evnyc is Willing to Overlook "Pigeon Splatter" for "lovely" 2BR loft at 157 Duane

evnyc writes "It's hard not to fall for the lovely two-bedroom Tribeca loft apartment at 157 Duane. The broker isn't exaggerating when he touts the “terrific chef's kitchen” and “storage galore.” Closets conceal a pantry, full-size side-by-side washer and dryer, and air conditioning units, with plenty of space left over for clothes and whatever else one might want to hide from general view. The apartment has great flow and separation between private spaces and spacious public areas. The kitchen is thoughtfully renovated with an emphasis on functionality, and the painted white brick in the living room adds considerable visual interest.
The low ish maintenance offsets the fact that there is neither an elevator nor a doorman, but while it is a decided plus to have only one flight of stairs to walk up, being on the second floor means that the apartment doesn't get great light. The bedrooms face directly into the building next door and onto an alleyway reminiscent of New York's good-old-bad-old days. Rusty iron shutters and pigeon splatter complete the “true loft” experience. While many New Yorkers would shrug this off as a part of living in the big city, the ugly back alleyway may not be what buyers in the $1-2 million market want to wake up to each morning.
According to Streeteasy.com, #2 was originally listed with Brown Harris Stevens in April 2008 for $1,995,000. It went into contract a month later and was delisted for the summer, only to be relisted in July 2008, right before the meltdown last fall. After a year with BHS, the seller recently switched to Halstead but kept it at the last listing price of $1,650,000. Given the state of the market and some stiff competition from 1 Worth, #5F (3br/2 ba, $1,250,000), 88 Chambers #2 (2br/2ba, $1,695,000), and a ton of inventory at 80 Leonard, even this charmer might need another haircut to get the deal done.

On a side note, we're seeing more apartments in Tribeca falling into the $900 per square foot range, compared to the recorded median of $1,246. Are these places bargains? Or simply an example of the velocity of decline in the Tribeca market in particular?"