73 Fifth has another cash-back opportunity

#6B at 73 Fifth Avenue is back on the market today, though it has not been off the market long enough to be missed by other than the most careful observer.

Offered through Josh Rubin of Corcoran, they are asking $3.5mm and $2,337/mo for “3,000 sq ft” of an “authentic Old World New York loft”. I won’t quibble: there are the requisite high ceilings, maple floors, oak window frames, columns and mechanicals, in this case arrayed in an unusual “L” layout with many windows.

gotta love the cash
Like the loft at 93 Mercer Street that was presented as new to market two weeks ago (cash back on new one at 93 Mercer), this coop derives income from ground floor commercial leases that is paid out to shareholders as dividends. A neat trick to avoid violating the 80/20 rule when done right.

a brief hiatus [then poof!]
I noticed it this morning as it came back to market, though it had only been off a week. It originally was offered in May at $3.6mm before it took the month of August off, then dropped the price to $3.5mm 5 weeks ago.

[poof update 11.24: it has disappeared from Corcoran’s site, but the inter-firm database still shows it as “active”]

The large kitchen has sufficiently proper proper names to earn the tired designation “chef’s” (which Rubin avoids, God bless him), but it took a while toggling between the two kitchen photos before I read them correctly, as the two long ‘sides’ of the kitchen. The two photos show different styles on the two sides that may be a bit jarring (but maybe it scans better in real life). Certainly beautiful work throughout the kitchen…..

floors don’t photograph so well?
Speaking of scanning better, I am detecting the possibility that the floors need some work – which may be an unfair comment, not having seen them in real life. But something about the description and the photos leads me to suspect that most buyers may spend some money upgrading here, which may explain why it has been on the market for 6 months.

twin with 60 West 15 Street?
This one reminds me a bit of the loft just one block west at 60 West 15 Street 4^th floor, which I hit most recently last month in an open house review. That one is “3,100 sq ft”, also with relatively low maintenance ($2,035/mo), but that one more clearly needed work (especially the floors), without the beautiful kitchen that 73 Fifth Avenue #6B has. Maybe they are only fraternal twins. Have you seen this one, Jess??

I don’t see any units in this building that have changed hands for the last 3 years.

© Sandy Mattingly 2007