Once In a Lifetime Property Listed at 15 Park Row

While the Financial District has seen a surge of commercial-to-residential conversions as of late, here’s one for all the house-flipping enthusiasts out there.

The top two floors of 15 Park Row are for sale at a (relative) bargain price of $19.9 million. Why is that a bargain? Well, the entire space is 10,000 square feet and comes with two of your very own ornate turrets that are three stories a-piece. Making the property even more enticing are the unbeatable views one has from the turrets, private terrace and balconies of Downtown Manhattan. The WTC site, Brooklyn Bridge and City Hall are clearly readily visible while the Empire State Building and Midtown comprise your backdrop. 

With all those perks and a low price there is a catch: the property requires an extensive makeover to be fit for living. There’s quite literally nothing there right now, meaning a buyer would have to take it upon him/herself to renovate the 10,000 sq. feet of space. So that $19.9 million mark makes a whole lot more sense. But even so, this is an unheard of bargain compared to nearby buildings like 56 Leonard, which has units going for about $50 million. According to the Daily News, Adam Modlin of the Modlin Group has estimated that renovations would cost between $5 and $10 million, keeping this unique and landmarked property (for which all renovations need City approval) below the $30 million mark and nonetheless a bargan. This new listing is also another signifier of Lower Manhattan’s Post-Sandy recovery and will, with the right touch, be worth way more than the current asking price pretty soon. 

15 Park Row was finished in 1899 and designed by R.H Robertson, whose claim to fame include a J.P Morgan Jr. house, a bunch of churches and the American Tract Society Building. 15 Park Row features the ornate decorations and details that Robertson was famous for including a pair of original wrought-iron staircases leading to the cupolas. There’s also a series of exterior designs including gargoyles and peacocks that sweeten the pot some more. 

An opportunity like this won’t likely be on the market for long as this space on 15 Park Row is the ultimate dream loft (or whatever else the buyer will make it).