After putting a visit off for months, we finally made it out to 15 Broad, the 382-unit Philippe Starck designed conversion in
We were therefore quite excited to see a slightly older conversion than what we have been seeing lately in FiDi, and we were hoping for similar amenities as the newer buildings with the additional benefit of a lower price. It is therefore with great surprise that we report that the unit that we saw today is somehow already in contract, even though the asking price at $799,000 is about $200k more than what the owner paid for the same unit back in May, 2007. We can only hope that the new buyer got a phenomenal deal on this place as the ridiculous ask (are you listening William Beaver?) should have been more than enough to keep serious buyers away from even visiting this unit.
Other than the truly strange in contract situation, we thought the building was bank-tastic, with cute features including the vault-like swimming pool, a bowling alley, and a completely empty gym and b-ball court. Is this building anything special? Nope. The Beave and District certainly have more amenities (and we hope, better prices) although we do like the Stock Exchange location and the sizeable (although overpriced units) that are available here.
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I think that if anything, this is one of the better priced buildings in the Financial District (at ~ $850 psf)
So basically, we're not really sure why anyone is paying a 16% premium to mid-2007 prices (which is what was paid for a unit similar to #928 that we describe here). Even though 15 Broad appears somewhat fairly priced, we hate the long dark layouts of many of the units (particularly those under $1MM) with views of nothing but the side of an office building.
The basement amenities (while fashionable in some of the newer conversions) are also not appealing and should be heavily discounted. Also, $850 per sq foot for a studio (which is what #928 is, no matter how many times it's called a 'loft') is pretty laughable, especially considering that you can get a much better deal at 20 Pine or District, both of which are newer and (in our opinion) actually have better layouts.
Nothing has sold at 15 Broad since March, despite having 39 units on the market and another maybe 30 that have been pulled in the last 3 months. This is not a desirable building in our opinion, particularly given the other options in FiDi.
the building is really nice and location is amazing. every subway in the city at your doorstep. Capital Grille coming to Pine/Nassau. Grimaldi's Pizza coming to John. Hermes, Tiffany's, Setai and one day, a rebuilt WTC. Get a clue. FiDi is going to be incredible. Stay tuned.
Apologies for digging this up but I'll respond to Anonymous.
I do agree 15 Broad is a very nice building with gorgeous amenities but I do think it's a bit over priced for what it is. There are other buildings in the financial district that do compare but there is a different style in 15 Broad which is why it still has a very strong appeal in my opinion.
As far as the FiDi as a whole, it's currently buzzing more than most people are willing to acknowledge. The FiDi has great people, great buildings and easy access to the rest of Manhattan. This is just my personal opinion and nobody has to agree with me but it's goign to be an amazing neighborhood in a few years.
Hi Graham - yeah, we agree with you in general about 15 Broad. Although we think underground amenities are rather...quirky, they are quite common in FiDi buildings and if you like 'em, 15 Broad is a great place to be. Units at 15 Broad are currently trading at around $700-$800 per sq ft, which we still think is a smidge high given the pricing at 20 Pine (a better, and certainly newer, building in our opinion) and all of the FiDi inventory on the horizon.
One thing we have to respectfully disagree on is the coming "amazing neighborhood" aspect of FiDi. We have yet to see anything even remotely trendy open in FiDi (unlike say, Harlem, where even the arrival of trendy stuff hasn't gentrified the area), which we think is a pre-requisite to making the area more desirable. Of course it is in a great school zone, but who cares about that when the streets are too narrow for strollers, congested with tourists and office workers and too far from any really decent parks.
We personally like the kind of Batman feel of FiDi, but almost no one agrees with us. The fact that the inventory of available condo units is scheduled to double in FiDi in the next two years or so is only going to put additional price pressure on the neighborhood and may exacerbate the whole "Wall Street dorm" feel.
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