the Tribeca premium, anticipated / a tale of 2 lofts
I visited two lofts Sunday, both asking nearly $2.8mm, both over 2,500 sq ft, both designed with a minimalist sensibility — but they could hardly be more different.
One has a lot of classic loft character but shows poorly empty, feels a bit beaten up (creaky floors, translucent room dividers that are a bit worn, quirkily narrow kitchen and baths that are nicely minimal but not deluxe) gets (only) reflected light in front and will lose much of its light in back (and all of it on the side). There is an obviously custom paint job (Venetian, waxed?) on the very long wall opposite the entry, kitchen and baths.
The other is done (and done beautifully), with so much light there is a window in the dressing room, a very large kitchen with top appliances and features, and 1,000 sq ft of private roof deck. There are several sliding doors of clouded glass doors. This is a classic loft, dressed tastefully for the party.
Yet these two lofts are offered at essentially the same prices. Because one is in Tribeca (though not prime TriBeCa) and the other is on East 30 Street. Switch the two unit addresses and the one will drop $400k or more in value, while the other would pick up $700k (if it could keep a private roof).
the Tribeca effect, indeed
my basic descriptions are from Sunday’s open house reviews:
39 Worth Street #3E
$2.795mm and $2,161/mo for “2,560 sq ft” with a (minor?) celebrity angle (“Designed by internationally-renowned architect Richard Gluckman for the former style editor of The New York Times“)
back on the market last week after a 2 month hiatus; for sale for two years (2 different firms; starting at $3.6mm)
[if my FCK editor corrupts the link, search Halstead’s website for listing 1129599]
34 East 30 Street #PH-9
$2.775mm and $2,624/mo for “2,800 sq ft” plus “1,000 sq ft” private roof deck with 12 foot ceilings and 4 exposures
new this [past] week
I don’t see any sales at 39 Worth for four years, but even Worth Street gets a Tribeca premium. Problem for the owners of #3E is that they aimed way too high two years ago, and have not yet found the clearing price, some $800k later.
The 8th floor at 34 East 30 Street is a recent nearby sale (rather nearby!), but in a very different condition. It sold in July for $1.9375mm, off an ask of $1.995mm, but that one needed a lot (neither interior picture is a close-up; the description is “flexible floor plan; create your dream”). If you figure only $200/ft to convert a primitive space (such as the 8th floor) into a done space (such as the 9th floor), you are left with 1,000 sq ft of roof space and about $250k off the price of the 8th floor.
There are many examples of how prices reflect neighborhoods. Because I saw this particular pair in the same hour the difference was especially stark.
© Sandy Mattingly 2007
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