55 East 11th Street Co-op Loft Sells for $2.8M, 44% More Than Purchase Price
Dolly Mirchandani, an international global energy and infrastructure lawyer, and Oliver Ulich, an adjunct associate professor at Columbia’s School of International and Public Affairs and humanitarian affairs officer with the UN’s Office for the Coordination of Humanitarian Affairs, just paid $2.8 million for a 2,325 sq. ft., full floor co-op apartment in the heart of Greenwich Village.
The co-op loft is located at 55 East 11th Street between University Place and Broadway.
The sellers were John Hyatt Choate and Laura Steinhouse Choate. Hyatt Choate is an award-winning Senior Vice President Executive Producer at BBDO New York, spearheading TV and web ad creation for clients like PepsiCo, Dodge, and FedEx, and other major brands.
The couple turned a very nice profit on this sale. They bought the co-op loft for $1.95 million in February 2007, according to public records, paying the full asking price in a 2006 estate sale for the late Zenaida Oto. That’s an incredible 44% ($850k) increase, less broker’s fees, taxes, and related costs — a pretty swell return on their 4-year investment.
Sotheby’s broker Mara Flash Blum had the exclusive, originally listing it for $3.15 million when it went on the market in April 2009. She described prewar loft in stylish terms, as:
painstakingly renovated and transformed into a one-of-a-kind piece of art. Intrinsic architectural details combine with modern design elements creating a real rustic splendor.
A considerable amount of time and money appears to have been spent by the Choates into renovating the apartment after they bought it 2006. Amenities include:
- A modern loft kitchen with stainless steel refrigerator, dishwasher, countertop stove with fan, and ovens.
- A sun-filled living room with a southern exposure overlooking 11th Street
- A key-controlled elevator
- A master bedroom with its own media center and floor to ceiling windows
- A Zuma bathtub and rain shower in the master bedroom
- Central air conditioning!
- A laundry room
Monthly maintenance for the co-op loft was listed at $2,400
This co-op lacks a doorman, but has a video security system. The building is rather narrow, and is located between University Place and Broadway
Other shareholders in the co-op include:
- Corcoran brokers Meris and Kenny Blumstein (they sold this unit in 2006 to the Choates)
- Editor and author Christophe W. Mao and John Tancock, a senior vice president at Sotheby’s specializing in impressionist and modernist art. They paid $1.91 million for their co-op in January 2005
- Photographer and artist Amanada Weil who paid $2.45 million for her co-op at 55 East 11th in March 2005
Photo credits: Sotheby’s International Realty