357 West 12th Street

Two brick warehouse buildings of five stories, built in 1919–1920, sharing a lot of roughly 6,966 square feet and about 24,040 square feet of building area. The lot is built to a floor-area ratio of 3.45 against a residential ratio of 2.43 in the R6 district — the buildings are overbuilt relative to current zoning, which means no development rights and no vertical enlargement, and it is part of why the streetwall has stayed low.

Apartments carry compass-and-position designations — 3E, 3R, 4R, 5E, 5W — which is the ordinary loft-conversion pattern of front and rear units per floor with a courtyard or lot-line condition between. DOB filings across the last twenty-five years document real plan change: apartments 3E and 3R combined into one unit in 2000; a further combination filed in 2003; a duplex spanning 4R and 5E renovated in 2011 with a relocated interior stair. That history is the reason the unit count in the records has drifted, and it is also the reason condition and layout vary widely apartment to apartment. Underwrite the specific unit, not the building average.

This is a self-directed small condominium with an outside managing agent and no resident staff. The most recent audited statements on file show total common charges of $202,608 across the whole association for the year and payroll under $20,000 — figures that describe part-time custodial coverage, an elevator under contract, and owners who handle a great deal themselves. Utilities, trash removal, exterminator and sprinkler service run through the operating budget. There is no doorman, no gym and no amenity program, and the carrying cost reflects that.

Capital posture, from the audited statements on file. The condominium undertook a substantial façade project beginning in 2021. On September 29, 2021 it obtained a construction draw loan with a maximum capacity of $1,100,000 at a fixed 3.82 percent, drawn against invoices as the work progressed. On April 29, 2023 that facility converted to a fully amortizing ten-year loan with an original balance of $857,186, monthly principal and interest of $8,601.35, and a maturity date of April 29, 2033. The balance stood at $833,777 at the August 31, 2023 year end. Non-recurring repairs ran $898,301 in fiscal 2022 and $203,611 in fiscal 2023, and the association levied special assessments of $99,740 and $73,105 in those two years on top of common charges.

The consequence is visible on the balance sheet: the operating fund balance was negative $714,586 at August 31, 2023, against negative $558,614 a year earlier and a positive $316,348 the year before that. There is no reserve fund. A buyer here is buying into a building that has recently completed major exterior work and is repaying it over the next decade through common charges and assessments. That is not unusual for a small pre-war condominium of this size, but it should be priced, and the current assessment schedule should be obtained before contract.

Two further items from the statements deserve mention. The auditors note that management has not prepared the study of remaining useful lives and replacement costs of common property that generally accepted accounting principles call for — so there is no reserve study to consult. And in November 2023 management discovered that the building's gas meter had been defective for an undetermined period; the utility repaired it, but the association recorded no accrual because it could not estimate a possible back-bill. Ask whether that was ultimately resolved.

The condominium's by-laws and house rules are not published, and this profile will not guess at them. Condominium tenure means the board's power over a transfer is a right of first refusal rather than an approval, which is the structural advantage of buying here rather than in a co-op on the same block — but subletting rules, pet rules, alteration agreements, move-in deposits and any transfer fee are all set by the by-laws and house rules and vary. Request the by-laws, the current rules, the most recent audited financial statement, the current budget and the assessment schedule from the managing agent at offer stage.

Recent sales

Recent closings 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 $1,952/sf across 1 sale. Median listing discount 0.0% from the last ask.

Sales sourced from NYC Department of Finance recorded transfers (BBL 1-00641-7501) 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 from recorded condo declarations and offering plans.

Read the assessment before you read the common charge. The façade loan runs to April 2033 and the association carries no reserve and no reserve study. The true monthly number is common charge plus assessment plus real estate tax — run the True Monthly Carrying Cost Calculator on the full stack. There is no J-51 or 421-a benefit to offset it and none to burn off.

Confirm which building your apartment is in, and confirm the unit count. One condominium, two addresses, one set of financials. The records disagree on how many apartments there are; the managing agent's current schedule settles it.

Ask about the gas meter. The FY2023 statements flag a possible utility back-bill with no accrual taken. It may be nothing. Confirm it.

Document the façade work. The 2021–2023 campaign is the largest capital item in the building's recent history and it is finished. Buyers' counsel will find the loan; presenting it as completed work with a known amortization schedule is far better than letting it surface as a surprise.

Lead with the plate and the block. Five-story landmarked loft buildings between Greenwich Street and the river are a fixed and shrinking supply, and the district designation protects the streetwall in front of them. That argument survives diligence.

Be precise about the apartment. Combinations and duplexes across this building mean the comparable set inside your own address is thin. Square footage, layout and renovation date should be documented rather than approximated.

If you're considering 357 West 12th Street, also evaluate:

• 385 West 12th Street — condominium on the same tax block, west of Washington Street and outside the historic district; the direct undesignated counterpoint
• 495 West Street — full-floor waterfront condominium on the same block, also outside the district
• 130 Jane Street — the other Jane Street building on block 641, west of Washington and undesignated
• 344 West 12th Street — inside the Greenwich Village Historic District one block east; a comparable designated address
• 99 Jane Street — loft-scale Far West Village condominium a block north
• 111 Jane Street — Jane Street conversion at similar scale
• 302 West 12th Street — West 12th Street pre-war building east of the district's edge
• 247 West 12th Street — small West 12th Street pre-war alternative
• 140 Charles Street — boutique West Village condominium at comparable unit count, without river exposure
• 100 Barrow Street — small-scale West Village condominium of a later construction generation