We visited Loft 25 on Friday and had a chance to see the construction progress since we originally started coverage a few months back. Closings have started in part of the building and the majority of units should be complete by June. This is a bit later than original estimates but not terrible. There are 21 apartments listed on the current availability sheet out of an original offering of 79 units. They are basically 75% sold and prices have increased since the sales office first opened.

The developments consists of a ‘loft building’ which has some really great units and a smaller glass-clad attached building which is not lofty at all. The smaller building is an opportunity for first-time home buyers who are looking to live in West Chelsea but don’t want to shell out the big bucks for some of the more premier developments. The advantage is that you get access to the building’s amenities even if you don’t choose to live in the Loft section of the building. This smaller building has four units remaining: 3J, 4J, 5K, and 6K. The K line faces the street and both units have treetop views. They also have views of the massive housing project across the street. The J line faces the back which isn’t much of a view but does get light shining over London Terrace Gardens.

The loft units are certainly impressive with 12’+ ceilings and truly unique kitchens. That building still has about 17 units left (most layouts still available) which range in size from about 1,200 feet to 2,000. Some have home offices and all of the one-beds have two baths. The building is not that tall but it is wide and many of the units have partial river views and a piece of the skyline. We don’t love the lack of an abatement (because it’s a conversion) but the prices per square foot here are considerably more reasonable than most of their hi-line neighbors.

We’re not sure yet how much, if at all, Loft 25 is negotiating on the ask prices.

James

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