November 22nd, 2011
A commercial building with 3 loft units at 46 Old Fulton Street just came on the market on Friday. Brownstoner featured one of the 5,000 sqft lofts for rent last month for $12,000 per month, still listed by Awaye Realty. This 1925 built building is 41 x 98.58 sqft with 8 full baths and 16,000 sqft was sold for $2,900,000 in August 2010, according to Everyblock.
There are two commercial spaces on the ground level and 3 floor through lofts, one per floor. The Fillmore listing says that the “side wall has a billboard which can be rented for $15,000 per month.” For 20% down ($1.4MM) and loan amount of $5.6MM, that’s roughly $30k per month of mortgage (at 5%). If half that can be paid for by the billboard, leasing 3 lofts for $5k covers the mortgage.
Is there a hitch? Unless there isn’t an updated Certificate of Occupancy on the NYC.gov website, the listed C of O of the building states that it cannot be used by more than 2 families. Are we reading this wrong? Either way, it’s an attractive building (for investment potential) across the street from what will be Grimaldi’s new home at 1 Front Street, next to the Eagle Warehouse coop building, but with plenty of traffic passing it.
[Update: A reader pointed out, "If you look closer at the C of O pdf, you will see that there are actually 2 distinct properties included in the 4 pages. The latter half, with the 2 families notation, is not for this building."]
(Photos from Awaye Realty)