115 Mercer Street

A 50-foot frontage on a 5,000-square-foot lot, seven stories, 26,691 square feet of building area of which roughly 6,730 square feet is retail at the base. The Mercer Street elevation is the designated one and carries the cast-iron and iron-cornice detail LPC records; the conversion worked inside the landmark envelope, which is why the alteration was filed as an Alteration Type 1 rather than a new building.

Residences run from the second floor up. Listing records describe north lofts at roughly 2,170 square feet in two-bedroom, two-and-a-half-bath layouts and south lofts at roughly 1,982 square feet with two bedrooms, two baths and a work room — a plan element that reads differently once you know the building's J-2 occupancy. A full-floor duplex penthouse of roughly 4,764 square feet sits at the top. Units 2-A and 2-B, which sit directly above the commercial space, are exempted by amendment from the building's 80 percent carpeting rule; every other residence is subject to it.

Mercer Street between Prince and Spring is Belgian block, low-rise and loud with delivery traffic on weekday mornings and with foot traffic on weekends. Walk the specific loft at both.

This is a boutique, self-contained building without a doorman. The 2023 financial statements show a labor line of roughly $55,000, a security service contract of roughly $23,000, and service contracts for HVAC, elevator and extermination. Repairs in 2023 included roof work, HVAC, fire alarm and electrical.

The capital posture deserves plain language. At the end of 2023, the latest statements on file, the condominium's reserve account held $701 against roughly $119,000 in the operating account; that is not a funded reserve. The financial statements are a compilation, not an audit — the accountants expressly state that they did not audit or review them and express no opinion. And the 2023 statements disclose that no reserve study had been done: "when replacement funds are required for major repairs and replacements, the Condominium has the right to increase common charges, pass special assessments, or delay major repairs and replacements until funds are available." In an eight-unit building inside a landmark district with a facade subject to Local Law 11 inspections on a recurring cycle, that is the single most important sentence in the file. Confirm with management whether a reserve study or capital funding plan has been completed since those statements, and budget for possible assessments.

Ownership form: Condominium. There is no board approval in the cooperative sense; the board exercises a right of first refusal.

Sale procedure: The selling owner must submit, by certified mail at least 30 days before closing, the executed sale agreement and addendum, a resume or biography for the purchaser and every proposed adult occupant covering five years of employment and residence history, two years of financial statements and federal tax returns, and written authorization for a credit report and criminal background check. A sale closed without complying is voidable at the board's election and carries a $1,000 fine. Since January 1, 2025, NYC's Fair Chance Housing law limits criminal-history checks by co-op and condominium boards: a check may come only after a conditional approval, only certain records may be considered, and the applicant must get notice and an individual assessment. Confirm the board's current application and process with management.

Leasing: Permitted, with 30 days' advance submission of the executed lease on a board-approved form, the lease addendum, the tenant's biography and five-year history, two years of financials and tax returns, and authorization for credit and criminal background checks. No lease may run less than one year. Tenants may not sublet without written board consent. An owner in arrears on common charges may not lease at all. An unapproved tenancy carries a $1,000 fine after a 30-day cure period.

Pets: Domestic pets permitted. No rodents, reptiles or non-domestic animals.

Renovation: Material repairs or renovations require board review of the plans, permits and a contractor's certificate of insurance naming the association and managing agent. Cosmetic work does not. Construction hours are 9:00 to 5:00, weekdays only.

House rules of note: No "for sale" or "for rent" signage in windows or on the exterior. Open houses must be scheduled with the managing agent at least five days ahead and are limited to weekday business hours or 9:00 to 4:00 on weekends. Gatherings of more than 25 people require seven days' notice and a doorman engaged and paid by the unit owner. Guests staying seven days or more must be named to the managing agent in writing.

Taxes: The assessment roll shows no exemption on the residential unit lots; check the specific apartment's tax bill for any abatement and underwrite that bill.

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 (2025) cleared a median $2,251/sf (floor-adjusted) across 1 sale. Floor-adjusted means each sale is restated to a constant mix of floors, so the figure can differ from the plain median of the sales listed above. Median listing discount 0.9% 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 1-00499-7506; 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.

115 Mercer is not 92 Greene. Lot 7505 on this same tax block is 92 Greene Street, a separate condominium built new around 2005 on what the SoHo–Cast Iron designation report described as a parking lot. Separate declaration, separate unit lots, separate board, entirely different building. Confirm which one a comparable belongs to before you use it.

Read the commercial units. Two of the ten units are retail, they represent roughly a sixth of revenue, and they went through foreclosure in 2022 after leaving the condominium with a six-figure receivable to write off. Ask who owns them now, whether they are current, and what the leases say.

Plan for possible assessments. The 2023 statements disclosed no reserve study and a $701 reserve balance, and the building has a landmark facade and a Local Law 11 cycle. Confirm what has changed since, and review the current budget, statements, debt and any assessments before offering.

The financials are compiled, not audited. Have your accountant read them as such.

Resolve the work-from-home question in writing. The building's legal occupancy is Joint Living–Work Quarters for Artists; the condominium's own transfer paperwork prohibits home occupation. If your use depends on the answer, get it before contract.

Lead with the conversion's quality and its documentation. A signed-off Alteration Type 1 with a certificate of occupancy, a named architect of record and a clean unit-lot schedule is a real advantage over SoHo lofts whose legalization history is murky.

Get ahead of the commercial units. A sophisticated buyer's attorney will find the 2022 receivable write-off and the referee's deed. Presenting the current status yourself, with the 2023 statements showing the recovery, is a much better conversation than being asked about it in diligence.

Position against SoHo condominiums, not against SoHo co-ops. Condominium ownership — no co-op board admission, with purchases running through the condominium's application and right-of-first-refusal process — is this building's structural difference from the loft cooperatives on the surrounding blocks. Confirm leasing, pied-à-terre and ownership-entity rules in the current declaration, bylaws and house rules before pricing on that basis.

If you're considering 115 Mercer Street, also evaluate:

• 77 Mercer Street — Mercer Street loft condominium south of Spring; the closest peer by street and ownership form
• 93 Mercer Street — SoHo loft cooperative on the same street; the cooperative alternative
• 107 Greene Street — Greene Street loft condominium one block west in the same historic district
• 93 Greene Street — boutique Greene Street loft condominium of comparable scale
• 47 Mercer Street — Mercer Street loft condominium at the southern end of the district
• 40 Mercer Street — Jean Nouvel's Mercer Street condominium; the new-construction alternative in SoHo
• 543 Broadway — Broadway loft conversion; the larger-building alternative a block east
• 515 Broadway — block-through loft cooperative with the same Joint Living–Work Quarters history at far greater scale
• 195 Prince Street — small SoHo condominium; the boutique comparison