head-scratching over $650/ft and outdoor space

opportunity? we got opportunity
For the first time in months, I am going to comment on another firm’s Manhattan loft listing today — without identifying it in deference to my resolution in end of an era for Manhattan Loft Guy / a new day dawns? from April 9 — because it seems to me to be a great opportunity for a loft buyer at about $650/ft. The loft is in a building that has always represented value to me; it is duplexed but with a real 2 bedroom 2 bath layout; it has outdoor space that looks pretty usable ("free" under the $650/ft pricing of interior space); and the price has come down about 25% from its original asking price.

issues? we got issues
Of course there are some deficits, which is why The Market has let it hang. Some people just don’t like duplexes. Some folks don’t like the block this building is on. This unit has a rather large monthly expense ratio (roughly $2.00/ft). Can’t tell if it in need of a remodel or upgrading, but it could be ‘move-in’.

Whatever … I have always liked the building. (This is not a fringe neighborhood, I promise.) You simply will not find many (any?) Manhattan lofts at this price-per-foot point, let alone with "free" outdoor space.

© Sandy Mattingly 2008

Tagged with: , ,

Leave a Reply