What do you need to know about Manhattan lofts? We interviewed several award-winning Certified TopAgents who specialize in lofts to find out.
Barbara Godson, Halstead Property: Barbara has been selling lofts Downtown since 1984. In her career, she has sold roughly $300 million of real estate in Downtown Manhattan.
Jon Phillips & Ginnie Gardiner, Halstead Property: A husband and wife team, Jon and Ginnie got their start in the real estate business by focusing on lofts. Having owned a loft for many years, Jon and Ginnie know the unique benefits and challenges they offer extremely well.
Leonard Steinberg, Prudential Douglas Elliman: Leonard is the leader of one of Prudential Douglas Elliman’s most successful teams. His team is expert in Downtown real estate and has extensive experience working with loft buyers and sellers.
Timothy Melzer, The Corcoran Group: Tim is considered to be one of Downtown’s most knowledgeable real estate brokers. Tim was named REBNY’s Rookie of the Year in 2001. He has since sold over $100 million in real estate. He specializes in lofts.
What makes Manhattan lofts different from other types of properties?
Timothy Melzer: Most lofts are in pre-war buildings which have real Old World charm. The building’s façade is thicker–old cast-iron or brick, and the lobby entrances are beautiful. The lofts themselves have high ceilings, open kitchens, large windows, exposed brick and columns. There’s nothing cookie-cutter about a loft.
Barbara Godson: Lofts have a charm to them. They usually have higher ceilings, large windows, large floor plates and beautiful old columns.
Jon Phillips: In two words, “interior space.” The traditional definition of a loft versus a residential structured property is the span between the beams and columns. Lofts can be 16 feet apart whereas other apartments are only 12 feet, so lofts are deeper, larger spaces People who want large walls for large art look for lofts.
Ginnie Gardiner: Lofts offer large, open kitchens, original beams, and an aesthetic that is unique. High ceilings, even if there are exposed pipes, are more desirable than the dropped ceiling that most non-lofts have. For example, in the Financial District, we have an Edwardian structure that originally housed an insurance company. On the 12th floor, we have these beautiful Edwardian arched windows with plaster sculpted embellishments.
Jon Phillips: One loft building that comes to mind has an entrance with carved granite elements. Given how expensive the materials and craftsmanship for that would cost today, you don’t even see that in a building like 1 Central Park West.
Ginnie Gardiner: Some of the buildings still have the original tin-stamped ceilings, and even though you can see the sprinklers, it’s a part of the romance and charm.
Jon Phillips: Commercial buildings were required much earlier to have sprinklers due to the fire code, whereas residential apartments weren’t until very recently. Since most lofts were previously commercial or industrial buildings, they have sprinklers in the units. They are part of the loft aesthetic. It’s not undesirable due to the less expensive insurance bill.
Over the past number of years, how has the loft market changed?
Leonard Steinberg: Until recently, lofts were the best way to create large apartments Downtown. With new construction, there are more options, especially since they’re creating spaces with high ceilings and large windows. Still, there will always be a demand for older lofts because buyers will always want a pre-war feel, and the size of the spaces is usually more conducive to large, family style homes.
Ginnie Gardiner: The loft market is still highly desirable. What people like, and what designers try to imitate, are the beams – they call those types of apartments “loft-like.”
Jon Phillips: There were a number of ground-up, loft-style buildings that went up that were residential buildings with stylistic elements that were incorporated into the architecture to call them loft-styled – the larger casement windows that mimicked the ones traditionally in warehouse or manufacturing buildings.
What are some potential issues/problems with lofts?
Timothy Melzer: One common misconception is that with a loft, you’ll have better light. The only time you’ll have amazing light and views are in a high-rise condo. Lofts will have average light and views unless you have prime window space. That’s just the nature of the city’s construction
Leonard Steinberg: With lofts, if you’re midblock, you’ll have no side windows, so the transportation of light is really important. Also, the quality of the building is a big consideration.
Barbara Godson: In some of the smaller buildings, which are self-managed, everybody has to pull their weight. If there are only four or five units, people have to help to run the building.
What advice would you give to buyers looking to purchase a loft?
Leonard Steinberg: My advice would be to look at as many lofts as possible. The more you look, the more you’ll know and the better likelihood that you find what resonates with what you really want. Lofts in Chelsea are different than those in Soho and Tribeca. Soho’s lofts were primarily used by the fabric industry, whereas Chelsea’s were for storage, so the nature of the buildings is different. In the Village, lofts used to be department stores which were never intended for residential use. Their architectural elements will differ significantly from one another. The good news about Chelsea is that lofts were designed to house heavy equipment so they mostly have concrete flooring whereas in Soho they’re wood, which creak and make noise.
Barbara Godson: Make sure that when you go into a loft, always turn off any artificial light. It’s a good idea when buying any property to do that, actually.
Why is it important to work with an agent who specializes in lofts?
Timothy Melzer: Anyone who specializes in lofts has seen, bought and sold in the majority of loft buildings, so they’ll quickly have a good idea about which lofts fit their client’s wants and needs. Of course, they’ll know about the pluses and minuses of each building. From just looking at a listing, it can be difficult to see if an apartment is a loft because the industry likes to overuse the term. In reality, most of the apartments really aren’t lofts. Some new constructions are making the facades and interiors look like lofts, but in reality, they’re not lofts. Sometimes the consumer can’t even tell that these buildings were built in the last 10 years. For example, Robert DeNiro’s new hotel in Tribeca looks like an old loft, but it is actually a new ground-up construction.
Leonard Steinberg: Lofts usually have specific characteristics that are unique and differ vastly from each other. There will be many issues within the building that need to be negotiated and understood, not only by the buyer but also by the attorneys. It can possibly involve the use of some of units as commercial space. Maybe the mechanicals are old or, perhaps there’s art-living space. A good broker will understand these loft-specific issues and be able to connect you to the right lawyers, owners, architects, etc.
Ginnie Gardiner: We understand what each loft offers and why it’s unique. A lot of brokers who don’t understand architecture or design can’t create a narrative that really brings the loft to life. When you’re showing the details, you have to be able to paint the picture and give the story as to why that specific loft is unique. If you don’t know the building’s original purpose, the neighborhood’s history, and how it was settled, you lose the richness that people want in a Downtown loft.
Jon Phillips: We have a thorough understanding of the sales process and how to accurately answer questions that people tend to ask. If you have the wrong answer, you can open a hornet’s nest of legal complications because of implied uses or permissions that co-ops may not be willing to give, for example. It’s better to be transparent and accurate with description of the loft.
Ginnie Gardiner: As an example, we sold a loft on 26th Street a year ago. There was a hotel going up next to the loft and it was going to lose part of their light and view. Jon told them to cover up the windows by putting paintings over them. Other brokers come to our open house and say, “You told them to do that? Wow, weren’t you afraid?” I said, “Of what? This is what’s going to happen, so I want buyers to come in and see a space that looks great instead of feeling like they’re going to have something taken away.” If their first impression is that it’s a wall, there’s nothing being taken away from the buyer.
