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)
{NYC.gov BIS: 46 Old Fulton St}
{Propertyshark.com listing for 46 Old Fulton St}
Some corrections: It is 3 loft units, not 3 per floor. It was built in 1945, not 1925. 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.
Also, the NYC loft law applies to the residents currently living in this building.
Some corrections: It is 3 loft units, not 3 per floor. It was built in 1945, not 1925. 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.
Also, the NYC loft law applies to the residents currently living in this building.
Thanks fultonferryres for the clarification. Everyblock notes this building was build in 1925, but the CofO is dated 1945.
Thanks fultonferryres for the clarification. Everyblock notes this building was build in 1925, but the CofO is dated 1945.
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Are the protected loft board/IMD tenants being delivered vacant?
Are the protected loft board/IMD tenants being delivered vacant?