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38 West 26th St. PH12, New York, NY 10010

$8,500,000
Active Listing
Listing Details:
$8,500,000 Price
Co-op Property Type
NoMad Neighborhood
2 Beds
2 Baths
5,500 Approx. Sq. Ft.
$5,690 Maint/CC
Key Features:
Fireplace
Doorman
Prewar
Elevator
Allows Pets
Rooftop Access
Unit Laundry
Description:

Truly one-of-a-kind 5,500 square foot PRE-WAR PENTHOUSE LOFT just a block away from Madison Square Park

This expansive full floor loft with four exposures and soaring ceilings was meticulously renovated by the owner, a renowned German artist in 1999. A keyed elevator opens onto private landing hallway on 12th floor and the massive 60' by 99' floor plate. Ceiling heights range from 10'10" to 20'10", and 22 oversized windows and two large skylights flood the entire loft with light in this free-standing building. The loft was originally designed for the owner's live-work and international pied-a-terre lifestyle by the architect, Reinhold Martin.

The South side of the loft spans 110' of the frontage from East, South to West with 12 large windows. This open public space consists of an extravagant living area with a vintage wood burning fireplace, a large chef's kitchen, a dining area, and a bookshelf-lined library. Two bedrooms with abundant light are on the East side of the loft, and two full bathrooms decorated with Moroccan tiles are on the West side. Appliances include a 36" wide SubZero refrigerator, a professional Thermador oven, a Miele dishwasher, and Miele washer & dryer.

The North side of the loft is another sensational scaled open space, once used as the artist's studio and office. It can easily be turned into multiple bedrooms or a large primary bedroom with ensuite bathroom, as the plumbing risers in the Northwest corner of the loft are already in place. This impressive loft with its open design provides endless possibilities to create your own layout.

The design of the space and the custom-built cabinetry by Walter Nikkels are a perfect representation of the Bauhaus design with exceptional attention to detail and craftsmanship. The flooring throughout the loft is made up of hand selected planks of rare rift-sawn thick white oak and is in excellent condition.

The building has a common roof deck one floor up which can be easily reached by the common stairs. Purchasing the part of the roof deck can be negotiated with the board.

38 West 26th Street is a former leather sawing factory built in 1909. The building has 16 residential units, one commercial unit, two elevators and a service elevator, a full-time superintendent, and video intercom system. The building has undergone numerous improvements in the recent years, including Local Law 11, facade repair, exterior iron work, elevator upgrades, sidewalk replacement, installation of a new water tank, a new roof, and new front entrance doors. Future upgrades include a new lobby and a virtual doorman system. With significant financial reserves in place, the board plans these improvements without the need for of an assessment or increase in common charges.

This very well-run Co-op has incredibly low monthly common charges of approx. $1.00/mo. per square foot due to substantial rental income received from the ground floor tenant, a high-end restaurant. The recently negotiated market rent lease has 15 years remaining. The Co-cp allows pets, Pied-a-terre, financing, guarantors, co-purchasing, and parent gifting. There is no flip tax, and alterations and unit improvements are typically welcomed by the Board.

38 West 26th Street is perfectly situated where uptown meets downtown, and seconds from pedestrian Broadway and historic Madison Square Park, a stunning seven-acre urban oasis and cultural hub. Enjoy the best of city living with world-class shopping, top restaurants, entertainment, and grocers such as Eataly, Fairway and Whole Foods. Transportation options nearby include the N, R, W, F, M and 6 subway lines, and PATH trains.

Listing courtesy of Douglas Elliman Real Estate

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