According to New York City records, the median price for an apartment in Manhattan for the month of December 2022 was $1,100,000.  The price represents a decrease of 6.4% from the median price of $1,175,000 recorded in December 2021. The number of apartment sales dropped dramatically from 1111 to 851 reflecting a year-over-year decrease of 23.4%.  December represents the fourth consecutive month that the volume of year-over-year sales have dipped in the borough.

What exactly does $1.1 million get you in Manhattan?  It gets you a bit of old New York. Let’s take a closer look.

Apartment 2 at 265 Water Street is a full-floor open loft in a late nineteenth-century factory building in the Seaport District neighborhood of lower Manhattan.  The area’s mercantile past permeates the air and most of the historical structures have retained their integrity.

265 Water Street is located between Peck Slip and Dover Street on a quaint cobblestoned street within the shadows of the Brooklyn Bridge.   The South Street Seaport and Pier 17 are two blocks to the south.   

Apartment 2 spans approximately 1664 square feet and is flush with architectural details true to the origins of the building.  Wide hewn beams crisscross the ceiling of the great room (25’7”x36’6”) while the kitchen, bath and bedroom areas are enhanced with barrel vaulted brick ceilings.  Additional features include exposed brick walls, original plank flooring and steel support columns.  

265 Water Street was built in 1879 as a biscuit factory. Today it survives under co-operative ownership. The building rises eight stories and contains seven full-floor loft apartments – each serviced by a keyed elevator.  The ground floor is commercially zoned.  

Apartment 2 at 265 Water Street was first listed in mid-July 2022 for $990,000.  The listing was under contract within six weeks and sold in December for $1.1 million, more than $100,000 above ask.  The price represents a value of $703 per square foot. The property was represented by Shari Weiner of Compass.  Please visit Linecity for more details on the sale.