111 Leroy Street

Ten stories, thirteen units. The offering plan's core structure was nine full-floor residences plus four units held back at plan acceptance, and the recorded unit tax lots confirm thirteen. The full-floor format is the building's entire architectural argument: single-exposure-per-side apartments with light on multiple elevations, no shared corridor at the residence level beyond the elevator vestibule, and floor plates unbroken by a party wall.

The interior specification is unusually infrastructure-heavy for a building this size. Radiant-heat flooring runs throughout the residences — a system rarely installed across an entire condominium inventory, and one that materially changes both comfort and the mechanical picture a buyer inherits. Every window carries a pre-wired shade pocket. A Savant home-automation backbone is installed building-wide. Portions of the façade are a custom-designed curtain-wall assembly rather than a catalogue system, which the offering plan flags with the standard disclosure that long-term maintenance of a custom envelope is a condominium expense.

Common space is proportionate to thirteen units rather than to a 200-unit tower: a fitness room and bicycle storage in the cellar, seven storage lockers licensed to unit owners, a common lounge on the first floor, and a landscaped common terrace at ground level. There is no pool and no attended amenity floor. That is a deliberate posture — the carrying costs of a large amenity program divided across thirteen units would be punishing, and the sponsor did not build one.

The offering plan provides for a non-resident building manager, not a live-in superintendent, and discloses that certain services and facilities — building personnel, the storage locker area, the gym — might not be fully available until roughly twelve months after the first closing. Listing records describe attended-lobby service. Any buyer should confirm the current staffing model, service hours, and whether porter or handyman coverage is on-site or shared, directly with the managing agent, because at thirteen units the difference between a full-time staffed lobby and a part-time one is a meaningful share of the monthly common charge.

Two structural items in the plan deserve a buyer's attention. First, the property sits in an R7X / M1-5 manufacturing-zoned parcel within Special Mixed Use District MX-6, and the plan discloses an environmental remediation program addressing sub-soil and groundwater conditions — the standard consequence of building housing on formerly manufacturing-zoned land in this part of the West Village. The remediation obligations and any ongoing monitoring should be reviewed in diligence. Second, the sponsor is party to a Declaration of Restrictions running with the property and binding on the condominium board and unit owners, tied to the adjoining Morton Street property. Where a through-block parcel is split between two owners, the resulting easements, light-and-air covenants and maintenance obligations are real and permanent. Read the declaration.

The plan also discloses that certain windows are lot-line windows — amenities that can be lost if an abutting owner redevelops. Whether a neighbor can build depends on that lot's zoning and development rights, not on the height of what stands there today. Map the lot-line windows against the specific unit under contract and review the abutting lots' development potential.

Pets: Permitted with board consent. The by-laws expressly reserve to the board the right to adopt a no-pet policy or to impose size and number limits — a broader reservation of power than most condominium documents carry. Confirm the current rule with the managing agent rather than relying on the plan alone.

Pied-à-terre: Permitted. Standard condominium ownership; there is no primary-residence requirement.

Subletting: Permitted under the condominium right-of-first-refusal framework. Leases must include a covenant that the tenant will not assign the lease or sublet the unit without the board's prior written consent.

LLC and trust ownership: Permitted (standard NYC condominium).

Minimum down payment: 20 percent per listing records.

Working capital contribution: Two months' common charges, payable at closing — and the plan makes this obligation apply to purchasers on resale, not only to purchasers from the sponsor. That is a real, recurring closing-cost line item that a buyer's estimate should reflect.

Sponsor resale fee: The plan imposed a Resale Fee equal to 50 percent of "Gross Profit" — the spread between the resale price and the original sponsor sale price — payable to the sponsor by any owner who bought from the sponsor and resold inside the restricted window, with notice to the sponsor required within ten days of signing a resale contract. A twelve-month post-closing resale restriction ran alongside it. The obligation terminates by its terms once the sponsor no longer owns unsold units. Given that the sponsor sellout closed in 2021–2022, this should be historical — but it is exactly the kind of provision that gets missed, and counsel should confirm it has lapsed before any early-vintage resale is priced.

Reserve fund: The sponsor did not establish a reserve fund for capital replacements at plan acceptance; the first-year budget relied on a contingency line item. Roughly five years of operating history now exist. Request the current audited financial statements and reserve balance in diligence — at thirteen units, the cost of a façade or roof repair is shared among few owners.

Recent sales

Recent closings at this building, from The Roebling Research Library. Prices are the transfer amounts recorded with the NYC Department of Finance; apartment-level detail is checked against the building’s own file in The Roebling Research Library before publishing.

Market read. Most recent trades (2022) cleared a median $2,503/sf (recorded) across 3 sales. Median listing discount 13.0% from the last ask — a recurring negotiation gap worth pricing into any offer or listing strategy.

Sales sourced from NYC Department of Finance recorded transfers (BBL 1-00602-7503; each condominium apartment is its own tax lot). Apartment-level facts (line, condition, asking-price context) curated and cross-verified in The Roebling Research Library. Not all transactions cross-verify with ACRIS records — sponsor and LLC purchases sometimes record at stipulated values rather than market price; square footage from recorded condo declarations and offering plans.

The offering plan is short, specific, and worth reading in full. At thirteen units, the document is not the thousand-page boilerplate of a tower offering, and its unusual provisions — the resale fee, the resale-purchaser working capital obligation, the non-resident building manager, the reservation of a no-pet power to the board — are all findable in an afternoon.

Verify the resale fee has lapsed. It terminates when the sponsor no longer holds unsold units. Confirm rather than assume.

Budget for the environmental and declaration items. Sub-soil and groundwater remediation obligations, and a Declaration of Restrictions tied to the adjoining Morton Street property, both run with the land.

Confirm staffing before you underwrite the common charge. Thirteen units carrying a full-time attended lobby produce a very different per-unit expense than thirteen units carrying part-time coverage.

Do not conflate the houses with the condominium. They share a developer, a construction vintage and a blockfront; they do not share a governing document, a common charge, or a per-square-foot band.

Lead with the full-floor format. The full-floor format is the building's defining feature: nine full-floor residences were marketed at launch. Whether it supports pricing depends on current competing inventory in the building and in comparable West Village condominiums, so check both before you price.

Lead with the specification. Radiant heat throughout, a custom curtain-wall envelope, Savant automation, and shade pockets at every window are all verifiable and all unusual at this unit count.

Set expectations on comparable depth. Thirteen units generate very few trades. An appraiser will reach outward to peer West Village boutique condominiums, so the marketing package should supply those comparables rather than leave them to be chosen.

Be direct about the delivery history. The four-year gap between the plan's projected first closing and actual closings is discoverable. Sophisticated buyers respond better to disclosure than to discovery.

If you're considering 111 Leroy Street, also evaluate:

• 160 Leroy Street — Herzog & de Meuron's waterfront condominium on the same street; the direct architectural and price-tier neighbor
• 150 Charles Street — the large-format West Village amenity condominium; the counter-argument to 111 Leroy's boutique posture
• 165 Charles Street — Richard Meier's glass tower on the West Street waterfront; a different architectural register at a comparable price tier
• 275 West 10th Street (The Shephard) — prewar loft conversion with large floor plates; the resale alternative for buyers who want scale with West Village character
• 1 Morton Square — the immediate neighbor on the same tax block; larger, older, and meaningfully more accessible on price
• 155 Perry Street — boutique West Village condominium with a comparable unit count
• 100 Barrow Street — contemporary West Village boutique condominium a few blocks north
• 110 Charlton Street — Hudson Square new construction at the neighborhood seam
• 450 Washington Street — Tribeca cond-op on a ground lease (cooperative shares within a condominium structure); the downtown alternative for full-service amenity buyers, with different financing and transfer rules
• The Greenwich Lane — the full-service Greenwich Village campus; the amenity-forward comparison