white box special

limited market for Do It Yourselfers??
Unit 5 at 186 Fifth Avenue went into contract last week off an asking price of $2.418mm ($3,207/mo in taxes and common charges) for “2,418 sq ft”. It had been offered for sale since March 3 through Leah Goldfarb at The developer, Walter & Samuels. (I did not realize that Walter & Samuels developed their own buildings; I have known them up to know as building managers and sellers of sponsor units.)
The building website showcases this pretty darn beautiful building, the former Western Union Telegraph Company, at the corner of 23rd Street. The only units shown on the website are on the 3rd, 4th, 5th and 7th floors. The 3rd and 7th were brought to market in September and have been in contract for a while; the 4th seems not yet to be offered; the 6th and 2nd are MIA at the moment.
Check out the pictures, accessible through the Walter & Samuels listings page, especially of the drop dead gorgeous elevator cab.
C of O without a kitchen or bath?
The current floor plans don’t show a kitchen or bath, which I thought were required to get a Certificate of Occupancy. But the alternative floor plans provided (for example, for the 3d floor unit) suggest that the plumbing stacks run in the middle of the units – permitting a fair amount of flexibility in design. These Long-and-Narrow spaces are 26 feet wide, 80 feet long, with windows along one long wall (23rd St) and one short wall (Fifth Av). The alternative floor plans don’t seem to me to maximize the light or ‘space’ but anybody buying white box space will (better) have a pretty good architect.
waiting for 2 and 6
It will be interesting to see whether prices change when the MIA units come to market….
© Sandy Mattingly 2007
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