Nov. 8, 2007 - sweet + quiet at 840 Broadway
drool-worthy
I think I was drooling on my keyboard when I looked at the pictures and floor plan for the 8th floor at 840 Broadway, which is on the market less than two weeks. The space is said to be "2,700 sq ft" with 10+ foot ceilings and 14 windows that are each 4 x 7 feet. The views include the Empire State Building and Union Square to the north and roof tops to the west. The layout is largely open, featuring a 19 x 42 foot living room.
The location is tres central, at the southeast corner of Broadway and 13th Street (the building with Forbidden Planet on the ground floor), with a long run of windows along the long north wall. With a huge volume of traffic crossing 13 Street and coming right down Broadway at this building (and being opposite the movie theater entrance), the loft is described as not just quiet, but having a "soothing silence" (due to the double pane windows) and this must be true; no one would market in this way at this location and exaggerate about that. Having central air certainly helps on the noise issue, as well.
Said by Carol Frederick of BHS to be a "stylish renovation", I hope I am not being paranoid in wondering why there is no description or photo of the kitchen. (The master bath is the subject of boasting: "remarkable limestone master bathroom".)
it costs money
I have not mentioned the price yet, as my appreciation at this point is truly esthetic - regardless of price it appears to be a magnificent classic loft with an unusual combination of both light and views. But they ain't giving it away.
the money may have strings
They are asking $3.85mm and $3,050/mo, and that may get a little complicated. First off, Frederick notes that the ground floor commercial lease offsets the maintenance by $1,000 at the end of the year. Second, the BHS site does not say how much financing is permitted, but does note "Tax deduction: 0%"; if true, it is because the "coop" does not qualify for favorable income tax treatment for maintenance payments. In turn, that means that buyers may not get a "residential" mortgage (if the lenders are paying attention), the interest on the loan is not deductible, and the primary-residence-non-recognition-of-gain favorable tax treatment won't apply when it is sold.
Be sure to ask. Maybe start with your lawyer if this appeals to you.
I am going to sign off here and clean my keyboard.
Open House Sunday Nov 11 from noon to 2:30
© Sandy Mattingly 2007
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on matters of interest to Manhattan coop or condo loft apartment dwellers, buyers, sellers, and others, especially about New York City real estate
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