113 Prince Street (Tri-Prince, Inc.)

The three buildings are, per the offering plan's architect's report, wood-joist construction on brick bearing walls with a central column line running down each section — cast-iron columns on the lower floors, yellow pine on the fifth and sixth. The brick walls vary from 28 inches thick at the base to 12 inches above. The front wall is cast iron with brick backing between sills and lintels, with decorative cast-iron spandrels and columns making up the elevation. A sheet-metal cornice survives on 113; the cornices on 117 and 121 were removed and the parapets cemented over. Three fire escapes remain on the front façade, two on the rear.

Floor plates above the first floor run 99'4" by 81'6" — roughly 8,095 gross square feet per floor across all three buildings, or about 2,500 square feet per building per floor. The first floor extends further to the rear at 8,765 square feet, and the cellar is built full on the site with a sidewalk vault under Prince Street.

The unit arrangement follows the three-building geometry exactly. Each upper floor in the west and centre buildings is a single independent live-work loft. In the east building, the second, third and sixth floors are single lofts, while the fourth and fifth are divided into three: a front duplex spanning both floors, plus an independent rear loft on each. Sixteen apartments in total, and the recorded share transfers track it — units appear in ACRIS as 2W, 2E, 3, 3C, 4C, 4ER, 4/5EF, 5C, 5ER and 6E, with the "4/5EF" designation naming the east-building duplex the offering plan describes.

The by-laws forbid further subdivision and cap any combined unit above the ground floor at ten shares. Whatever the building is today, it cannot be made denser, and the large lofts cannot be assembled into something larger than the cap allows.

Tri-Prince runs lean, and the financial statements show exactly how lean. There are no employee wages in the expense schedule at all — the corporation pays a management fee of $19,200 a year and no payroll. There is no doorman, no concierge and no live-in superintendent. Repairs and maintenance ran $73,169 in 2024 and $110,511 in 2023, with elevators, boiler and sprinkler as the recurring items and a $33,517 major elevator repair in 2023.

The mechanical inheritance is old and specific. Two manually operated passenger elevators serve the centre and east buildings, one installed under a 1931 application and one upgraded under a 1920 application; the west building's elevator was decommissioned and its shaft floored over. Central steam heat reaches all three buildings from a single gas-fired boiler and a shared riser system. The buildings have been sprinklered since 1962. None of this is a defect — it is a building of a certain age operating within its means — but a buyer should understand that elevator and boiler capital events at Tri-Prince are funded by sixteen apartments with no reserve study behind them.

That last point deserves emphasis. The 2024 statements are a review, not an audit, and the accountant's report specifically notes that the required supplementary information about future major repairs and replacements departs from the accounting standard because a significant portion of the common-property components was not included. Note 9 of the statements says plainly that the corporation has not conducted a study to determine the remaining useful lives of common-property components, and that when funds are required it will borrow, use cash, raise maintenance, pass assessments or defer the work.

The financial posture reads accordingly. Cash of $356,565 at the end of 2024, an accumulated deficit of $773,269, and an operating result of negative $85,844 for the year. Maintenance rose 12 percent in 2023 and 9 percent in 2024. Two special assessments were running in both years — a general assessment of $123,661 in 2024 and $150,447 in 2023, plus the separate real-estate-tax assessment. The underlying mortgage is small at $1.2 million but is interest-only and matures on 1 October 2030 with the full principal due, into a rate environment nobody can forecast. None of this is alarming for a small SoHo loft co-op. All of it is the sort of thing a buyer should read before, not after, an accepted offer.

The three ground-floor stores — units 1W, 1C and 1E — are a single commercial interest held outside the residential shareholder group. The by-laws name Soho Development Corp, the original shareholder, as the holder of those proprietary leases, and give it an unusual set of protections: the ground-floor provisions cannot be amended without its consent for as long as it holds the shares. In exchange the ground-floor units pay maintenance at a rate 50 percent greater than other lessees, contribute to capital assessments on the same basis as everyone else, and pay the corporation 11 percent of the total real estate tax every six months. The cooperative holds a right of first refusal on any sale or sublease of those units, exercisable within twenty days of notice.

The by-laws also police what can go into them. No adult uses; no alcohol or bulk food sales, cooked or raw, for on-site or off-site consumption; no dancing, live or recorded musical performance, cabaret or performance space; no events drawing large crowds; and no business whose predominant activity happens after 9 p.m. Any sublessee must run a regular exterminator programme, install ventilation for odours and fumes, and install sound-deadening on the ceiling if it plays background music. This is a residential building that wrote its retail policy into its constitution, and it is one reason the ground-floor tenancy has stayed a quiet-retail mix.

In December 2025 the ground-floor shares were transferred from Soho Development Corp to a successor entity, and the retail space at all three addresses was master-leased under a recorded lease. The cooperative's own financial statements show no commercial rental income, so the economics of that lease accrue to the commercial shareholder rather than to the corporation. A buyer should ask the managing agent how the right of first refusal was handled, whether the ground-floor maintenance and tax-contribution obligations transferred unchanged, and what the new retail tenancy will be. It is the most consequential thing to happen to this building's balance sheet in years, and it happened outside it.

Ownership form: Cooperative. You buy shares in Tri-Prince, Inc. and a proprietary lease to a specific loft. Transfers are subject to board approval and to the terms of the proprietary lease.

Flip tax: 3 percent of the gross sale price, paid by the seller, fixed in Section 5.06.1 of the by-laws. This is not a board-set fee that can be waived — it is a condition of transfer.

Subletting: Board consent plus the written consent of all contiguous shareholders. Two consecutive years of primary residence before a first application. No sublease longer than one year. No more than two consecutive years of sublet in any five-year period, and never more than three residential units sublet building-wide at once. Sublet fee of 10 percent of gross monthly rent, payable monthly with maintenance. Applications due 45 days ahead with the proposed subtenant's financial statements, bank statements and tax returns, and the board may interview the subtenant and impose conditions. Unauthorized subletting carries a fine of three times monthly maintenance per month.

Short-term rentals: Prohibited outright. The by-laws bar accommodating transients, defined as anyone renting for less than one month, and bar sub-sublets.

Alterations: No structural addition, alteration or improvement affecting common elements or building-wide systems without prior written board consent. Exterior work also requires a Landmarks permit.

Insurance: Shareholders must carry renter's/owner's liability insurance naming the corporation as additional insured; sublessees must carry not less than $2 million.

Arrears: Late fee of 3 percent per month after the tenth. Two months' non-payment suspends voting rights; three months puts the shareholder in default and exposes the proprietary lease to termination.

Financing ceiling, post-closing liquidity, debt-to-income standard, pied-à-terre, pets, and LLC or trust ownership: None of these are published, and none appear in the by-laws. They are board practice, and they must come from the managing agent. See the buying section.

Recent sales

Recent transfers at this building, curated by The Roebling Team research desk. 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 (2025) cleared a median $1,420/sf across 1 sale. Median listing discount 7.0% 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 1-00514-0037) and verified listing data. Apartment-level facts (line, condition, asking-price context) curated and cross-verified by The Roebling Team research desk. Not all transactions cross-verify with ACRIS records — sponsor and LLC purchases sometimes record at stipulated values rather than market price; square footage on co-ops is not officially recorded, figures shown are approximate.

Ask for the financing ceiling in writing before you offer. No maximum financing percentage, minimum down payment, debt-to-income standard or post-closing liquidity requirement appears anywhere in the by-laws or in any document on file. In a small, self-managed-scale SoHo loft cooperative these standards are set by board practice and can be strict. Get them from the managing agent at the outset and run the Co-op Board Qualification Calculator against the actual numbers rather than against an assumption.

Build the board package for a small board. Three to five directors, all shareholders, serving without compensation, in a sixteen-apartment building where everyone knows everyone. Expect a full financial package, references, and an interview. Small boards are not necessarily harder, but they are personal, and a package that is complete and unambiguous the first time matters more than in an institutional building.

Read the sublet rules as a resale constraint, not just a use constraint. Two years of primary residence before you may apply, board plus contiguous-shareholder consent, one-year maximum sublease, two years out of any five, and a hard building-wide cap of three sublet units at once. If your plan involves ever renting the apartment, this building will probably not accommodate it — and the same rules narrow the buyer pool when you eventually sell.

Underwrite the 3 percent flip tax from day one. It is in the by-laws, it is paid by the seller, and it will be your cost when you exit. Fold it into your hold-period math now.

Understand the share arithmetic. Maintenance is per share — $360 a month at the current rate — and combined units above the ground floor are capped at ten shares. Ask exactly how many shares are allocated to the specific apartment, because that number, not the square footage, sets your monthly.

Look hard at the tax line and the assessments. Real estate taxes were $737,937 in 2024 against $976,305 of total revenue, with the ground floor contributing 11 percent and residential shareholders carrying the rest. Two assessments were running in both 2024 and 2023, and maintenance rose 12 percent and then 9 percent. Ask what the assessments fund, when they end, and what the board expects for the next two years.

Ask about the 2030 mortgage maturity. The underlying loan is small at $1.2 million but is interest-only and the full principal is due on 1 October 2030. Ask what the board's refinancing plan is and what a higher coupon would do to maintenance.

Ask whether a reserve study exists. As of the 2024 statements it did not, and the accountant flagged the omission. With two pre-war elevators, a shared boiler, a landmarked cast-iron façade across three buildings and sixteen apartments to fund it, the absence of a capital plan is the risk to price.

Get the certificate of occupancy and the JLWQA position in writing. The building's residential use was created under a 1971 joint living-work quarters alteration, and the by-laws still describe the upper floors as artists' live-work quarters. Since December 2021 there is a defined path to convert to conventional residential use, but it is a process with a cost. Ask what the current certificate of occupancy says, whether the cooperative has pursued conversion, and what your lender makes of the answer.

Ask what happened with the ground floor in December 2025. The commercial shares changed hands and the retail was master-leased. Ask how the cooperative's right of first refusal was addressed, whether the 11 percent tax contribution and the 150 percent maintenance rate carried over unchanged, and what is going into the stores.

Net-sheet the flip tax first. Three percent of gross is the largest single line on your closing statement after brokerage, and it is fixed by the by-laws. Sellers who discover it late reprice late. Run the Seller Closing Cost Calculator with it built in.

Prepare the financial story before you list. A buyer's attorney will read the same 2024 statements we have: an accumulated deficit, an operating deficit, two live assessments, consecutive double-digit and high-single-digit maintenance increases, no reserve study, and an interest-only balloon in 2030. Every one of those has a reasonable explanation in a sixteen-unit building with no staff and a $738,000 tax bill. Having the explanation, the assessment end dates and the board's capital plan ready converts a hard diligence conversation into a short one.

Sell to an owner-occupant, and qualify early. The sublet rules and the unpublished financing standards mean this building has no investor bid and a narrow qualified pool. Screening for cash position, primary-residence intent and board-package readiness before accepting an offer saves far more time than it costs.

Lead with the plate and the provenance. A full floor behind an 1890 Cleverdon & Putzel cast-iron front, in the original SoHo–Cast Iron Historic District, in a building whose own offering plan documents the artists' loft conversion that made SoHo what it is — that is a specific and defensible story. The Roebling Research Library holds the offering plan, by-laws and financial statements for this building and we make them available to serious buyers' counsel.

If you're considering 113 Prince Street, also evaluate:

• 477 Broome Street — twenty-unit SoHo loft cooperative; the closest peer by structure, scale and share ownership
• 33 Greene Street — cast-iron Greene Street loft cooperative; the direct SoHo co-op comparison
• 70 Greene Street — classic iron-front Greene Street loft conversion
• 92 Greene Street — SoHo cast-iron loft building with full-floor residences
• 105 Wooster Street — boutique SoHo loft building around the corner
• 139 Wooster Street — SoHo loft conversion with full-floor lofts and a comparable denominator
• 160 Wooster Street — the larger, more serviced SoHo alternative
• 115 Mercer Street — SoHo loft building of similar vintage one block east
• 351 West Broadway — four-unit SoHo loft condominium commissioned by the same developer a year earlier; the condominium comparison
• 42 Wooster Street — fourteen-residence SoHo loft condominium; the serviced condominium alternative
• 11 Prince Street — Prince Street alternative in a different structure and tenure