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Building of the Day: 115 Allen Street

Tuning into our interest in pre-building investment opportunties in Manhattan real estate, MemeFirst scopes out pre-development luxury at 115 Allen Street on the Lower East Side. They're particularly taken with the fixtures planned for the bathrooms: "It's illustrated with a Kohler Purist Wading Basin Sink?just the thing if your idea of the perfect sink is one which is only an inch deep!"

The hard facts: the architects, CAN Resources, are the fun folks behind the design for Lever House (the restaurant, not the, uh, house), downtown dens Joe's Pub and Bowery Bar, and L.A.'s Standard Hotel. The 3BR Penthouse Triplex, with 2610 sq. ft. (and 1391 exterior sq. ft.) has an asking tag of $2.85m; the other 1BR/2BR floor-throughs (1600 to 2000 sq ft) all are asking $1.25m. (Brokers Laurence Carty and Irene Lo at William B. May have the listings.) The developers, 115 Allen St. Development Corp., purchased the building for $2.4 million in March. If all apartments sell for their asking price, they'll net $7.85m. Less development, construction and sales expenses, they should still stand to make a tidy sum.

So, if you missed out on pre-investment opportunities at the nearby 7 Essex Street, this could be the place for you. Of course, there are downsides. Notes MemeFirst, "And do you think that I could have my sanctuary setting just steps away from Delancey Street, one of the noisiest trucking routes in all of Manhattan? Yes? Fantastic!"
· 115 Allen Street [115allenstreet.com]
· 115 Allen St [MemeFirst]
· CAN Resources [canresources.com]
· Kohler Wading Basin Lavatory [Kohler.com]

115 Allen Street

115 Allen Street, New York, NY 10002