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Manhattan Loft Guy

Sep. 16, 2006 - loft owners open their own doors

 
Now that I covered what it costs for full-time doorman coverage (yesterday), I tested my generalization that many loft owners and buyers do not want a doorman (or don’t want to pay to have one, or don’t have the space to fit one).
 
Chances are that most apartment buildings on the Upper West or Upper East Sides that have sales in the $2mm range have doormen. That is absolutely not the case downtown, at least in lofts (other than new ones).
 
A sample of loft buildings having Sunday open houses
I looked at the list of open houses for Sunday between $3mm and $2.4mm in loft buildings.
 
 
Even at this price range, there were many open houses (15), not so many buildings with doormen (5). In fact, all five doorman buildings were recent conversions (since 2004) and two of those have ‘only’ part-time doormen. I have noted the asking price, size (of the building and the loft) and the monthly maintenance (for a coop) or  common charges (for a condo; real estate taxes will be additional), to see if there is anything interesting about what people pay per month, with and without a doorman.
 
The most interesting buiding on that score was 476 Broadway, in which condop shareholders pay no maintenance (due to the very high rent paid by their commercial tenant). Even paying no maintenance, those residents will not (more likely, cannot) have a doorman.
 
In this sample of 15 buildings, the smallest building with a doorman is Altair 20, with 17 units. The largest building without a doorman is the Capitol Building with 45 units.
 
no doorfolk at
The buildings without doormen in this range having open houses on Sunday are:
 
new 4 unit loft condo conversion, asking $2.995mm for 3500 sq ft; common charges $498/mo
 
current 15 units asking $2.85mm for 2056 sq ft common charges $1065
 
11 story condop (15 units??) asking $2.995mm for 2250 sq ft  maintenance = zero (big tenant), still no doorman!
 
1980 coop conversion 9 units asking $2.8mm for 2850 sq ft  maintenance = $2375
 
2004 new construction condo (The Paradigm) 9 units asking $2.775mm for 2544 sq ft common charges $1400
 
5 unit condo asking $2.7mm for 2457 sq ft common charges $704
 
7 unit 2000 condo conversion asking $2.675mm for 2500 sq ft common charges $313
 
45 unit coop (Capitol Bldg) asking $2.56mm for 2560 sq ft  maintenance = $2680
 
22 unit condo conversion in 1999 asking $2.475mm for 2700 sq ft  common charges $1182
 
10 unit condo asking $2.475mm for 2264 sq ft   common charges $779
 
 
The five buildings with doormen are:
 
2000 condo 43 unit loft conversion asking $2.995mm  common charges $1037/mo
 
current condo loft conversion of 65 units asking $2.85mm for 1751 sq ft common charges $1077
 
2004 condo conversion 20 units asking $2.8mm for 2202 sq ft common charges $1931 p-t door
 
current condo conversion (Altair 20) 17 units asking $2.75mm (down from $2.875mm) for 2322 sq ft common charges $2060 part-time doorman
 
2004 condo conversion of 110 units asking $2.49mm for 1819 sq ft common charges $1846
 
loft owners are different
It is difficult for me to imagine that uptown buyers in this price range would not all prefer a doorman (except for small townhouse units). At these prices, the owners can afford door coverage if they want it.
 
I suspect that there are even fewer doormen in loft buildings that don’t have units selling in the $3mm to $2.4mm range that I used here….
 
© Sandy Mattingly 2006
 
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