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

TRD New York /
Aug.August 29, 2012 02:00 PM

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.


Related Articles

arrow_forward_ios
The Real Deal's Hiten Samtani and Rudin Management CEO Bill Rudin

The REInterview: Bill Rudin on remote work, property taxes and the future of tech leasing in NYC

The REInterview: Bill Rudin on remote work, property taxes and the future of tech leasing in NYC
“5 years ago, people would say, what’s a TikTok?” Bill Rudin on why NYC’s office market may be more resilient than you think

“5 years ago, people would say, what’s a TikTok?” Bill Rudin on why NYC’s office market may be more resilient than you think

“5 years ago, people would say, what’s a TikTok?” Bill Rudin on why NYC’s office market may be more resilient than you think
Rudin Management's Bill Rudin and 55 Broad Street (Credit: Getty Images and Google Maps)

Charter school inks lease for FiDi office

Charter school inks lease for FiDi office
WeWork's co-CEO Sebastian Gunningham speaks at the launch of Dock 72

What, We Worry? Execs remain confident in WeWork-anchored Brooklyn project

What, We Worry? Execs remain confident in WeWork-anchored Brooklyn project
135 Joralemon Street in Brooklyn Heights and 48 2nd Place in Caroll Gardens (Credit: Wikipedia)

Brooklyn luxury market saw 15 contracts signed last week

Brooklyn luxury market saw 15 contracts signed last week
130 Furman Street and 296 Sixth Avenue in Brooklyn

Brooklyn’s luxury market saw 22 contracts close above $2M last week

Brooklyn’s luxury market saw 22 contracts close above $2M last week
The state of new development, according to those who build and sell it

The state of new development, according to those who build and sell it

The state of new development, according to those who build and sell it
83 1st Place in Carroll Gardens and 952 East 9th Street in Midwood (Credit: Google Maps)

Brooklyn’s luxury market saw 16 contracts above $2M signed last week of May: Stribling

Brooklyn’s luxury market saw 16 contracts above $2M signed last week of May: Stribling
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...