New York's Cooperative and Condominium Community

Habitat Magazine June 2020 free digital issue

HABITAT

SOHO

Shady real estate dealings in Soho and Brooklyn among numerous charges.

President’s long-time lawyer got D.A. to drop Trump SoHo investigation.

New York’s first zero-waste residential building is coming to Soho.

When an Artist-in-Residence Is Not an Artist, Expect Trouble

Written by Richard Siegler and Dale J. Degenshein on May 23, 2017

SoHo

Lawsuit erupts when a business suit replaces a painter’s smock in a Soho co-op.

Sale of ground floor space nets a $28 million windfall.

Soho Co-op Cashes In for $42 million

Written by Bill Morris on February 14, 2017

SoHo

In a Soho that has changed for the worse, shareholders agree to sell.

Facelift for a Faded Soho Beauty

Written by Sue Treiman on December 14, 2016

SoHo

Restoration of the cast-iron facade reveals a gem's luster.

 

This time, a co-op’s shareholders decided to take the money and run. Two weeks after a Brooklyn Heights co-op turned down a developer’s $130 million offer to buy their commercial space and erect a 40-story condo tower, the residents of a co-op at 61-63 Crosby Street in Soho have sold their building for $42 million to L3 Capital, a Chicago-based investment firm that plans to turn the cast-iron jewel into an office building.

“The co-op owners decided to take some chips off the table and move out,” says Adelaide Polsinelli of Eastern Consolidated, who represented the buyer in the deal.

The 20,600-square-foot Crosby Street building, located between Spring and Broome Streets, was erected in 1876 and converted to a co-op in 1981, according to the Real Deal. It contained seven loft apartments and a ground-floor retail space most recently occupied by the clothier Carson Street. The building comes with 6,500 square feet of air rights.

Cutting Down on the Cost, Danger & Disruption from a Gas Leak

Written by Bill Morris on January 13, 2016

SoHo

When an explosion in the East Village left two people dead and three buildings in ruins last year, New Yorkers got a grisly reminder just how serious - and deadly - gas leaks can be. So when a worker at the Ronald Feldman Fine Arts gallery in Soho smelled gas a few months after the East Village explosion, everyone went on high alert.

The fire department rushed to the elegant cast-iron building at 31-33 Mercer Street, a five-story, 12-unit co-op that's home to the Feldman gallery and an eclectic mix of artists, architects, writers and photographers - the kind of people who used to live in Soho before it became a sprawling shopping mall. The building's gas was immediately shut off. Crews from Con Ed and the city's Department of Buildings (DOB) arrived, beginning an ordeal that would spiral into a "nightmare," in the words of the co-op board's president.

But this nightmare inspired some creative financial thinking that got the building healthy - and safe - while saving the shareholders a pile of money.

 

Soho is getting it's own Flatiron Building. The boat-shaped structure at 10 Sullivan Street is almost complete. Curbed writes that the 16-story, 203-foot-tall structure will have 22 condos, ground floor retail, and — are you ready? — parking. Considering how many parking lots in and out of the city are vanishing to make way for condos, that's pretty neat. The Cary Tamarkin-designed project, which is being developed by Property Markets Group and Madison Equities, "has been billed as 'the highest residence in all of Soho.'" Well the highest is the $45 million 8,359-square-foot triplex penthouse, which boasts a 23-foot-tall ceiling, two wraparound balconies, a roof deck, and a private pool. It's good to be the king.

Photo of 10 Sullivan Street via New York YIMBY.

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