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 $4,300,000, 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.
The owners of this sprawling loft, 108 Franklin St., #1, in Tribeca, are deploying a couple of interesting strategies. For starters, they raised the price by $300,000 to $6,300,000 in May.
It could be considered an unusual move in a slow luxury market, but makes sense considering there were a flurry of deals as buyers aimed to beat the July 1 deadline for the new mansion tax. Manhattan sales rose for the first time in seven quarters as buyers rushed to close in the second quarter.
According to the broker, there was a lot of interest in the apartment and the increase took into account a smaller apartment on the fourth floor, which sold for $6,950,000.
The apartment is also on the market as a rental as of four days ago, available September 1 for $25,000 a month.
The owners raised three sons in the apartment, who are now all grown up and it is now more space than they need.
They renovated the apartment for their own use, selecting architecturally significant pieces like antique mahogany pocket doors, light fixtures, and a reclaimed fireplace mantel, which compliment the original exposed brick archways and grand scale of the apartment. The renovation also removed an enclosed rear solarium to create the private outdoor terrace.
With approximately 5,086 square feet of space, there's a lot of room for living and entertaining here.
The eat-in chef's kitchen has a professional Wolf stove, double convection ovens, infrared griddle and grill, under-cabinet wine cooler, Bosch dishwasher, and a built-in microwave. There’s a center island, custom shelving, and two pantry closets.
The main living space has 12.5-foot ceilings, exposed brick walls with archways, hardwood flooring, and two full walls of windows on the upper level, with doors leading to the large private terrace.
Above is the yoga room.
The master bedroom overlooks the terrace as well.
The master suite has a dressing room lined with custom-built storage.
The master bath has radiant heated floors, a soaking tub, enormous free-standing shower with three rainfall heads, and dual sinks.
The south-facing bedroom on this level features archways, a sizable closet, and its own en suite bathroom with radiant heated floors.
A powder room, additional full bath, and a storage room with access to the homes second entrance are on this level. With approximately 3,247 square feet, the upper level can be configured into four bedrooms.
The lower level of the has 1,839 square feet of additional space. The laundry room on this level features two washers and dryers, plus a utility sink.
The Italianate-style loft building was built in 1861, with a cast-iron base and brownstone facade crowned with a stone cornice. The building is surrounded by restaurants, galleries, and shopping.
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