top of the bottom of Hudson is new / 1 Hudson St has top price
The 10th floor at 1 Hudson Street sits on top of the Chambers Street foot of Hudson Street. With no floor plan, it is hard to tell if there are views north or west, but the pictures show broad views to the southeast at what is essentially a double-wide intersection, with Hudson starting and Varick crossing Chambers side-by-side.
They are asking $3.2mm and $2,557/mo for "1,800+ sq ft", a very hefty premium for the view over the closed price for the 3d floor from February 2005 of $2.3mm (that was sold as "a beautiful and well-designed masterpiece").
reading between the lines (and pictures)
The BHS listing description is a fascinating thing to deconstruct. While describing the loft as "magnificent", the only bragging is about the building (beautiful and historically significant), the ceilings (13 ft, with skylights), the windows (original, wood-framed), light, and views.
Not a word about the kitchen or the condition of the (only) 1.5 baths. No close-up of the kitchen in any of the (only) 3 interior pictures.
Judging from such indirect evidence is risky, but my guess is that most buyers will spend a lot of money bringing the interior of the space up to the quality of the views.
send in the clowns (with lawyers)
Note that the tax deductibility of the maintenance is given as 0%. If true, the restaurant downstairs must pay enough rent to prevent compliance with the IRS’s 80/20 rule, which means that shareholders cannot deduct the coop’s real estate taxes and probably cannot deduct their individual mortgage interest payments; indeed, a careful bank may not provide a residential mortgage in a non-compliant "coop" so purchasers may have to get commercial loans (higher down payments, higher rates). See January 16: IRS rules for coops / beware the 80/20 rule.
[update Nov 15: listing now says 57% of maintenance is deductible; never mind about 80/20…]
If anyone inquires, please let me know if I am wrong about this.
Open House Sunday Oct 14 1 – 3
© Sandy Mattingly 2007
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