Rather famously, Lachlan Murdoch (son of Rupert) bought Nolita's beloved 11 Spring Street (f/k/a/ the Candle Building) with an eye on turning it into a single-family mansion, before pops sent him packing back to Australia. Instead, the once graffiti-covered building was renovated and chopped up into three apartments. Over a year ago, when the listings hit the market, we suggested just buying the whole shebang for a sum of $39.8 million. Now that the renovation is nearing completion and the apartments still have not sold, the developers are suggesting you do the same thing.
A Corcoran listing just popped up for the entire house, noting, "Currently being developed as 3 individual condominiums but can be sold as a single house. Approx. 11,000 interior sq feet." The discount for snagging all three units instead of settling on just one: a whopping $0.00. Gee, you'd think they'd knock off $100k or so to at least give the illusion of a deal. Still, with dated uptown co-ops trading for $40 million or more on a routine basis nowadays, doesn't this kind of—and it's hard to type these words given the amount of money involved—feel like a bargain? It is, after all, one of the most beautiful buildings in town. A point we will not argue, we might add.
· Listing: 11 Spring Street [Corcoran]
· 11 Spring coverage [Curbed]