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Seaport #3: Seaport Mews at 264 Water Street

As long as we're spending the afternoon looking at properties for sale around Peck Slip, here's an entire luxury rental building just off the main square that's up for grabs. Known as the Seaport Mews and situated at 264 Water Street, this historic warehouse was converted to residential living back in the late 1980's; its 27 units are kicking out almost $900,000 a year in net operating income, according to the setup from Massey-Knakal. But here's the odd thing: the property has been on the market at this price—$24.75 million—since mid-2005. Simply overpriced, or are there other issues here? Anyone kicked the tires or live in the building who cares to report?

Click to enlarge.

· Listing: 264 Water Street [Massey Knakal, PDF]