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. There�s 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