321 Greenwich closes at 5% premium over 2006 price

I see that I am becoming somewhat fixated on the calendar — in how This Year’s Market compares to some prior year’s market conditions. I am probably not alone in that regard. Maybe this should be called the What Year Is It? Manhattan Loft Guy thread….

 

Before coming to market last July at $2.625mm, the loft #4 at 321 Greenwich Street last traded in January 2006 at $2.275mm (off an original ask of $2.75mm and a reduction to $2.6mm, which was a healthy negotiated discount at the time). Despite an accepted offer within two weeks in July, they did not get a contract until December (my, that took a long time!), after dropping the price to $2.55mm.

 

When it finally closed on February 8 … (dramatic pause) … the price was $2.39mm — less of a negotiated discount off the ask than in 2006, curiously. (Given the delay in signing the contract, I would say this is a legitimate December price, rather than a [pre-Lehman] July price.) The loft is said to be "2,300 sq ft", so the 2006 clearing price was $989/ft, compared to $1,039/ft this month.

 

StreetEasy has the Halstead July 2008 listing pix and copy (here). It is a classic 27 foot wide Long-and-Narrow footprint, with four windows each in front and back, set up as only 1 "bedroom", two interior "chambers" and a long, narrow study. The oddest thing about the loft layout (to my eyes) is that the single bathroom is across from the bedroom, while the bedroom enjoys a laundry room, en suite. (Obviously, that laundry room should permit an en suite bath, with little change in the layout.) They brag about the floors, the wood columns and "an ancient, substantial beam that runs the full 86 feet of the loft" (as if the ancient thing is one piece). In other words, it oozes classic loft character. (If you like that sort of thing.)

 

They also brag on the "terrific" light and the Washington Market Park views, which are related. Those (front) west windows over the Park should always have great light, even from the fourth floor. (So long as the Park remains, of course.) If the loft really is "pin drop quiet", they must have great windows overlooking the Park, as I believe that children are still noisy, on occasion.  More bragging: there’s an "antique" 6-burner Garland stove, complemented by a new Sub-Zero.

 

It looks as though this condominium association was formed in 1999, so that the developer made the choice then to preserve the classic loft flooring, columns and (ancient!) beam. The result is that they have the most ‘classic’ ten year old loft space I can think of. Cool.

Another cool element is very different: the taxes and common charges for this 2,300 sq ft condo loft total $1,364/mo. No frills, obviously, but very low costs.