Sale at 334 Grand Street PENTHOUSE

i don't see any sign that anything has sold. one unit, a rent with option to buy, has a painful listing history. is now listed as in contract, originally listed at $13,000, last list of slightly under $7000.

here's an earlier article from curbed, so it's been having issues for quite awhile. and those monthly charges are fugly.

http://ny.curbed.com/archives/2009/01/28/grey_in_crisis_other_palazzo_also_pricechopped.php

Yeah had this one one my radar the same time as that other grand street apartment where you had the colorful OH review.
If I recall, I think it rented out, therefore passing on the task of selling (with those monumental monthlies) to a future date.
I'd look to see what month the rental listing went to "rented" or "no longer Available" and that will be the month at a future year for this to go back on the sales market.

Sometimes taking the alternate Willie B option in the AM instead of the Tunnel takes me past this area and I have ruled it out as a possiblity to live there.
Too many vato locos for me.

Oh never mind, I see I should have clicked first, it is back on the market.
Unfortunately it's still on the same block too.

Appears to be a 5 million consolidated mortgage on the building.
That must be why the monthlies are so low.
And it doesn't look like a condo declaration is recorded on acris. Kind of hard to determine what this building is....a 2 unit..... 3 unit building? Plus 1 commercial?
A condo declaration would tell the story.

truthskr, it's seven stories. one unit is listed as 4R. there appear to be maybe two penthouses (hard to tell, the one that was for rent is listed as the same size as the one currently for sale, which is also listed as being rented until august), one at least seems to be a duplex, but if the other one is as well (and that doesn't look right from the picture or the number of floors, but who knows, maybe each have half of each floor), you have a minimum of three units, possibly as many as five.

shitshow.

AR, not necessarily, I don't why Im remembering this but I think the single PH unit was the top 3 floors.

truthskr, you're right and shame on me for my laziness. i went to the elliman site and it is indeed a triplex. it would be odd for them to unload floors 1-3 as commercial.

anywhoo, that seems to indicate to me that they've rented it out again, at about half of what it would have cost to own. i'm used to a lack of clarity, but this is up there.

yep, here we go
http://www.prudentialelliman.com/mainsite/popups/ListingFloorplans.aspx?ListingID=1065836#

And though the 4th floor unit being called 4R would indicate there is a 4F(front) it's not always the case.
But it appears everything thy've offered on the market so far is the new extension only (4th floor and up)

No 4r is listed as full floor.

It's interesting to see where their expectations have been.
It would great to have the inside scoop.

inside scoop? you're asking a bit much from us, falco!! although you never know, maybe an se regular has dated the developer and wants to unload. never hurts to make inquiries.

i think the inside scoop, though, is that these have almost no odds of selling. if the developer can get by on rentals, then it will limp along. but with those monthly charges and a $5mm mortgage, i'd suspect this will be headed to foreclosure at some point in time.

AR....I see these properties from time to time like the one on second street that's just sitting there. I can't help but be curious about the next steps for these properties. Like if this one goes into foreclosure it is sold whole, not in pieces. There's a 5MM note out on the joint that I don't think anyone would want. I wonder how low these properties will eventually trade for?

actually, now that you mention it, i think i saw in a curbed article that the entire building was for sale for $11mm, maybe, and then $7mm? which would make me think the commercial spaces hadn't been sold, probably just rented, which is consistent with the sales history for the building.

likely the lower they trade for the less likely anyone like us will come near them. i know 30yrs has been absent for awhile, but i'd love to hear his take on this.

Hello we looked at the lower floor unit (not the penthouse) and learned that floors 1-3 are indeed commercial. The owner/developer uses the space. The unit had low ceilings and was small, not great quality materials or design decisions either. It's a shame. We were perhaps naively optimistic about something unique and non cookie cutter glass boxy in the neighborhood.