Remains Remain at Ground Zero
The patch of downtown Manhattan from East 14th Street to East 18th Street and between Irving Place and Second Avenue shape-shifts to suit the mood of brokers trying to sell their properties there. If they want to exude refinement, they call it Gramercy; others choose to glom on to the hipster vibe of the East Village or capitalize on the poised-for-luxury rep of Union Square. Whatever its nom de guerre, the nabe's worth a visit, both for the chance to troupe in and out of all sorts of buildings — the housing stock is diverse, including high-rises, low-slung tenement-style buildings, prewars, and townhouses — and for the hope of finding the perfect apartment. Fuel up at the Greenmarket at Union Square when your energy flags. Here are some spaces to check out.
The Website for CASA, a rental building on 21st Street in Chelsea, presents it as "a new concept fusing the lavish and the leisure," which apparently means a "spa-inspired European marble bath," along with the stainless-steel appliances and custom closets. What it doesn't include — even at $6,000 per month for a two-bedroom, reportedly — is the right to actually live in the building. See, as Curbed reported this morning, the building has Certificates of Occupancy from 1935 and 1972 — the latter from when it was a parking lot — but nothing saying the site was fit for human habitation. A little more digging by Curbed readers, meanwhile, revealed that the Department of Buildings Website shows 36 outstanding items and five objections that must be addressed before a C of O can be granted. That's on top of the complaint that the building itself is illegal because, oops, there's no C of O. How'd Curbed learn about this? An angry broker — whose client had a lease for October 1 but hasn't been able to move in — e-mailed the site. And you thought broker's fees were worthless: It's not like just anybody can e-mail some blog. Oh, wait. Just Looking for a CASA to call home [Curbed]
So much for the tenants' group: Tishman Speyer, the real-estate behemoth that controls Rockefeller Center, among other things, has won the auction for Stuyvesant Town and Peter Cooper Village, agreeing to pay MetLife $5.4 billion for the complex. That works out to $486,769 for each of the complex's 11,232 apartments. Which would take only 243 months — a mere twenty years and change to recoup if each unit rented for the maximum allowable stabilized amount of $2,000 per month. Naturally Tishman will wait that out, right? 110-Building Site in N.Y. Is Sold to Speyer [NYT]
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