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How Long Until 11 Spring is Put to Sleep?

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For a while, 11 Spring Street was Nolita's knight in shining graffiti, but now nobody wants the thing. The three condominiums in the converted stable/street art canvas have been on the market for about nine months, and the Sun's Bradley Hope reports that zero have been sold. Why? According to 11 Spring broker Robby Browne, it's because construction is still ongoing, and "Nobody can go inside and see how fantastic they will be." Fair enough, though we're used to much bigger buildings selling out before a shovel hits the ground, and this was one of the most publicized offerings in town. Broker Larry Michaels, who represented Lachlan Murdoch when he abandoned his mansion plans and sold the building, has a different take: "Even if you retrofit it with the biggest bling, it's still a five-story brownstone in Little Italy. ? They aren't going to sell at those crazy prices." Those crazy prices, of course, being $6.7 million, $15.15 million and $17.95 million. The building was bought for $12 million, with another $10M pumped into the renovation. Oh, 11 Spring, if only our love for you could be converted into cash. We'd make all this sadness go away in an instant.
· Buyers Wait To Saddle Up Converted Stable in SoHo [Sun]
· CurbedWire: 11 Spring Signage, IHOPBK, Plastic Domes [Curbed]
· On the Market: All of 11 Spring Street, $39.8m in Sum [Curbed]

11 Spring Street

11 Spring Street, New York, NY 10012