September 17, 2004

115 Allen St update

After I poked some fun at 115 Allen Street, Lockhart Steele over at Curbed came up with some scary numbers:

The 3BR Penthouse Triplex, with 2610 sq. ft. (and 1391 exterior sq. ft.) has an asking tag of $2.85m; the other 1BR/2BR floor-throughs (1600 to 2000 sq ft) all are asking $1.25m. (Brokers Laurence Carty and Irene Lo at William B. May have the listings.) The developers, 115 Allen St. Development Corp., purchased the building for $2.4 million in March. If all apartments sell for their asking price, they'll net $7.85m. Less development, construction and sales expenses, they should still stand to make a tidy sum.

I told Lock at the time that those numbers were way out of whack: no one is going to spend $2.85 million to live on Delancey Street. I was right, kinda: the listings have now appeared on the dreadful William B May website, and although it's hard to tell exactly what's going on, we can certainly say that the penthouse is being listed at an eye-popping $4.5 million (plus $3,884 a month in various charges and taxes); one other apartment is being listed at $1.425 million, and the cheapest of the lot is $1.325 million, at least according to the New York Times classified ad.

With five apartments in total, even if three of them are asking the bare $1.325 million minimum, that makes at least $9.9 million, and I'm sure that by the time everything is listed the total is going to make it into eight figures. On the other hand, if the penthouse does go for $4.5 million, I'll just hop on one of those flying pigs and leave a bottle of fine Scotch on the new owners' terrace. They'll need it.

Posted by Felix at 11:57 PM GMT

Felix, really. Must you win every bet between us?

Posted by: Lock on September 20, 2004 02:39 PM

Actually, it's not quite as bad as all that. The developer wants the penthouse for himself -- so although he'll sell it if someone offers him a truly obscene amount of money, I don't think anybody expects it to sell.

Posted by: Felix on September 20, 2004 04:12 PM

Hi Felix - and ironically the building is the former location of the neighborhood best Salvation Army! check out the piece I did on the ridiculous comments on 115 Allen's website about the neighborhood...

"Bars and snappy boutiques are edging out the old tenement storefronts. Thereís no doubt about it, the Lower East Side has become one of the most sought after places to live and real estate has been revitalized in a way no one expected."

Posted by: cb/CityRag on September 22, 2004 04:18 PM