Thursday, October 21, 2010

The Theater For The New City Building is a good investment, probably

The Theater For The New City Building went up in 2001 at 10th Street and First Avenue... well, no reason to get into all that ... On Tuesday, a new two-bedroom home hit the market:

2 bedrooms 2 bathrooms GEM! Tucked away ,you'll find a meticulously design home in one of the most unique boutique condos in the East Village. This expansive and flexible floor plan allows you to live an open-loft lifestyle with all the comforts of a traditional apartment. The sponsor has upgraded the unit with raydoor wall dividers, new hardware and a granite fireplace to sweeten the deal. Both Master and 2nd bedroom are of extremely generous size with and cavernous closets allow for plenty of storage throughout the apartment. Your balcony faces north right of the living room with a quaint and classic East Village view.

Etc., etc., etc.

And it's going for $1.599 million.

I looked at the sales history of this unit on Streeteasy...

2/11/2003 — Previous Sale recorded for $677,500.

02/15/2008 — Previous Sale recorded for $995,000.

10/19/2010 — Listed by Corcoran at $1,599,000.

If my math is correct, which isn't usually the case, then the place has gone up in price 136 percent in seven years...Even with some new "raydoor wall dividers" and stuff... that's quite a jump....

[Top photo via Flickr]


Jeremiah Moss said...

i remember when that building went up, it was so out of place, and seemed like the beginning of the end. the neighborhood was so different then. we're talking about 9 years.

Lisa said...

This eyesore was rammed through by our then-Councilwoman Margarita Lopez, self-described champion of the poor, because her buddy Crystal Field, who runs TNC, was in financial difficulties thanks to her mismanagement of the theater, so needed to sell the air rights. And then all of Lopez's stooges on the Community Board, who ordinarily screamed like burning banshees at the prospect of the slightest hint of gentrification, voted for the project. So we can thank rampant hypocrisy and toadyism for this blight on our low-level skyline. And raydoor walls or not, the apartment still looks like standard crap.

Anonymous said...

10 years of talk on the street only seems to confirm Lisa's version of events above. Nailed it.

And what came of such a sell-out? TNC's space still looks like it's waiting to become a theater. It began rundown and still looks it. And their reputation is the worst of all downtown arts spaces (given the state of today's downtown scene, that's almost an impossible achievement). I'd never put that theater on my resume. sad really.

Lisa said...

Anon 1:20 - Thank you. I was on CB3's Housing Committee when this came up for a vote; its supporters scheduled it for the July meeting, when they knew many on the board would be away. I was one of only 2 people to vote against it, and I could see the shock on the faces of Lopez's cronies, all of whom considered me a pro-gentrification p.o.s., so presumed I would be overwhelmingly glad to have this crap construction littering the airspace. And the reason TNC still looks as bad as it does is cos Crystal had such overwhelming debts to pay that the majority of the money she got went to settle them rather than to upgrade the space.

Anonymous said...

So who's going to run next time and get Rosie the hell out of here.