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How Many Walls Does $1.1M Buy You On The Bowery?

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The Catch, in which we present everything-looks-good-except listings, needs you! Send your nominees to tips@curbed.com and we'll consider them for public shaming.
What/Where: A 1200 square foot loft on the Bowery between East 4th and Great Jones asking $1.1M.
Looks Good, Right?: Less than $1,000 per square foot down here? That's a downright steal! Maintenance and taxes are really low as well, coming out to just $830/month. Oh, and it's a penthouse so you're getting the best views in the building.
The Catch: Here's where the problems start. The building is a fifth floor walk-up "penthouse". That's not even the worst part, the listing goes on to say "The apartment currently is under construction so a bit of a mess inside, and is missing the rear wall (part of the building’s plan to rebuild the rear wall)." It's part of a plan, so it's all good!

The listing goes to explain,

This is a rare opportunity to get 1200 sqft on the Bowery!!! Unbelievably large, entire floor, penthouse loft on a 5th floor of a walk-up building. The space is now setup as one bedroom and can be converted easily to a two bedroom or even 3 . The loft gets great light thanks to its big windows and two exposures east/west, and more than that , 2 skylights with the option to create a 3rd one. Also an option to a third exposure (south).

The loft just got new pipes and new electricity , and 2 fireplaces that could operate again with a little bit of work.The apartment currently is under construction so a bit of a mess inside, and is missing the rear wall (part of the building’s plan to rebuild the rear wall). Please disclose all that with your potential buyers before you try to schedule a viewing.


· Listing: 354 Bowery [Nestseekers]
· http://ny.curbed.com/tags/the-catchThe Catch archive [Curbed]