Sale at 108 Reade Street #3E

Totally agree. what's going on with this building as $ per square is well below the neighborhood from other sales too?

It's certainly a reasonably OK TriBeCa location....

It's approx 51'x 22.5' plus the additional bathroom .....it's well over 1200sf....not much of an exageration compared to msst apts

The apartment needs work, but the primary quirk is that it is a walk-up. You can enter on 108 Reade, take the elevator to 4th, walk across to 104 Reade and then go down, or enter directly on 104 and walk up 2 flights.

It's a sweet place, but no walk-up with a "master" bedroom that's only 9 feet wide is worth more than 600K tops.

how do u know its a walk up?

this place will sell WELL over ask...multiple offers in.

"multiple" is the understatement of the month...It's incredible, the demand for this one.

ali r.
DG Neary Realty

8 days and saved by 62 users, truly unbelievable. I've lived in Tribeca for 8 years now as a renter and been looking to buy for a couple of years, honestly believing that the financial crisis would bring opportunity. Having been involved in one unbelievable situation just like this at 53 North Moore (totally different style apartment, but same price range in prime Tribeca, which is basically non-existent) my wife and I quickly realized this neighborhood has gotten completely out of control.

We're now in contract on the UES, and thrilled about it. I mean lets be honest, Tribeca has BECOME the UES, quickly losing all of it's neighborhood charm (lost Bazzini thanks to Whole Foods...), so why overpay to stay? I've eaten at all the great restaurants multiple times at this point, so not much else keeping me there...even the bitchy hedge-fund wives...

Front_porch & Urbandigs: what do you think is driving the demand for this loft? Is it the low initial asking price or is it the dearth of 2br-2bth options under $2M in TriBeCa?

I don't really know TriBeCa, but this doesn't exactly look like a prime property to me given the condition and the odd walk-up / elevator & walkdown entry situation. Also, it's a floor-through in a small building which some people enjoy for the intimacy and character, but usually has limited light and layout possibilities. If it's going to go for "WELL over ask," and require a pretty hefty renovation, wouldn't a buyer be better off moving up to the $2M range and getting something already renovated in a better building?

check out the monthly charges. insanely low.

yeah! and it comes complete with one of those built in bunkbeds! all my cousins and siblings used to sleep in ones just like that at grandpa's beach house. of course grandpa himself would probably not have paid 1.3mil or whatever for that privilige, even between wives.

maybe the owner was desperate to sell because of the noisy restaurant/bar/club sazon that moved in across the street and has been driving the neighbors crazy.

who knows...lack of product in the area, the potential of the property...how many 2br/2bth lofts are available in this are under 1.4m with total monthly just under $1100/mth?

if anything, this would be a sign for any future potential sellers w/ similar product to tap this market now. I mean, this thing got tons of offers. Market does what market wants. And that market clearly is tight for quality well priced product.

Its also the biggest confirmation that the market dictates value, not the brokers or the seller. If you price below market, the market will bid it up to where its valued. That strategy often works well when timed and marketed properly.

If a seller does take this advice, but choose to list $1-2m above the market, they will lose the potential for this kind of reaction and possible gap up bids. I'll discuss this once its officially in contract

"f it's going to go for "WELL over ask," and require a pretty hefty renovation, wouldn't a buyer be better off moving up to the $2M range and getting something already renovated in a better building?"

Thats very personal. Perhaps they dont like the renovations they see on the market at other properties. Maybe they want to do it their own way and feel they can do it better/cheaper? Maybe they can only afford 1.5m now, but have a need to buy now, whereas if they waited 2-3 yrs they can get 2m but dont want to rent for 24 more months? Maybe there is pressure from family, employment situation, or a spouse to buy something now! Its different for everyone. Emotions are involved so it makes it impossible to fully understand 'why'.

buster2056, I would think moving up a half-step in price would be the way to go, but 10007's switching-to-a-different-neighborhood solution works too. 10007, congrats on your contract!

ali r.
DG Neary Realty

Thanks both for the replies. I agree apt choices can be personal, but I'm guessing that not all of the prospective buyers have unique situations when the response is this overwhelming for a loft that's not very special imho (and supposedly has that weird entry situation). If it's a function of pricing low, congrats to the sellers - it clearly worked! It will be interesting to see where this trades.

I think they could have priced it at $1.5 and then waited for an offer, but they went low and attracted tons of attention, resulting in a fast price discovery. From a seller's perspective, it really works, especially when the mortgage market is a bit creaky. They got 8 offers the first week on the market, and now get to pick the most solid.

Im betting it sells for between 1.475m-1.49m

i don't know how firmly entrenched this property is in the 234 school district, but for some it may just have been a combination of school, space, price, low monthlies. not everyone feels comfortable moving up a half-step in price. and there have been very few 2/2's in this area for less than $1.5m. for some the total monthly payment, in the near term, may be more meaningful than a gut renovation, and the costs thereof.

2/2 comp at 50 franklin...1.325mm

http://www.elliman.com/new-york-city/manhattan/tribeca/fifty-franklin--50-franklin-street--unit-9c/50-franklin-street/lyesnba

There have not been a ton of 2 bedrooms on the market in ps 234 and those that have are priced 500k to 1M more. To stress AR's point, there have actually been no real 2 BRs in this area for under 1.5M so this is pretty unique, even with the walk up.

aptboy, 50 franklin? a loft vs. troubled new development? no floor plan (who knows what it includes, common areas)? monthlies already over $1,500 and the taxes haven't even started to kick in?

i guess on an absolute level you're right, but it's not a comparison i'd make.

And maybe most importantly not ps 234.

you beat me to it, malthus. just realized i hadn't even thought about 50 franklin's school situation.

Monthlies are low, but it is a 9 unit building with no amenities

1) Has there ever been a major assesment?
2) Is one on the way?
3) The cost of a new roof/boiler/pointing, etc will be expensive
4) What are the new assesed taxes?

Maybe when these are answered, the "multiple" offers will re-think their position during discovery

i could be wrong, but i don't think it's only nine units. i think 104 is nine units, and this group spans 104-108, which is why there is that weird elevator access to this unit, it's going through another building. but whatever, the bidder will find out what they find out. it doesn't seem like a particularly high price given past history, as well.

how do know this place has gotten so many offers?

"how do know this place has gotten so many offers?" Probably from the same source that told the Daily News there are 18 offers: http://bestplaces.nydailynews.com/voyeur/hot-property-tribeca-loft-sees-18-offers-week

Whether you find that source credible or not.

just saw that...All I can say is, I believe it.

if I were the seller brokers though, I would not have commented until the deal was fully executed..just sayin

I dont get this: "Working with Hammon and Farah, the apartment owner decided to take the highest and best offer, instead of creating a bidding war."

it was a best & final. creating a bidding war was the whole point, no?

I think a bidding war implies higher bids in succession, rather than the sealed bid model, which gives each buyer only one chance to give their top price.

30 days and still not listed in contract

Multiple offers, incredible demand to "No Longer Available" after 44 days. I understand that to not be equivalent to "in contract". So what happened?

yea I noticed this too. Last I heard the first deal fell through, and there were 2 others bidding for it as backups. That was maybe 2-3 weeks ago. I have a feeling one will come through, and they are tired of fielding offers/questions/showing requests on it. Here are status updates I show, with the TOM update coming 1 day later than SE:

2011-03-18 TEMP OFF MKT 1375000.0 374.0
2011-03-15 OFFER ACCEPTED 1375000.0 374.0
2011-03-01 OFFER ACCEPTED 1375000.0 374.0
2011-02-13 OFFER ACCEPTED 1375000.0 374.0

seller decided not to sell, off market

Isn't that convenient.

this is typical of hot markets like that happening right now

Good for him/her. I'm sure it will fetch a higher price when QE2 ends.

Uh...right...

... 2 years later, now in contract for almost $2m FYI.
Joseph, Corcoran

That's great.

2 questions - how much does this go into contract if it does not have the quirky elevator/ stair situation

Any other interesting TriBeCa closings/contracts? How come there are not many other under $2m 2 bedrooms?

Hey a2duece,

I can disclose the contract price after we have closed, but it is close to $2m. My feeling is that if it had direct elevator access, it would've fetched $2.2m or more.

This space is quite unique because of its size and I would consider this one of the smaller true Loft spaces in the neighborhood. Many traditional Lofts are larger in size, consequently, when a smaller one comes on the market, there is a high demand. The inventory below $2m is very slim.

Joseph, Corcoran

does anyone know of any other buildings in Prime Tribeca with Lofts from 1000 - 1400 sq ft?

Here're a few: http://streeteasy.com/nyc/sales/tribeca-manhattan/status:open%7Csqft%3C=1400%7Cdescription:loft

Hey a2deuce,
165 Duane #6B & 100 Reade street are the most traditional loft from NWT's list, in my opinion. Let me know if I can be of assistance:
http://www.corcoran.com/nyc/Agents/Display/4255

Joseph