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Noho Loft: Risk and Reward

"This is a most unusual property." When an apartment listing begins with that phrase, things are bound to be interesting. How interesting? What about a 2,000 square foot Noho loft for just under $2 million. Sure the place needs some work, but we're talking about 2,000 square feet in a great location, with low monthly maintenance, 10 foot ceilings and windows facing three directions. What else could a person ask for? Well...for starters, prospective buyers may want to ask for the Certificate of Occupancy, because as of now there isn't one:

Plans are afoot to get the C of O over the next 12-18 months as well as rebuild the large open roof deck...Since this building does not yet have a C of O, getting a conventional mortgage will not be easy, and the owners might be agreeable to taking on part of the mortgage. All in all, these lofts present a rare investment opportunity in one of the hottest downtown areas. This investment is not for the risk averse, but if you're Tony Soprano and you can get your consigliere to "lean" on the building inspector, then this could turn out to be a great investment.
· 325 Lafayette Street - Apt. 1 [Halstead]
· 325 Lafayette Street - Apt. 2 [Halstead]