building at 52 East 4th Street

under contract here.

How's that going for you? Still planning on closing? I don't think these guys have anywhere near 12 units under contract..

The info I have says they have their TCO and well over 50%. You planning on closing?

For those of you in contract, how do you feel about the 3rd floor commercial floor unfinished and being offered at $530 per square foot?

This is really funny: about 6 years ago I had a commercial "tenant" who was looking to buy space in the area looking with a colleague who enlisted my help and I told her that the perfect space would be if they built a building on that lot. The amount of space they were looking for and the amount they were looking to pay was pretty much EXACTLY that.

Is it hard to change the C/O to residential in this situation?
It might be an attractive option to someone considering the previous sales comps and the in contracts are most of those 13 active listings.

13 active sales listings: $1,702 per ft² (avg)
5 previous sales listings: $2,000 per ft² (avg)

Might be impossible. Odds are if it were possible and profitable, wouldn't the developer have done so?

It may have been more profitable when plans and permits were going in 3 years ago to build as commercial.
Hard to say where all developers stand today...
But I defer to your experience and knowledge.

take a look at the building: it's a classic "base plus tower" with the third floor being in the base. Most often the base is deemed commercial and the tower residential (although not always). My guess is that there are probably lot line issues as far as the 3rd floor being residential.

Yes I've seen the building during recent walkpasts after a couple soirees on the rooftop of the Cooper Hotel.
I find the neighborhood intriguing. I think a lot of the developers in the area are all thinking, "if we only had one more year of good times."

in today's email:

You are invited to the 52 East 4th Street Poolside Cocktail Party and launch of our commercial condos for sale.

Tuesday, September 15th 6-8pm

Ha, Core Group certainly loves their parties.
It'll be interesting to see what kind of commercial they will be able to pull there not being on the avenue (or on bowery directly)

It's not retail, it's upper floor commercial, so being on the Avenue is of MUCH less importance (not zero, but GREATLY diminished).