Soho Loft at 16 Greene St. Sells For $1,415,000

A 1,400 square foot co-op in a Soho loft at 16 Greene Street just sold for $1,415,000, just $20k more than what seller Fiona Carter paid for it in May 2005.


The most recent sales price plunged $140,000 from its original $1.55 million listing back in January 2008.

The seller was Fiona Carter (inset, left) of the Omnicon Group, and the buyer was David M. Nash, according to public records.

Corcoran broker Kathleen Manikowski had the exclusive.

This gorgeous railroad style loft is located at the southern end of Soho near Canal Street.  The apartment is on the West side of Greene Street, and heads back towards Wooster.

The bright unit has 10½ ft. ceilings and a sleek, stylish loft kitchen loaded with a stainless steel Subzero fridge, Bosch dishwasher, and DCS range.

Although it was listed as a 1-bedroom cooperative, there is also a nursery next to the kitchen that could be used as a second bedroom or home office (inset, below).

The co-op’s financials must be pretty solid: the building was marketed as having no mortgage on the building. Ordinarily that presents a disadvantage since it would mean buyers wouldn’t be able to deduct any percentage of their monthly maintenance charges from their income taxes.

Remember, since co-op shareholders own shares in a corporation — not real property like in a condo — they are usually able to deduct the percentage of their maintenance used to pay down the co-op’s underlying mortgage on the building. The deduction is allocated on a per-share basis.

At 16 Greene Street, however, the lack of a mortgage means that maintenance charges are way below market. Maintenance for this unit was listed at just $795 per month.

The spacious living room overlooks Greene Street. The co-op also has a washer and dryer — a huge extra that many other cooperatives do not allow.

The keyed elevator is located just inside the building’s doorway, and opens directly into the living area.