Artisan Lofts

Don't be fooled by the "Reade Steet" address. The building is located on Chambers which is much less desirable than Reade Street. In my opinion one of the more overpriced new developments in the area and that's saying a lot. Some lots are alomst $2,000 per square foot and the maintenance is high, and the location is average.

We have looked at this development a number of times during the past few months. While we were initially impressed with the finishes, loft spaces, and layouts, the prices very quickly escalated due to sponsor amendments. Now they are overpriced. Any unit with decent views and light is asking > 1600 sqft. I am pretty sure a number of units have not been released and that they have not been selling as quickly as they had thought they would back in April when they first went on sale.

you can monitor the listings here: http://www.corcoran.com/n_websites/artisan/availability.aspx

I have been doing so for some time and there is very little turnover. As cbsml said the building is actually facing chambers even though they astutely created the main entrance on reade st. Further, the tenants on chambers in the building are a taco bell and marine recruiting office.

Unless you are 8th floor or above you are going to get road noise if you ever open a window.

Have you seen Tribeca Summit on greenwich? Although their marketing was questionable it actually looks like they have some nice units and layouts and the location is far superior in my opinion. I believe it is mostly sold but there are a few remaining.

You are right, you need to be above the 6th floor to get a better view and shield from road noise. We are looking for a 2 bedroom + study/media room type configuration and our budget is 2.8M in tribeca. If we are were to consider the tribca summit, given the budget constraints we would have go with a 2 bedroom and create a partition in the living room.

Any thoughts on 73 Worth Street?

Some nice units, unfortunately they face right into that windowless verizon tower on worth street, which is literally like looking into a brick wall from your living room windows.

Hmm. I don't really think that's a fair description. The building is on Chambers, that building is part of it's view, but nothing like "looking into a brick wall" (that's five blocks away). I think one of the advantages of this building is its height relative to its neighbors. I've visited, and I was very impressed with the views and ceiling heights.

The point about being above the 6th floor is very true though. I also agree that it seems very pricey compared to some others nearby. Though it doesn't have a tax abatement and amenities seem few, I suspect it will be a stable building. Great original construction, relatively few/large apartments and a nice Reade Street lobby.

rvargas I think you misunderstood. The building that I said faces into the verizon tower is not artisan lofts but rather 73 Worth Street which is what xmas_2007 was asking about in his last message.

Oops. I did misunderstand. Mea culpa.

superquant: You bought in the Summit, right? Does it still look good there?

rvargas: If the Artisan looks nice but is overpriced, and the units haven't been selling, couldn't you make a lower offer, or is that something people just don't do in new construction?

Tribble: yes, we bought in the summit. There are some units remaining that look pretty good. We looked for a number of months at every 3BR property on the market in the area and found the summit to have the best combination of location, light, amenities, loft features and intelligent layouts. Of course its not done yet so its hard to give a final determination .. check back in a few months.

Does anyone know if a TCO has been issued?

yes it has they have started closings , so far i think 6 have closed

The plan is to use 157 Chambers Street for the entrance to the building, until the 143 Reade St lobby is ready. That way they could start closings.

We have fully approved the buildng as warrantable and closed a unit already. They have TCO. sunny_hong@countrywide.com

6 units have closed. Maybe 1 is occupied--hard to confirm. Little work being performed in Reade St. lobby or other common areas. numerous contract terminations. this one will get interesting.

So few rentals and even fewer sales. Anyone know why this is the case for this building?

My guess would be that's an indication of people enjoying their own apartments...?