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NY coops and cooperative apartment sales: prices, buyers, sellers, details, and deals
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Category — Broadway

Boulevard Duplex Sells For $2.8M: The Morgan Stanley Story

Duplex Co-op Apartment at The Boulevard, 2373 BroadwayA 5-bedroom, 3 ½ bath duplex co-op apartment with nearly 3,200 square foot on the Upper West Side just sold for $2,800,000.

Monthly maintenance on the eight (8) room apartment is $8,052.  An extra plus: the unit also includes a 200 square foot terrance facing South.  For this kind of money, it’s no surpise that the co-op apartment comes with a washer and dryer.

The co-op apartment in The Boulevard was originally listed by sellers Tricia and Stephen Jamison for $2,995,000. Stephen Jamison operates Jamison Capital Partners, a hedge fund that he started in the spring of 2009. Prior to that he was a commodity trader at Morgan Stanley.

The buyers were Barry and Jessica Piafsky.  The couple are well known in the bridge community. Barry Piafsky is a Managing Director at Morgan Stanley.

Mike Sieger of Fenwick Keats Goodstein had the listing for the Jamisons.

Correction: An earlier post incorrectly stated that “one buyer and one seller both work at Morgan Stanley.” Co-seller Stephen Jamison actually “resigned from Morgan Stanley in 2008″ to start his own hedge fund.

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December 18, 2009   No Comments

$3.85 Million Paid for 840 Broadway Co-op Loft

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.

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March 20, 2008   No Comments