I see a lot of condos and lofts and usually they all fall into one of 3 or 4 cookie cutter molds. However, occasionally I come across one that actually excites me. Such was the case on Thursday when I went with some clients to this very cool and very unique 4700 square foot condo in West Town’s meat packing district at 1152 W. Fulton Market.
That’s right. Right in the middle of the meat packing district is a very unassuming building that looks like it harbors your run of the mill timber lofts but as soon as you get off the elevator you are certain that this is no ordinary converted warehouse. In fact, it looks more like a luxury high rise, with completely finished walls and ceilings and finely milled trim. It’s a totally different world from the forklifts and 45′ trailers trying to navigate the narrow streets outside.
Unit 5C is accessed from the 5th floor and triplexes up. As I understand it this is the only unit that rises above the 5th floor and it is also the largest unit in the building. As such, there is only one common wall and that’s on the main level behind the kitchen cabinets.
Frances Buerman of SweetLife Properties has the listing, though Chaz Walters, who previously had the listing, seems to think he still has it. His listing is marked TEMP, or temporarily off the market. Someone should tell him. Maybe I just did.
Here is the description from the current listing:
HUGE DISCOUNT! THIS ONE-OF-A-KIND WEST LOOP PROPERTY WAS PREVIOUSLY LISTED AT $1.3 MILLION. APPROX 4,700SF INDOOR AND 2,500 SF TERRACE SPACE. CHERRY HARDWOOD FLRS, GRANITE COUNTERTOPS, GOURMET KITCHEN WITH HIGH-END APPL. QUALITY ITALIAN CABINETRY. 2 DEEDED GARAGE SPCS. & ADDITIONAL TANDEM SPACE
Here are the property particulars:
- Listed at $899,000
- 3 bedrooms. The listing says 4 but the 4th is really more of an office since there is no bathroom on that level.
- 3 1/2 baths
- 2 fireplaces
- 3 garage spaces
- 2 terraces + balcony
- Assessments are $515/month
- Property taxes of $22,680. That needs to come down.
Be sure to check out the photo slideshow below.
The home has Brazilian cherry floors throughout and very modern but elegant finishes. The kitchen is beautiful with a Dacor oven and stove. The refrigerator is a GE Monogram. Because the unit takes up most if not all of 3 floors of the building there is no shortage of windows and some of the city views are really amazing. You can get a sense of the views from the last photo in the slideshow which was taken from one of the decks.
The layout is extremely open throughout, with only 3 discernible separate rooms on the main level, which is the largest floor. However, I would definitely not classify this as a loft because all the walls are full height. All the bathrooms are really spectacular, which I don’t think the photos quite capture but you can get a sense from them. Note that the family room has a wood paneled ceiling, which adds a really nice touch.
The listing price is in the ballpark, given the sheer size of the condo and the selling prices of other, much smaller units in the building. The unit was previously owned and occupied by the developer of the building so it’s not clear what it’s original value was. However, there is some record of a June 2005 “sales price” of $1.225 MM. The unit was recently purchased out of foreclosure by a group of investors that Frances Buerman regularly represents. There is no record of that sales price but apparently part of the deal these investors had with the bank was that they had to deal with the removal of the developer. These investors apparently didn’t do any major rehab work but they clearly cleaned the place up and staged it – very nicely I might add. I’m sure the staging is part of what makes this place look so spectacular.
There are two caveats about the property: 1) if you look through the photos carefully you will notice that the fireplace in the main living area has an awkward location, right off the entrance. It’s not like you are going to be sitting in front of the fireplace chatting. 2) We noticed 2 areas where the floor exhibits some water damage but there was no indication of a source of the problem. In one case I suspect the previous owner had a plant located there and water leaked out of the plant over time.