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Nolita's Candle Building Sells for $20 Million Off Original Price

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It would be no understatement to say that Curbed HQ was rocked by the news that 11 Spring?Nolita's historic, graffiti-covered, buffed, restored, renovated and overall gorgeous Candle Building?went into contract. Now we're getting rocked all over again, because the deed has been filed. Three years ago the building was purchased from media scion Lachlan Murdoch for $12 million. It was then divided into three super-fancy condo units?the penthouse was once priced as high as $17.5 million by itself?but the potential for conversion back into a single-family megamansion always remained. The price for the whole package was originally $39.8 million, but more recently was $26 million. It sold, ladies and gentlemen, for just $19.5 million, a stunning 50% fall from the peak-market asking price. And we thought this was a slow news day!

The buyer is listed as Spring Street Properties LLC, with an address C/O the law firm Sherman & Sterling at 599 Lexington Avenue. On the actual 11 Spring paperwork the buyer's signature in a few points is illegible (intentionally, we assume), and in other places is written on the reverse side of the sheet, away from the prying eyes of the scanner. Who is this mysterious bargain shopper, and why won't he/she let us celebrate his/her bargain shoppyness?! All intel welcomed in the comments or to the tipline, as always. In the meantime we'll be cursing the fact that the sweetest private garage in all Nolita isn't ours.
· 11 Spring Street coverage [Curbed]
· 11 Spring [thecandlebuilding.com]

11 Spring Street

11 Spring Street, New York, NY 10012