Jul. 6, 2007 - Open House review - early bird specials under $1.8
loft open houses Sunday, July 8 from $1.3mm to $1.8mm
(remember to check listing Sunday to make sure it is still on)
$1.3mm
“1,700 sq ft” “renovated” “International Design”; on the market almost a year (2 different firms)
12:30 – 1:30
$1.75mm
“1,800 sq ft” that has been “smartly renovated” (note spread from #6R; query difference in size); on market since June 9 (Peter Browne will run upstairs from #6R at 1:30)
1:30 - 3
$1.789mm
“1,245 sq ft” with “new chef’s kitchen”; ”nothing run of the mill about this residence, which must be seen to be appreciated” (as must the agent prose); on the market since June 5; sold last August for $1.225mm but I did not see a recent building permit, but perhaps the renovation was since August
11:30 – 1:30
$1.395mm
“classic Tribeca floor-thru” on since May 9 ($1.495mm); Long-and-Narrow with 3 front windows + 3 back windows (back windows all have plumbing – 2 baths and kitchen); best guess from floor plan = under 1,500 sq ft
12:30 – 1:30
$1.575mm
“1,500 sq ft” in old firehouse, with elevator promised for next year’ on market since March ($1.635mm)
11:30 – 1
Fourth floor walk-up in former firehouse (again, not of the traditional loft-from-industrial-use provenance). This looks like very cool space, rewarding the walk up. (And an elevator is coming.)
They’re not saying, but looks to be about 1,300 sq ft of the Long-and-Narrow variety. Though they are saying it could “easily” become a 2 bedroom, it looks like a classic One Bed Wonder to me (what is a One Bed Wonder?), especially with just the one bathroom. (Need some fancy drafting for 2 real bedrooms.) Don’t know why they are saying “centrally Located” in “lower Tribeca” (central to the edge?), but it is a convenient location for transportation of all kinds, for sure, for sure. The block is undergoing … change. Massive change. Good news (long term), for sure, for sure, especially after that elevator comes in.
New to market this week.
$1.62mm
“1,800 sq ft” of “unique interior duplex” “and enormous potential”; on market since June 25
12:30 - 2
New to market this week
Interesting play of space vs. dollars here, with what looks like two 900 sq ft boxes on top of each other, with the lower level having some additional up-ing and down-ing (check the floor plan or – better yet – visit the space); some ceilings as high as 18 ft; needs updating (other than kitchen) ]
$1.59mm
12 – 2
$1.79mm
“1,700 sq ft” in one of the oldest Financial District coop loft conversions (1979), a “massive true loft with impressive architectural views”; not quite Long-and-Narrow, with 5 east windows, 2 to west; on market since March ($1.895mm, to $1.75mm, to $1.65mm to $1.79mm)
12 - 2
© Sandy Mattingly 2007
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Comments (6) :: Post A Comment! :: Permanent Link
View more entries tagged with: West 36, West 17, Murray, Chambers, Broadway, Fulton, Nassau
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Jul. 6, 2007 - re: Open House review - early bird specials under $1.8 |
| Posted by webrawl |
| damn i need more money, I want one of these. |
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Jul. 6, 2007 - re: Open House review - early bird specials under $1.8 |
| Posted by LoftLover |
130 Fulton: I saw this place and hated the floorplan. Really high ceilings, irregularly placed bath and kitchen. The floorplan just doesn't come together well, although a good architect could make a difference because people have added to the floorplans in similar apartments in the building. I placed an offer for another condo in this building (my first offer) and was extremely upset when I lost the bid. What are the chances that after being on the market for 2 years, someone out-bids me! Anyway, it came back on the market and I liked another better place so didn't want to "settle" for this one. Finally after weighing my options I decided to go back for this one, it went under contract THAT SAME DAY!
Anyway, the building has high common charges because of a gym and doorman. Also, the sponsor owns Floors 1 and 2, and I believe the residents pay common charges for that as well (am not sure though). Back to this particular condo - two investors pooled in money to buy this place. Now they don't get along well and will accept (any) price to get rid of the partnership. It was purchased for approx $1.4 something (from Street Easy) - I think that they would go for a loss at this point to get rid of one another. My broker tried to tell me how good the place was for the price and that they would accept a lower price, but I did not like the place. I couldn't fathom living in the same building in a less pleasing place than the one I loved! |
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Jul. 8, 2007 - re: Open House review - early bird specials under $1.8 |
| Posted by Sandy Mattingly |
That is one sad story about 130 Fulton St, LoftLover.
I agree that the current floor plan is awkward (I see I overlooked a window in the kitchen), but that is a variable factor – for the right price. With that much space, you’d figure there has to be a way to add a 2d bathroom.
I see Corcoran has been offering #12A for a year, but with a tenant in place until March 2008 for $1.7995mm (started at $2.149mm). The “A” floor plan is not the same on 5 and on 12, so #12A may have plumbing potential that #5A does not (shouldn’t, but might). For the buyer with liquidity, that unit may make sense (price may still come down). Not so many people have the ability to own an apartment they will not live in for six months or more (which is one reason “move-in condition” units are preferred in this market), and there is always some risk in assuming a tenant. But for the right loft at the (net, net) right price….
Our data base building notes say “land lease” – did that come up in any of your discussions? It is unusual to have a land lease condo (requiring some fancy lawyering), but there are some (Battery Park City has a few). That may explain the unusual ratio of common charges to taxes here, since the land lease payments are common. Assuming the services and gym are top notch, the total of $2,225/mo for #5A’s “1,853 sq ft” does not seem high to me. (Unless current taxes are abated.) |
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Jul. 21, 2007 - re: Open House review - early bird specials under $1.8 |
| Posted by LoftLover |
I did not know about the land lease. What challenges does that come with?
The taxes would be another $1500-2000 (without abatement), $500 (with abatement). The abatement has to be approved, so the buyer would pay full taxes till the abatement is approved.
12A has a tenant in place, and the lease will be up for renewal this October for one more year. So the buyer would not move in till 2009.
Back to 5 - the one bath is way too large and cannot be a part of a bedroom, and the closet near the kitchen is equally large. The ceiling is 14 ft high so it is possible to add a second floor. |
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Jul. 23, 2007 - re: Open House review - early bird specials under $1.8 |
| Posted by Sandy Mattingly |
The land lease is a complicating factor for any building. Because someone other than the condo association owns the land, the condo association has to pay annual rent, which typically has escalator clauses (every 15 years, sometimes). So, depending on where they are in the cycle of rent escalation, there is a near (or far) risk of the common charges being increased to pay the additional ground rents.
Most land leases are for the original term of 99 years. At some point in that period, the condo association *has* to buy the land back or the land owner will demolish the building (a theoretical risk, but one that is expensive to buy back in). How hard it is to negotiate depends a great deal on who owns the land – if the original owner from the condo conversion it can be easier; if it is a tiny piece of a huge real estate portfolio for some institutional investor it can be *very* difficult to even get anyone to pay attention to you.
Hope this responds to what you were asking about, LoftLover…. |
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Jul. 23, 2007 - re: Open House review - early bird specials under $1.8 |
| Posted by Sandy Mattingly |
| Forgot to add about #12A: Looks as though they renewed the lease, as that listing has fallen off of Corcoran’s site, without a trace. |
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