This Week’s Price Chop – 49 Chambers St, 12-A
This latest edition of Price Chop introduces us to a sponsor apartment in a historic Beaux Arts building across from the Tweed Courthouse on the fringe of Tribeca. Boss Tweed himself might even find this a deal to his liking.
Apartment 12-A at 49 Chambers Street is a generously sized corner two-bedroom, two bath residence with a large welcoming foyer. The 1,824 square foot residence enjoys open south facing views across the beautifully restored City Hall Park.
After a recent price drop, the ask on this new condo unit is $2.995 million, more than 21% off the original price of $3.8 million. The sponsor unit was released to the market in February 2021. The current price chop of $505,000 (14.4%) comes on the heels of a $300,000 reduction in April.
The landmarked structure sits amidst a cluster of buildings that have defined the power of this city for centuries. The building was originally built for the Emigrant Industrial Savings Bank in 1912 and remained occupied by the financial institution until 1969. In its current incarnation, the name of the bank remains embossed high above the front entrance. The property was repurposed to residential use by the Chetrit Group in 2017. Internationally acclaimed Gabellini Shepard was responsible for the building’s interior; the firm has designed many worldly destinations, including the Rainbow Room, the Knickerbocker Hotel and 520 Park Avenue.
According to city records, 60 of the 95 residential units have now closed. The average price per square foot for the sold units to date is slightly north of $1660. The new ask on apartment 12-A represents a value of $1641 per square foot,
While the building’s exterior has been restored to its original splendor, the building’s interior was completely reimagined. Prominent features throughout these fine residences include tall ceilings, hickory floors, solid wood doors, integrated recessed lighting, oversized windows and custom closets. Apartment 12-A enjoys a windowed open kitchen with a stunning marble waterfall island counter and a suite of top-of-the-line appliances. The ensuite five-fixture bath is carved out of honed whote marble and offers an oversized stall shower, a free-standing tub and radiant heated floors.
World class building amenities include a full-time concierge, indoor swimming pool, hammam and spa, sauna and steam room, resident’s lounge, virtual golf, screening room, fitness center, playroom and a tween room. The crown jewel of the amenity package is an expansive rooftop park that presents a spectacular view of downtown Manhattan while offering a space with a wide range of recreation and entertainment options.