Welcome to Brick Underground’s luxury pick of the week, a feature spotlighting a condo, co-op, or townhouse for sale with an asking price of at least $3,240,000, the current entry threshold for luxury apartments in Manhattan. If you’re in the market for a high-end abode, you should know that while sales have slowed considerably over the past couple of years, that trend is starting to reverse as sellers come to grips with the new market reality and adjust their prices accordingly. It's good news for your wallet—just be aware that many luxe listings won’t linger on the market indefinitely. For more information, check out Brick Underground’s tips on buying a luxury apartment in NYC.
This two-bedroom, two-bath loft, 45 Crosby St., #5S, in Soho, was transformed by luxury renovation in 2013 (you might not believe it is the same place when you see these older listing photos). It was sold to the current owners in 2014 for $3,700,000, according to the broker.
Roughly six years later, the current ask of $3,995,000 is relatively small 7.5 percent increase over that price—pricing listings like we’re back in 2014 is a good strategy.
Maintenance is also on the low side at $1,850. It’s in a co-op building that requires 25 percent down.
The renovation was chronicled in a slideshow online at dwell.com: Architects Bronwyn Breitner and Luigi Ciaccia wanted to bring more natural light into the interior “while honoring the original character of the former industrial space.”
The apartment is close to 2,300 square feet with a narrow footprint of 23 feet by 100 feet. One tricky aspect of loft spaces is that their long layouts mean you have windows in front and potentially in the back, as you do here, with lots of interior space that can’t be used for bedrooms (a window is essential to having a legal and safe bedroom). That’s why the interior room with no windows is labeled “den” on this floor plan.
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