Description

CONTRACT SIGNED

This is a most unusual property, and it's the first time any lofts in this 75 year old building have been sold. The properties are two floors (4th & 5th) in an excellent seven story triangular-shaped loft building on Lafayette St. directly north of Houston St. Each floor is slightly under 2000 sq ft with great light (26 windows facing three directions), and the floors can be sold separately or together. Both floors are set up as keyed-in 2 bed/2bath lofts, and can be easily reconfigured for residential or live/work situations. There are no interior supports - you can create exactly the space you want. Condition is fair for the fourth floor and good for the fifth where there is a recently renovated kitchen and large, new bathroom. Both floors have new windows, 10 ft ceilings and good hardwood floors. While there is currently a Commercial C of O, plans are afoot to get the Residential C of O over the next 12-18 months as well as rebuild the large open roof deck. One of the most interesting things about these properties is that the maintenance is only $600 for each floor, and the street level stores produce high income currently providing each floor with approx $25,000 income a year. There is no underlying mortgage on the building. Since this building does not yet have a C of O, getting a conventional mortgage will not be easy, although commerical loans might be available. All in all, these lofts present a rare investment opportunity in one of the hottest downtown areas.