111 Hicks' Raw But Oh-So-Awesome New Penthouse
Talk about “Wow” factor! The co-op board at 111 Hicks Street, which, The New York Times implies, has been under some financial pressure of late, has decided to unlock some of the building’s hidden value by clearing out the former water tower storage space on the 30th floor and getting approval from the to convert…
Talk about “Wow” factor! The co-op board at 111 Hicks Street, which, The New York Times implies, has been under some financial pressure of late, has decided to unlock some of the building’s hidden value by clearing out the former water tower storage space on the 30th floor and getting approval from the to convert it into an apartment. The 66-by-53-foot space, which has 360-degree views of Manhattan and Brooklyn, is now on the market with Sotheby’s for $2,495,000 (though we couldn’t find the listing). Somebody is going to have to want a challenge to create something here, said Kevin Brown of Sotheby’s. But they will only be limited by their imagination and pocketbook. Jealous! Update: We found the listing and added another photo on the jump. Update II: Gothamist has some new exclusive pics from inside the space here.
Where the Water Tanks Were [NY Times]
Struggling Co-op Turns Utilities Floor Into Penthouse [Curbed]
“(2) do you not understand what my quotation marks mean!?”
No, actually I didn’t understand your quotation marks to mean FUTURE owners.
When I read that they ‘spent months getting approval from the attorney general’s office’ I assume it’s to allocate shares to the unit.
This smarty pants doesn’t know what “This is not an offer to sell the shares” means. Maybe the broker can answer that.
**oh my bad**
StreetEasy has 13 listings (plus 2 in contract) out of 300 apartments in the building.
There are always listing at 111 Hicks – IIRC about 20 right now – but I never even bother looking at them. CGar and Ringo have heard the same thing (over and over and over again) I have.
Spectacular space, but hard to even comprehend what the build out would cost.
agree that locals only hear bad things about this board. residents always blame the “old” board, but seems like it’s been a problem forever and ever. isn’t the “new” board the “old” board by now?
I’m not so sure DIBS is right about the share thing. It’s entirely possible that they won’t issue shares. If they did, every lease on every unit would have to be rewritten. I think. I may all wrong about this, but I think sometimes these “found” units are dealt with entirely differently than regular shares.
“But they will only be limited by their imagination and pocketbook.â€
I lived around the corner from this building for 16 years and things may have changed, but maintenances on apartments in this building are eye-crossingly enormous. I am not sure why, but I am certain that a monster mortgage is one factor. Maybe there is someone who has the inside scoop on this, but I would imagination that the monthly maintenance would be enormous.
It IS spectacular space. But the building has a reputation for being very poorly run, and the co-op board has a terrible reputation for everything from “management” of the co-op, to “approving” buyers, to “approving” renovations. My broker forbade me from even THINKING ABOUT looking at 111 Hicks. Apartments take forever to sell in this building, and the asking prices are generally lower than the comps, and high maintenance is only factor.
Expert Textpert… (1) I’m talking about the FUTURE owner of the penthouse, and (2) do you not understand what my quotation marks mean!? No one OWNS anything in a co-op. It’s all owned commonly in shares… SO THAT’S WHY i used quotation marks, as shorthand. Jaysus.
But since you’re such a smarty pants — why don’t you answer my question rather than being clever?
That is some great space, I agree.
So tall buildings don’t need watertowers anymore? Or are they charming anachronisms anyway?
“Does that mean the “owner” of this penthouse”
The board owns this penthouse.
Hence, “He said the board found a clever way to create value where there had been none before, and spent months getting approval from the attorney general’s office and the city buildings department before putting the space on the market.”