canvas is blank + new at 5 East 3rd (not cheap) : Manhattan Loft Guy

Manhattan Loft Guy

Sep. 27, 2007 - canvas is blank + new at 5 East 3rd (not cheap)

exposed brick, original oak floor, high ceiling, needs architect + big budget

The 3^rd floor at 5 East 3 Street is newly for sale, asking $1.7mm and $1,360/mo (condo) for "1,860 sq ft" of essentially raw space. The web has one interior photo (yes, there are many, many bricks exposing themselves here) and one exterior photo - but the exterior photo is of the building across the street (the "super trendy Bowery Hotel"), showing graphically that this is "truly a hip part of the city".

This is a total build-out project, putting another spin on selling a "fabulous loft in the Wyoming Building ... at under $1,000 a square foot". The floor plan shows seven windows on one long side and two on the other, plus the wall-to-wall north and south windows. The floor plan does not show where the second plumbing riser is for a bathroom or where the kitchen might go, so it is hard to say how flexible the space may be.

why the City?
I had never heard of the Wyoming Building before seeing this listing. City title records show this was City-owned for some period, that the City sold the building to Wyoming Arts LLC 15 months ago for $630k, and that the City provided a nearly $5mm mortgage at the time (and The Community Preservation Corporation another two mortgages totaling $1.5mm). I can't imagine why the City would sell below market and provide a large mortgage to a condo developer. Be sure to ask about the history and any restrictions on the building.

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Nov. 11, 2009 - RE: canvas is blank + new at 5 East 3rd (not cheap)

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