Overview

Who says you can’t live on a cul-de-sac in Manhattan? Not 32 Laight Street. But… they do impose that you live across the street from the Holland Tunnel entrance. This condo caught our eye not only because of the intriguing location but also due to the style of the building. It seems it’s been years since you’ve seen condo buildings outside of SOHO that are truly loft spaces. 32 Laight Street is a 6-story building which houses 5 residential full floor units all around 2,450 square feet. The units are true lofts with key lock elevators into living spaces which span 51 to 59 feet long!

Two of the units are the same with two “sleeping areas,” listed as such due to the absence of windows. They also have an office area, 2 bathrooms and expansive, open living space. The third apartment is a variation with only one “sleeping area” and a large dressing area and absurdly gigantic galley kitchen. The units are well priced all under $1,000 per square foot with minimal common charges. The taxes however are considerably higher with each unit around $2,000/month. Overall, the monthly charges are just over a buck a square foot which isn’t bad at all, but don’t forget the amenities for the building are non-existent, unless you include the “virtual doorman.” The biggest issue for this building is the eccentricity of it. It will take a very specialized buyer who must be able to deal with the obvious location troubles, enjoy loft-style living, and be able to afford above the $2M plateau. Can someone say successful artist?

Amenities

Well… none really to speak of. Okay, we know there is more to amenities than a lush rooftop garden or state-of-the-art gym facilities so we’ll tell you what 32 Laight Street has to offer. The units are key-lock elevator entry with virtual doorman. The flooring is white oak and includes finished closets to maximize storage space. The kitchen could use a little work with it’s “stainless steel” appliances (i.e. Kenmore, GE, something along those lines) and horrible “white wood matt finished LAQUERED” cabinets! However, the space allotted for the kitchen is unique and nicely placed and easily hidden in such an open floor plan. As for the bathroom, well I hope you like slate, because this room is completely covered in it.

The units also include a Sub-Zero fridge and Miele washer/dryer. The developer has obviously allowed for the buyer to envision their own concept for these units, which makes sense for this loft style, minimalist buyer.

The unique floor plan of 32 Laight Street. Notice the window/bedroom locations.

Location

This small development is located on the portion of Laight street that dead-ends into a fence which inhibits access to the highway and Holland Tunnel entrance. It also houses the pedestrian bridge that crosses over the highway and into prime Tribeca. The surrounding area itself is chalk full of restaurants, shopping, and your typical residential amenities but it comes with the constant struggle of weaving in and out of inching cars trying to get to the tunnel. The pedestrian bridge does allow for easy access to a more Eastern portion of Tribeca, which is substantial. However, the more desirable areas of Tribeca are all West of this development. The view from your full-floor Tribeca home is of large green “Holland Tunnel” signs and oncoming traffic. Although, it should be noted that the city has done a wonderful job of keeping the area clean looking and has placed trees along the fence which does allow for a more suburban feel, once the large traffic pattern is negated from the equation.

This portion of Laight Street is an oddity, an oasis of no cars and little foot traffic surrounded in all directions by just that. While most likely you won’t see families moving into this development, and by the floor plans it’s clear they aren’t marketing to them, the development could work for a loft buyer who in the past has set their noisemaker to “sounds of the city,” for it is certain you will hear traffic from time to time.

Units and Prices

We have already established that the units are aggressively priced for their size. What we haven’t discussed is the breakdown of the floor plan. The most difficult issue for this architect would have to be a light source from only one end and the best way to solve this problem is through ensuring the best light dispersal, meaning open space. This is exactly what they’ve done. They’ve also placed all the necessities (bathroom, kitchen) along the same wall as the elevator, which cubbies them into the corner allowing for a streamlined living space. While the living space is impressive in its grandeur, the “sleeping areas” obviously lack any form of sunlight and the bathrooms have a window onto an air vent, but such is loft living for the most part.

Once again, the $1,000/foot price tag for over 2,400 square feet is by far the best part of these units and probably the most enticing reason to buy.

Investment Potential

Let’s start off by mentioning one thing, The Holland Tunnel isn’t moving. That statement is two-fold, you’re most keeping the light coming into an apartment that is in need of the light from its only real source. But then again, there’s the 800 pound guerilla in the room that the Holland tunnel isn’t moving and traffic is only becoming worse day by day. The constant expansion of Jersey City allows for many commuters along with business meetings back and forth, if this continues, which it will, this area will only become more and more congested.

As for the investment into these units, it’s minimal at the prices listed and proving to become a difficult sale, meaning the developer may budge a little on the price. In return you get a huge space for a decent price. This is a unit that would expect to get little growth on an investment. You’re also paying monthlies that are par for the course, with somewhat vicious taxes. While this may not be a solid financial investment that will return at a high percentage, it is a solid lifestyle investment. Where else are you going to get over 2,400 Square feet of space at prices lower than a thousand per square foot? Brooklyn?

This entry was posted on Monday, August 13th, 2007 at 10:40 am and is filed under 32 Laight Street, Blogroll. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.