Category — Broadway

A full-floor, 2,700 square foot co-op apartment loft at 840 Broadway in Greenwich Village sold for $3,850,00 today.

Located in a building on the southeast corner of Broadway and 13th Street, this is a high-traffic area directly across from a very busy movie theater across the street. Manhattan’s famous comic book store Forbidden Planet is the coop’s ground floor commercial tenant.

The sellers were Philippe Chambon, a Managing Director at the investment firm New Leaf Venture Partners, and acclaimed Broadway set designer and director Loy Arcenas.

Carol Frederick of Brown Harris Stevens was the real estate broker who had the sellers’ exclusive listing. She earned every penny of the commission on this deal: the sellers got their exact acting price of $3,850,000. Monthly maintenance charges were originally listed as $3,050.00.

It appears, however, that there are more than a few unusual circumstances surrounding the cooperative apartment building.

According to Coldwell Banker loft broker

but does note “Tax deduction: 0%”; if true, it is because the “coop” does not qualify for favorable income tax treatment for maintenance payments. In turn, that means that buyers may not get a “residential” mortgage (if the lenders are paying attention), the interest on the loan is not deductible, and the primary-residence-non-recognition-of-gain favorable tax treatment won’t apply when it is sold.

According to New York City public records, the buyers and new shareholders are Gregory Gordon and Lisa Gordon.