The tale of 123 West 15th Street descends further into tragedy today, as a listing for the partly constructed building has turned up with investment brokerage Massey Knakal, sporting a $5,250,000 price tag and a revised rendering stripped of all its fantastic elements. For the uninitiated, 123 West 15th Street is one of the more spectacular flame-outs of the real estate boom.
The bizarre condo creation was devised by first-time developers?a married couple that built a waterfall and model of the Yangtze River in their apartment next door?who dubbed the building "Valhalla" and knocked down an old rowhouse to make way for their Steampunk masterpiece. A bitter neighborhood war ensued, with the couple saying they were planning a documentary to chronicle their eventual triumph over the misinformed masses. Units hit the market (the penthouse triplex was asking $6.6 million), but nothing sold and construction eventually stalled. Then came the shocker?the owners went begging for cash to complete the project.
That didn't quite work out either, apparently. Here's the listing info:
Approved plans for a seven-story, with basement, elevatored development which is currently under construction. Plans for the development call for a penthouse, garden and two mid-level units. The property will benefit from a tremendous amount of outdoor space, private garden, geothermal wells, planned underground parking and potential for LEED certification. The purchaser could also benefit from the opportunity to custom tailor a personal residence. The property will be delivered with foundation and partial steel framing in place making 123 West 15th Street ideal for an investor, developer or townhouse living.File under: Paradise lost.
· Listing: 123 West 15th Street [Massey Knakal]
· 123 West 15th Street coverage [Curbed]