Greenpoint is hot right now (or so we’ve been led to believe by all the Girls trend stories), but $3 million-for-a-loft-with-only-three-windows hot?
John Tarjavaara at Citi Habitats is about to find out. He’s the exclusive listing agent for a sponsor unit, 7B, at 190 West Street, a former industrial building. Developer Minc Platform, LLC “got in ahead of everyone else,” Mr. Tarjavaara told The Observer. “They saw the potential, and developed some units, keeping some as rentals and art spaces. Now two of those they’ve combined to make this one apartment.”
“It has fifteen-foot ceilings,” said Mr. Tarjavaara, “and when you walk in, you feel like you’re walking into a temple or museum—it really does pop.”
Just not views. Like a true converted loft, the 3,265-square foot unit isn’t exactly overflowing with windows: it only has three—even if they are, as Mr. Tarjavaara optimistically noted, “oversized.” And while they do overlook the East River, the building sits across West Street from a prime waterfront development site, so the views won’t last.
“For someone looking for a more manufactured loft rather than a genuine loft,” Mr. Tarjavaara said of the unit, “it might not appeal, if someone needs a doorman or whatever. But it’s a genuine loft—this is how they come.”
But for $3 million? In Greenpoint? Isn’t that a little bit, ahem, lofty?
Well, as Mr. Tarjavaara explained, the skylights do open. “So you have ventilation and light. It’s not wasted space—it’s not just dark rooms that you can’t do anything with, like is often the case in Tribeca.”
Despite being a loft on West Street, this spread has little else in common with Tribeca—most notably, neighborhood real estate values. If the developer gets anywhere near their asking price of $3 million, it will set a neighborhood record for homes of all types. Appraisal guru Jonathan Miller said that the highest Greenpoint sale he has on record is the December 2012 sale of male model Josh Wald’s three-story row home at 87A Guernsey Street for $2.5 million.
As for 190 West Street, can it make the ask? One broker we spoke with who pleaded to remain anonymous—”I don’t want to be quoted in a story about Greenpoint”—had kinder words for the building than the neighborhood, saying that it was well-run.
But another, who’s done many deals in northern Brooklyn, was skeptical. Asked if he thought 190 West could fetch $3 million, he scoffed. “Absolutely not. I haven’t seen a $2 million condo transaction, let alone a $3 million one.”
Then again, Mr. Wald was also mocked mercilessly in the blogosphere for his $2.5 million asking price. He dismissed the sniping as “just ignorant blabber,” and he was right: his modest little wood-frame house sold for just $1,000 under ask.