The Real Deal New York

Flipping out at Rudin’s ‘One Thirty West 12′

Two unit owners aim for $1 million-plus profits weeks after closing on West Village condos

August 29, 2012 02:00PM
By Leigh Kamping-Carder

From left: Jeffrey Stockwell and Alan Shaker of Stribling and One Thirty West 12

The buyers waiting to purchase at ‘One Thirty West 12,’ Rudin Management’s sold-out West Village condominium conversion, may now have a chance to live at the coveted building – provided they can come up with additional funds.

At least two homeowners who bought sponsor units at the 12-story building, between Sixth and Seventh avenues, are selling those units just weeks after closing on the sales.

Formerly a 116-unit apartment building, One Thirty West 12 went on sale in November, with sales managed by Alexa Lambert and Sean Turner, both executive vice presidents at Stribling & Associates. The 42 condos sold out in July, and closings began that month. At the time, the developers still had 40 people ready to pony up deposits if deals fell apart, the New York Post reported.

But those waitlisted buyers could be in luck.

A three-bedroom on the sixth floor hit the market on Tuesday for just under $5 million, listed with Stribling’s Jeffrey Stockwell and Alan Shaker. A New York family paid almost $3.68 million for the apartment when the sale closed three weeks ago, Stockwell said. (The sale has not yet hit public records.) It is also available as a rental for $25,000 per month.

The family had planned to move downtown to accommodate a daughter switching schools, but when plans changed, the family decided to remain uptown, Stockwell said. Even factoring in closing costs, brokers fees and taxes, the family expects to make a profit on the deal, he said.

“They signed the contract for this a year ago, and the market for luxurious product has improved tremendously, and I think the building surpassed everyone’s expectations,” Stockwell said.

Another apartment in the building came on the market earlier this month.

Belgian model Fabienne Terwinghe listed her two-bedroom unit on the fifth floor for $3.6 million, about a week after closing on the apartment. She paid $2.5 million, or about 1.2 percent more than the developer’s asking price, public records show.

The apartment was not an investment property, according to Turner, who said the unit is too small for Terwinghe and her family to use as a full-time residence now that they have decided to stay in New York. When she signed the contract, she was planning to leave the city and use it as a pied-a-terre, Turner said.

As for whether she and Lambert would approach buyers who lost out the first time around, Turner didn’t rule it out, but noted they were in the market six or eight months ago. “The people that are looking today are the best buyers,” she said. Turner declined to comment on the waiting list.

Of the 22 closed sales that have shown up in public records so far – they range from $1.4 million to $6.2 million – most sold for about 2 percent more than the asking prices, according to Streeteasy.com.

Turner was not aware of any other units about to hit the market, but three one-bedrooms are for rent in the building, asking between $7,900 and $8,900 per month, according to Streeteasy.

The building sits on the former St. Vincent’s Hospital campus, where Rudin Management is also planning a 350-unit condo project named the West Village Residences.

  • wiseguy

    The 2% over ask that the apartments sold for is the NY CIty and State Transfer Tax (1.825%).

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