323 West 11th Street

The three façades read as one composition. LPC records the style as Romanesque Revival and the materials as brick and cast iron, with the cast iron at the storefront level. Inside, the plans are conventional walk-up layouts, with apartments designated E, W and R (east, west and rear) on the upper floors and a rear apartment on the ground floor behind the stores.

The apartment count has changed over the years. The corporation's shares are still allocated to 39 apartments, but DOB records combinations at No. 323 (second floor, 2005), No. 325 (fifth floor, 2011) and No. 327 (third and fourth floors, 2012). The most recent DOB filings count 32 dwelling units across the row. The practical result is that a few of the largest homes in the building are recent combinations and trade as a separate category.

DOB filings since 2019 show ducted electric heating and cooling systems installed in several apartments. The house rules on file permit only window air conditioners, so the two records conflict; confirm the board's current position before planning HVAC work.

This is a lean walk-up operation: a part-time live-out superintendent, video intercom and surveillance, and a managing agent. The audited statements for 2019 and 2020 show the capital work of recent years: gas-line replacement at No. 323 (2018) and No. 325 (2019–2020), with the related wall-opening and repair work; façade and waterproofing work in 2019; and a new water heater and storage tank in 2019.

Reserves were thin. Cash at year-end 2020 was under $200,000, the statements note that no reserve study has been done, and the corporation drew $250,000 on its bank credit line in the first months of 2021. Maintenance rose 2.5 percent in mid-2019 and 5 percent at the start of 2021, and the board levies an annual operating assessment that roughly matches the co-op tax abatement credited to eligible shareholders.

The financing has since been reset. The 2017 bank mortgage was due in February 2027 with a balloon payment. ACRIS shows it satisfied in June 2025 and replaced by a new mortgage and credit facility from the same cooperative lender. The new loan is larger than the old balance, which suggests capital work was funded or planned. A buyer should get the new loan's rate, term and maturity, and the use of the proceeds, from the current financial statements.

The commercial lease is fixed for decades. The ground-floor master lease began in February 1984 with a ten-year term and seven twelve-year renewals at the tenant's option. Base rent steps up by a fixed amount at each renewal, plus a pass-through of 15 percent of real estate tax increases over 1983–84 levels. The current term runs to February 2030. While the options last, the corporation cannot re-price the stores to market.

Flip tax: Paid by the seller, as a percentage of the gross sale price: 5% if the shares were held under 18 months, 3% from 18 months to three years, and 2% after three years, per the audited financial statements.

Subletting: Board-approved, submitted 30 days in advance, renewed annually, and only for shareholders with no arrears. Management-sourced records show a monthly per-share sublet fee that rises with each extension. Short-term and apartment-share rentals are prohibited.

Pets: Up to two per apartment. Shareholders may keep dogs and cats; other animals, and any pets kept by subtenants, require written board approval.

Alterations and appliances: Board and managing-agent approval, DOB approval where required, and an architect or engineer approved by the board. Dishwashers are permitted; washing machines and ventless dryers require board approval. The house rules require that at least 80 percent of each room's floor be carpeted.

Insurance: Residents must carry at least $300,000 of liability coverage and name the corporation and the managing agent as additional insureds.

Not documented: the maximum financing percentage, post-closing liquidity requirement, pied-à-terre policy and trust or LLC purchase policy. Get them from the managing agent before you offer.

Recent sales

Recent transfers 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. $/sf is measured on the latest sales with reliable square footage (2022): a median $1,971/sf (recorded) across 1 sale. The building has traded as recently as 2026. Median listing discount 2.2% 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 1-00634-0036). 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.

Get the 2025 refinancing terms. The corporation replaced its 2027 loan with a larger mortgage and credit facility in June 2025. Rate, term, maturity and what the proceeds pay for all bear on future maintenance.

Ask about reserves and any assessment. Cash reserves were thin at the last year-end on file and there is no reserve study. Ask the managing agent for the current reserve balance, any assessment in place or planned, and the capital plan for the three façades and roofs.

Factor the flip tax into your exit. A buyer who sells within 18 months pays 5 percent of the gross price, and 3 percent within three years. That is steep for a short hold. It falls to 2 percent after three years.

Non-occupant ownership is a minority. At year-end 2020, 31 of the 39 apartments were owner-occupied. Eight were held by two entities, one of which files offering-plan amendments as a holder of unsold shares. Some lenders review that ratio. Run the Co-op Board Qualification Calculator once you have the maintenance figure.

Budget for Landmarks review. Windows and anything visible from West 11th Street need LPC approval on top of board and DOB approval.

Your holding period sets your flip tax. Confirm the current schedule with the managing agent before pricing. The difference between 3 and 2 percent is material on a West Village sale.

Lead with the row. An intact 1897 Neville & Bagge row inside the 1969 historic district is a clear architectural story. Say which building and which position the apartment is in.

Have the financing story ready. Buyers' attorneys will ask about the 2025 refinancing and the reserve position. Having the latest statements and a summary of recent capital work ready shortens attorney review.

If you're considering 323 West 11th Street, also evaluate:

• 344 West 11th Street — five nineteenth-century walk-up buildings in one cooperative, across West 11th at Washington Street
• 571 Hudson Street — 1892 walk-up cooperative with a ground-floor commercial unit, at Hudson and West 11th
• 79 Perry Street — 1890s five-story walk-up cooperative a short walk south
• 725 Greenwich Street — walk-up, multi-building garden cooperative
• 708 Greenwich Street — small early-twentieth-century West Village cooperative
• 270 West 11th Street — prewar cooperative farther east on West 11th Street
• 344 West 12th Street — 1928 cooperative one block north
• 377 West 11th Street — loft cooperative at the river end of West 11th; the loft-scale alternative