257 Church Street, 4/5

DIAMONDS IN THE ROUGH @ The quintessential Tribeca Co-Op loft building. Two generously sized floor through loft apartments (#4 & #5 Penthouse) await your creative vision at one of the lowest price per square foot in the area. Both units offer a considerable value add upside in their current configuration or combine them for an expansive VVS showpiece duplex penthouse. Owner occupy, buy/ hold /lease or a combination of the two, the flexibility is yours to decide. Keyed en suite elevator on both floors. Corner building with high ceilings and oversized windows flooding the spaces with light and air. Unit #4 has a tenant in place with a lease until Feb 2022. Unit #5 is vacant. This is a small Co-Op building, 52 shares out of 92 shares will be conveyed in the sale. This offers a unique opportunity for the new owner to control a majority position (voting rights) in the Co-Op. As such, there are additional buildable square feet as of right “AIR RIGHTS” that run with the building. Residential zoning allows for an FAR of 6 (as per Oasis), Lot size 25 X 74.83 subject to the Tribeca Historic overlay.The new owner could potentially build an additional one or two floors up from the roof. We strongly encourage you to independently verify with your Architect and/or Expeditor for feasibility. PLEASE NOTE-These air rights are owned and controlled by the share holders of the Co-Op and not exclusive to the majority share holder, Negotiating a price to exercise these rights would be separate and independent of this sale. Additionally, The building is subject to accumulated DOB & ECB violations. Due diligence is encouraged to investigate these violations & remedies through the NYC Department of Buildings. Apt #5 is available to be shown, Access to Apt #4 will only be granted with an accepted offer. Please refer to the photos, virtual tour and video for Apt #4.