 East 14 Street closed on May 7 at $975k (contract as of January 28, after having come to market in October at $1.15mm and dropping once to $995k). Per the listing, the footprint is "1,025 sq ft", with ceilings "over thirteen feet". They stacked a sleep loft on top of the kitchen and a main-floor ‘sleep area’, that (with 2 walk-in closets) is said to be 300 sq ft, with 6 foot ceilings. (Downstairs is probably another half foot taller.)

If you count just the footprint of "1,025 sq ft" you get $951/ft for this space; using the quoted size of both levels, you get $736/ft.

There should be no surprise that the next-door loft to #3D at #3C has a similar structure. That footprint was said to be "1,200 sq ft", with another 300 sq ft of ‘sleeping loft’ upstairs, but this mezzanine is on top of the bathroom and closets (not the kitchen; a much more comfortable arrangement for most people), and results in there being only one ‘sleeping’ space in the loft. Perhaps because everyone’s ruler is different, the ceiling height of #3C is said to be 15 feet.

That one cleared at $1.1mm on March 23 (contract as of February 3), with a much more extensive recent listing history than #3D or #2J. #3C has been on and off the market since November 2008, starting at $1.395mm and being at $1.195mm when it found its contract. Taking only the footprint as a guide, #3C got $979/ft for the "1,200 sq ft"; adding the mezzanine drops that metric to $733/ft.

how to comp??
I can’t be certain, but it looks to me as though the appropriate way to comp these three lofted lofts is at $965/ft, $736/ft, and $733/ft. That is a hefty premium for the secret garden, but there seems to be no significant difference in condition of the three lofts. #3C has only one sleeping area, which should have been a competitive disadvantage against both #3D and #2J, but it clearly wasn’t against #3D.

They were all available at the same time in October, November and January. The Market treated these three neighboring loft lofts rather differently. Have I mentioned that The Market is not especially efficient? Especially for Manhattan lofts??

© Sandy Mattingly 2010