true penthouse at 66 Madison Avenue forces the mansion tax, though not a loft

the seller held fast
One of these days I am going to look at Manhattan residential real estate sales right around the magic million, because it is my impression that buyers really really really don’t want to pay the ‘Mansion Tax’ if they can avoid it. I wonder how unusual it is that the Penthouse at 66 Madison Avenue ("Madison Parq"; ugh) sold on March 16 for $1.025mm. The seller’s insistence that the buyer pay him that last $25,001 cost the buyer an additional $10,250 paid to the City. That bit of asymmetry suggests this was an arduous negotiation. That, plus the fact that the seller never dropped the asking price of $1.1mm between coming to market on July 20 and signing the contract on January 13. He wanted seven figures!

loft building but not penthouse loft
No question that the building is a “loft” building, as it has been re-purposed from a prior non-residential use (offices??) and most units are smaller but typical lofts with (relatively) high ceilings and few load-bearing elements. The Penthouse, however, is not recognizably a loft. (A situation typical for structures built on top of loft buildings [aka “penthouses], like in my February 15, 18 Leonard Street penthouse (not really a) loft fits a bidding war into 3 weeks.)

The only windows I see in the 66 Madison penthouse are in the bedroom, though a great deal of light is brought into the space through the many skylights. The Cathedral ceilings are irregular, of course; if 12 feet at the peak then they can’t be very tall at the walls. Yet it is of interest to Manhattan Loft Guy because it is in a loft building. (And because of the very taxing clearing price.)

very bubbly babble
Once the listing caught my eye I was intrigued by the broker-babble. First it has some truly interesting and useful nuggets, such as the fact that “no windows from other properties look onto this well manicured, planted garden terrace”. (Some people worry that they can be observed while frolicking on their ‘private’ roof decks.)

It is sadly common to see a locution like “completely unique” but also refreshing to see “sun drench” used as a verb. Some of the details are … odd (counters described as “light brown”, appliances as “off white / cream”, the gas range stove [!] is “well maintained”). There’s an enthusiasm about the babbling that is nonetheless muted by the modifiers or the highlighted facts. Charming in its own way.

And the image of “a European cottage setting” on top of a loft building at Madison Avenue at 27th Street only adds to the charm.

© Sandy Mattingly 2011

Tagged with: , , , , , , ,

Leave a Reply