The 20-unit 257 Water Street is likely to be converted into a condominium.
From the January issue: The narrow blocks surrounding the South Street Seaport are dominated by cobblestone streets and 19th-century brick buildings constructed when the area was a hub of maritime trade. The city’s recent condo boom bypassed the micro-neighborhood –
which is bounded by the Brooklyn Bridge to the north, Fletcher Street
to the south, Pearl and Water streets to the west, and the East River.
Plans to develop condos in recent years have amounted to little, and
development has been dominated by conversions of commercial buildings
into rentals. Nevertheless, brokers who work in the area say it has growing
cachet, and that some of their clients are seeking out Seaport-area
apartments as an alternative to living in the West Village. They also
say many renters they work with are eager to buy, indicating a built-in
market for condo inventory. “People picture us as the Meatpacking District without the nightclubs and the West Village without the celebrities,” said David Goldoff, an owner of Camelot Realty, which manages the rental building at 257 Water Street. Goldoff’s family used to own the building but sold it in early 2008 for $16.5 million, according to a report from Eastern Consolidated, which brokered the deal.
