Manhattan Loft Guy

Sep. 11, 2007 - so THAT’s what an 8-figure loft looks like / 6 lofts = $65mm

my fantasy life is not that rich

I don't usually pay any attention to the market for Manhattan lofts offered above $10 million, but today it caught my eye that five of the six most expensive Manhattan properties that hit our inter-firm data base as new to market today are lofts.

Whether objectively meaningful or not, that tidbit impressed the heck out of me. Don't blame me if you drool on the keyboard....

Number Two on the Top Six for today is #6B at 481 Greenwich Street, which is "5,000 sq ft" of triplexed interior space and "4,100" sq ft of outdoor space (including a 6th floor "garden") just north of Canal Street. It "may be the most romantic [penthouse] in New York". You be the judge. Asking an even $14 million.

Number Three on the Top Six for today is PH-E at 27 North Moore Street, which is "3,532 sq ft" of interior space and the obligatory terrace. This is so new that details and pictures are not yet available on the BHS website, but when they hit they should be available at this address under My Listings here. Asking $12.4mm. [Update 9.13 11 AM: it is still not on the BHS site]

Number Four on the Top Six for today can probably be seen from the penthouse and terrace at 27 North Moore (Number Three), since 62 Beach backs right up against 27 North Moore. PH-A at 62 Beach Street is "4,316 sq ft" (duplexed) plus "3,000 sq ft" outdoors. Asking $12.1mm.

Number Five on the Top Six for today is only seven figures. The 3^rd floor at 76 Crosby Street is "5,000 sq ft" is only $8.25mm, but has "a media room that can be a romantic nook". It seems to be too new to be on the Corcoran site yet, but when it hits the pictures, details and romance should be here. [update 9.12 noon: it's there, so I added the clickable link to the address]

Number Six on the Top Six for today is the "2,424 sq ft" PH-12D at 65 West 13 Street, asking (stop here if we are slumming it now) $7.245mm (notice that they need more right side digits when they lack the left side digits?). This is another too-new-for-the-website listing, but click here at some later point for details. [Update 9.13 11 AM: it is still not on the PruDE site, but the inter-firm data says "coming soon"]

an 8-figure bonus

Your reward for being this patient is the datum that the most expensive Manhattan property that came back on the market as of today is Loft 6 at 206 West 17^th Street, asking $10.5mm for "6,000 sq ft" that can only be described as "impeccable" (which must be true because they said it twice). This has been on and off the market for 18 months, but is just back today from a long Labor day vacation (it was TOM from Sept 1 to yesterday).

Drool, or not. Your choice. But for one day -- at least -- downtown lofts dominate the Manhattan market. Credit jitters? Liquidity crisis?? Not according to these sellers....

BTW, I am not curious about Number One on the Top Six for today because it is a $17 million four bedroom with 4,300 sq ft in a Park Avenue coop at 71^st Street that is an all-cash (and probably oodles of assets) building. But you might be. That's fine. Read someone else's blog.

ยฉ Sandy Mattingly 2007

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Sep. 13, 2007 - re: so THAT’s what an 8-figure loft looks like / 6 lofts = $65mm

Posted by Johnny Banker

Um.... people who can spend 10MM dollars to buy an apartment don't use mortgages, they pay out straight. CASH. They are simply changing part of their wealth, from cash (which loses value all the time due to inflation) to Real Estate, they are none less rich. Also, in Manhattan's case, RE has been an investment that has not depreciated in over 10 years, bucked all trends elsewhere in the country.

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Sep. 13, 2007 - re: so THAT’s what an 8-figure loft looks like / 6 lofts = $65mm

Posted by Sandy Mattingly

Yup, no mortgages at this level, johnny b. I get that.

This post was actually just a bit of marveling about where the most expensive New Listings were (on one day, at least). In downtown lofts, this once. Given that loft sales are less than 10% of the total Manhattan market, five-out-of-six jumped out at me from the top of the page.

I guess it comes down to that thing I addressed in today's post, with a link to the NY Times article from Sunday about Really Really Wealthy People With Lots of Kids (RRWPWLKs??) staying in Manhattan rather than the 'burbs.

Edited by SandyMattingly on September 13, 2007 at 8:28 pm

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