What will Trinity Church do with this penthouse?

So apparently I have no idea how to add whitespace in this format.

Double carriage return ain't it. Maybe an HTML will do the trick?

Anyway, how do we see the non-crooked market for high fee co-ops panning out under Covid? There are a few other listings in that building, and recent closings at nearby comps like 55 Liberty (the one with the much discussed "Batman apartment" from the last crisis) / 3 Hanover / 26 Beaver / etc.

Ref: https://streeteasy.com/talk/discussion/10212-55-liberty-ph-899k

St Thomas Church sold off their rectory at 550 Park late last year (11E, I believe: ask 10.995m, sold 9.995m, 4500.sf, ~10k/mo maint, ~1yr on the market), but reestablished it (along with the rector) in a condo @ 135 W 52nd (35a?). Rectors have to live somewhere, and the church usually provides the space. Just one of the many things churches have to do in the RE market. That 60'+ view through the combined LR and DR was pretty fabulous. Not happening on 52nd st.

In defense of either location, those spaces are typically heavily used for entertaining, meetings, and occasional hotel rooms for visiting bishops and super-senior clergy.

Real talk -- while I find that penthouse's floor plan awkwardly wasteful, rectory or not, I'm weirdly attracted to the oversize studio one floor down: https://streeteasy.com/building/176-broadway-new_york/15d

Mine

Congratulations.

Nice! Congrats.

I’ll say congrats to, but what are we talking about? 15D?

Not in contract.

Yes, signed contract on 15D yesterday night

Mazel tov.

Congrats! Nice space.

Congrats Richard! Nice get.

Very nice Richard. Congrats.

That was quick. Congratulations

Thanks folks. Congratulate me in 5 or 10 years when this building, neighborhood, and city aren't staring into the abyss. For now it's best viewed as a weirdo rental wherein I've purchased the option to make it weirder.

At least it was on sale. I actually toured the apt the first day it came on market and have basically spent the last 2mo grinding down the seller & brokers.

Nice. What rental eqt did you put in your spreadsheet?

"For now it's best viewed as a weirdo rental wherein I've purchased the option to make it weirder." - Outstanding. Nobody can argue that you don't know exactly what you are doing. I am sure I speak for many when I say I hope your purchase does not mean you will be signing off Streeteasy. You are an excellent bridge between the "perma-renters" and the "only-owning-will-do" factions.

Including various concessions, my effective purchase price is about 20% off ask.

Paired with a pessimistic model (rising taxes, prices flat or falling slightly) I figure that's equivalent to a rental in the low $5s. I could probably rent something similar for that price today, if I put as much effort into finding & squeezing a desperate condo owner as I did into this one, but not for the long haul.

And I'm serious about wanting to make value-negative renovations. For starters, we will sleep in the WIC...