Overview

It’s bittersweet for me to write about 45 John Street on this day which commemorates September 11th, 2001.  I lived on the corner of Water Street and John Street back in 2001 and know this neighborhood quite well.  45 John is fairly close to Broadway, just steps from the World Trade site.  Most of these office buildings on John were converted to rentals back in the late 90’s, mostly appealing to Wall Street types.  After 9/11 the vacancy rates jumped and developers started to realize the profit potential for buying these plots and turning them condo.  This is the reality now and buyers might notice prices per foot 30-40% cheaper in the financial district than they are elsewhere in the city.

The team for 45 John is headed up by Jerry and Stuart Katzoff of Manhattan Capital Real Estate.  An interesting fact about the Katzoff’s is that they own Il Mulino, an uber-popular Italian restaurant in the Village.  The overall concept of this project is to create an extravagant mid-rise structure that will juxtapose an innovative modern interior with a pre-war façade that blends in with this historic Manhattan district.  In order to execute this vision, architect Daniel Goldner was appointed to design the residences. The façade consists of a light brown brick intermixed with numerous oversized windows.  The interiors we will discuss below.  45 John Street has quickly become one of the most anticipated mid-rise luxury condo conversions in the financial district. 

Units and Pricing The units at 45 John are loft-like and have a modern style which is unique and refreshing.  Each residence comes with American walnut flooring and 10’+ ceiling heights.  The bedrooms are spacious with ample closet space and great exposures from the higher floors.  Units come standard with Bosch washer/dryer combos and the building has additional commercial sized washing machines downstairs for larger items like blankets.  Some of the “cooler” features include the Ipod docking station and in-wall speaker systems.  The kitchens are quite stylish as well, consisting of frost white countertops and a full set of high-end stainless steel appliances.  The same applies to the serene bathrooms, complete with marble counters, wood accents, custom finishes, and a Zuma soaking tub.

There are roughly 15 units still available at 45 John.  Here’s an overview of what is left.  You can grab some of the smaller one-beds, just under 600 feet in the $585-700K price range.  These are the least pricey units in the building.  Standard one-beds, which average about 900 square feet, are priced around $900K.  At just over $1,000 per foot, this pricing is lower than most buildings we discuss on this blog.  I suppose that’s the benefit of these Financial District conversions.  The largest units, all 2-bedrooms, are also priced around $1,000 per foot ($1.2M for 1,200 feet).  Some might point out that monthly maintenance charges are a bit on the high side at 129/month with additional RE taxes of $226.

Amenities

45 John Street has a very decent list of amenities.  There is a 24 hour attended lobby on the ground floor to handle visitors and packages for residents.  There is also an extensive concierge service available.  Common amenities include a fitness center and roof deck where residents can enjoy skyline views of the Financial District and the river.  Overall, a very competitive group of features for an 84-unit ‘boutique’ condo. LocationThe Financial District has a mixed reputation.  The area is ‘on the rise’ which leads to many conversations about investment opportunities and speculation about where and when to place money.  It’s also the oldest neighborhood in Manhattan and has lots of beautiful pre-war architecture and cobble-stone streets.  The retail and restaurants options are decent as well.  On the flip side, this area is more or less ‘dead’ at night and doesn’t have the excitement of the Village or the residential feel of life above 59th Street.  Some might also criticize that 45 John’s proximity to Ground Zero forces interactions with tourists and busy Wall-Street types.

Investment Potential Given the area, the quality of the residences, and the extensive amenities offered, I would expect the residences at 45 John Street to sell out before too long.  If it weren’t for a recessing economy and difficulty obtaining financing, it may already have sold out.  Looking out five years, we think the building has excellent investment potential.  We’ve also had readers who visited the building tell us that the units vary widely and picking the right one (good light/views) can make a big difference.  We give the project an A- and congratulate the team on a job well done.

  This post is supported by car accident lawyer New York.