On the corner of Delancey and Allen Streets, 115 Allen holds a special place in our hearts. As one of the first tumor-growth developments we chronicled back in the early days of Curbed, the building pushed the boundaries of what could be considered Lower East Side luxury (it's also the home to posh eatery Allen & Delancey). In this new era, though, what are the prospects for a two-bedroom apartment at 115 Allen asking $1,137 per square foot—or $1.825 million overall?
The apartment here, unit number 5, is an interesting case study. It's a sizable floor-through with outdoor space on each end, and direct elevator entry, that came on the market—cue ominous music—on September 2, 2008. The sellers moved fast, PriceChopping from $2.090 million to $1.95 million a month later, and then to $1.825 million in early February.
Compare to where we were in 2004, per our report from that era (about which there were doubts even back then:
The hard facts: the architects, CAN Resources, are the fun folks behind the design for Lever House (the restaurant, not the, uh, house), downtown dens Joe's Pub and Bowery Bar, and L.A.'s Standard Hotel. The 3BR Penthouse Triplex, with 2610 sq. ft. (and 1391 exterior sq. ft.) has an asking tag of $2.85m; the other 1BR/2BR floor-throughs (1600 to 2000 sq ft) all are asking $1.25m. (Brokers Laurence Carty and Irene Lo at William B. May have the listings.) The developers, 115 Allen St. Development Corp., purchased the building for $2.4 million in March. If all apartments sell for their asking price, they'll net $7.85m. Less development, construction and sales expenses, they should still stand to make a tidy sum.Begs the question, how close are we to right-pricing based on these 2004 metrics? Or to put it another way, anyone care to venture a guess what price gets this deal done in the end?
· Listing: 115 Allen Street, Apt. 5 [Corcoran]
· Building of the Day: 115 Allen Street [Curbed]