Condo of the Day: Something to Gretsch About

condo
We remember last year when some people started advocating cubic feet as a better metric than square feet when talking valuation. This makes some sense, given that a 1,000-square-foot apartment with 14-foot ceilings is, all else being equal, worth a heck of a lot more than the same apartment with 8-foot ceilings. Which is probably the logic behind the pricing of today's Condo of the Day, a 1,473-square-foot ~~ground-floor~~ loft with 26-foot ceilings one either the third and fourth or fifth and sixth floors. The price? A cool $1,250,000. We'd be curious to know what these units originally sold for, not that it really matters. What does matter is how much of the stated square footed is mezzanine space. It looks like about a third. In the end, the deal might hinge on whether you could convince the boys at Marlow & Sons to deliver oysters on a regular basis.
60 Broadway Condo [Prudential Douglas Elliman] GMAP

Comments

Pricing per cubic foot has some appeal and sort of sense but it's probably best off just left as something that is mentioned as a perk.

Because I'd rather have 1,200 sq. ft. with 10' ceilings than 1,000 sq. ft. with 12' ceilings. Or 1,000 sq. ft. with 10' ceilings than 667 sq. ft with 15' ceilings.

It's an interesting metric, but it only takes you so far.

Posted by: Anonymous at June 12, 2006 11:20 AM

It was sold for $1.05m earlier this year but was already 2nd transaction. I think the original price was in $700's.

Posted by: spiffy at June 12, 2006 12:24 PM

I live in the Grestch, and yes, this unit probably sold for the mid- to upper-700s, if the contract was one of the early ones signed. There are several duplex units and they are on the 3/4th and 5/6th floors (no ground-floor units in the building, that's commercial space). Not sure if this one had been sold already. There were a couple of units on the market and taken off when the owners decided to stay rather than flip.

The biggest problem with this unit is that despite the 2 levels and large square footage, it is really just a one bedroom. It would be very difficult to carve out a 2 BR in the space and with FAR limits reached, you can't build out legally. The price/square foot is consistent with other re-sales in the building, and may actually be a hair below some of the other south side new development. The other drawback is that despite soaring windows, the back lot of the Grestch will eventually be developed to a 5 floor building which may affect light and views of some of these units.

Posted by: TeoNYC at June 12, 2006 1:47 PM

I believe the realtor is the owner of the unit, and was originally one of the Corcoran reps for the building. The unit was previously listed as both a rental and for sale.

Posted by: Corcoran-ner at June 12, 2006 1:50 PM

this listing will be an interesting example of where the market is.... my prediction: it stays on the market for a long time, and then goes for around 1M. 1.4 for a 1 bedroom on the L/J/M/Z trains? not a good buy. For this price range, go to Dumbo and get a really amazing space.

Posted by: Anonymous at June 12, 2006 2:11 PM

It's Bob & Bonnie!! Where is the Awkward Floral Staging??!!

Posted by: Mr. Minerva at June 12, 2006 3:26 PM

That's DUMBo

Posted by: Anon at June 12, 2006 3:27 PM

IMO the Gretsch Building is the nicest building in Williamsburg. I only wish I could afford it. These duplex units tend to be the cheapest in the building per square foot for some reason.

Posted by: Anonymous at June 12, 2006 3:50 PM

whoa. 1.2, hu? the vanity is squished right against the tub, the bed rests on a narrow gangplank ... and when did 1 story units with a mezz become duplexes? yuk.

Posted by: suzy at June 12, 2006 3:54 PM

The duplexes are in the back of the building.

The problem is that when the garage eventually goes up, all of the light may be blocked, since nobody really knows what the garage is going to look like.

Posted by: winston at June 12, 2006 5:01 PM

Suzy: I've been in the duplexes, and they are most definitely not just a mezzanine -- its a full bedroom upstairs. The vanity in this unit is close to the tub, but isn't nearly as squashed as it appears in the photo. Also, this isn't even the nicest of the bathrooms. The double-vanity, marble version with the 6-foot long soaking tub is much nicer. I guess you opt for a smaller bathroom for the higher ceilings.

The 'gangplank" isn't where the bed is supposed to be. I'm not sure why its there. There is a full-size bedroom up there, and if anything the gangplank should be used as a home office.

Winston: According to the offering plan, the garage and housing behind the building is set back 40 feet and will be 5 floors high. At 8' ceilings that would be about the height of the 3rd or 4th floor of the Gretstch. Because of the set back there shouldn't be too much problem with light, and the view couldn't be any worse than the empty lot that's there now.

Mr. Minerva: LOL... I love the traveling flower pot. Reminds me of the Travelocity Gnome.

Also, the rep used to rep the building and bought inside, directly from the Sponsor at about $300+K. Check it out on ACRIS.

Posted by: TeoNYC at June 12, 2006 8:50 PM

BTW, check out his listings. The apartment is listed as both for sale and for rent.

Posted by: Anonymous at June 12, 2006 10:21 PM

Well, if the real estate brokers are selling... as they say, rats are the first one to jump the ship.

Posted by: Anonymous at June 13, 2006 3:37 PM

Please you really don't know what you're talking about.

Posted by: Anonymous at June 13, 2006 8:52 PM

« Brooklyn Record Launches House of the Day: Midwood Not Mid-Priced »

June 12, 2006

Condo of the Day: Something to Gretsch About

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