bring MY architect

loft comes with approved plans
The 5th floor at 8 East 12 Street is new today — set up as 2 bedrooms + 2 baths in “2,300 sq ft”, it comes with architect’s plans to covert to a 3 + 3 already approved by the condo and the city. (I wonder what change in life plans caused them to sell rather than renovate….)
Offered through Corcoran’s Mark Schoenfeld for $2.85mm (and $2,400/mo in taxes and common charges), it is said to be “stunning”, with “amazing” light and views north, south and west. Lower Fifth Avenue does not have too many true loft buildings. (74 Fifth is around the corner from this one, with a recent contract discussed this week, with some commentary from an Anon who had seen 2 units there; then there a few loft buildings on Broadway.)
long, narrow, with raised plumbing
This loft is a classic Long-and-Narrow, with the plumbing risers in the middle (and crossing under a raised platform, it seems), but it has windows along one long side (to the west). Perhaps it is a case of pictures not doing justice, but I don’t get a sense of “amazing” light from the three interior photos on the web.
It is unfortunate that they did not post an alternative floor plan based on the approved architect’s plans. In looking at the current plan, I wonder how much of a sense of ‘space’ there is on entering in a narrow hallway with the master bedroom nearby on the right, and the raised must-be-passed-through kitchen immediately on your left, even with 11’ 6” ceilings.
rare sale in building
Difficult building to comp, as there are not many lofts nearby and because there are no recent sales. I see the 9th floor selling way back in 2003 for $1.7mm, the 2nd floor in September 2005 for the inexplicable price of $750,000, and this same 5th floor unit in July 2005 for $1.995mm. Looking at the list of building permits filed for this building, there is one from April this year that is probably the approved plans to make this unit a 3 + 3, but I don’t see any other building plans suggesting that these owners did much work after buying two years ago for $1.995mm.
The sales history reflected in our data base for that prior sale is interesting: it took more than a year to sell, starting at $2.495mm in March 2004, dropping to $2.2mm in June and then to $1.995mm in September. It took from September 2004 to February 2005 to get into contract at that asking price (with four weeks off market over Christmas and New Years). That is a fairly long time in a fairly hot market.
45% appreciation?
The owners-with-plans-to-move-and-(unfulfilled)-plans-to-renovate believe The Market may have improved by 45% in two years. We shall see.
© Sandy Mattingly 2007
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