372 Broadway (Six Cortlandt Alley)

Five residences over seven floors means large plates and no interior corridors to speak of. The residences carry the designations R3, R4 and R5 on the third through fifth floors — the historic loft levels, with the original structural bay depths and the Broadway window wall — and PH-A and PH-B above, within the 2014-approved vertical addition. The commercial unit occupies the ground floor and first cellar and is a separate condominium unit that trades independently of the residences.

The lot is 3,776 square feet and recorded floor area works out to a ratio of 5.32 against 10.0 permitted; that simple comparison does not establish legal zoning floor area or what, if anything, could be built on this site, which sits in the Tribeca East Historic District. Any unused rights are worth understanding when reading the building's balance sheet, and worth discounting when reading any valuation that treats them as realizable.

Buyers should note the discrepancy in the area figures. PLUTO reports 14,430 square feet of residential area; published records describe roughly 21,856 total square feet including retail and the addition. The offering plan's Schedule A on file in The Roebling Research Library is the controlling document for square footage on any specific unit, and any per-foot analysis should be run against it rather than against the city data.

The 2021 operating budget on file shows total annual common charges of $202,495, split roughly $197,544 to the residential section and $4,951 to the commercial unit. The largest line items are the residential service contracts at about $40,100, insurance at about $34,400, electricity for the residential common elements at about $28,000, the management fee at about $19,900, and a major capital improvement reserve contribution of about $18,000. Payroll, including taxes and benefits, is about $13,700 for the year.

The 2021 payroll projection does not establish actual staffing, hours or current service contracts. The described entry system is a keyed elevator with no attended lobby; obtain current staffing and expense records. Across five residences, roughly $197,500 of residential common charges works out to an average in the low $3,000s per month per apartment before real estate taxes in that 2021 budget, not a current bill or a cost ranking; actual unit allocations and measured areas are needed for comparison.

The 2021 budget projects an approximately $18,000 reserve contribution; confirm actual funding and the current balance, with project costs allocated under the declaration among five residences and a separate commercial unit rather than assumed to divide equally among five owners. The Local Law 11 Cycle 9 filing came back SWARMP in February 2024, and scaffolding and roof protection were permitted in April 2025; obtain the actual residential and commercial expense allocations for that work. Ask for the current reserve balance, the scope and cost of the façade program, and whether any assessment has been levied or is contemplated.

Ownership form: Condominium. Purchases close through a right of first refusal rather than a cooperative board approval. Thirty to forty-five days is a typical closing estimate.

Pets, pied-à-terre, subletting, and LLC, trust and foreign ownership: Condominium form does not settle these. The rules — pet weight and number, minimum lease terms, short-term rental prohibitions, permitted ownership entities — live in the declaration, house rules and by-laws on file, and should be confirmed with the managing agent before contract.

Financing and minimum down payment: Not documented in the records reviewed; confirm any limit in the declaration, bylaws and house rules. A five-unit building with a commercial component draws additional scrutiny from some lenders on owner-occupancy and single-entity concentration ratios. Confirm with your lender early.

Flip tax: No transfer fee is documented in the records reviewed. Confirm any resale capital contribution with the managing agent before pricing a sale.

Landmark constraint: Determine whether proposed window, storefront, rooftop-equipment, terrace-railing or HVAC work needs an LPC permit and whether staff approval or a hearing applies; timing depends on scope. Owners have filed for rooftop HVAC units and terrace structures here, and those filings run through LPC before they run through DOB.

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 (2023) cleared a median $1,804/sf (recorded) across 1 sale.

Sales sourced from NYC Department of Finance recorded transfers (BBL 1-00172-7505; 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 final certificate of occupancy is new. It issued on July 17, 2025, after fifteen temporary certificates. That is now clean, but it is worth confirming that the certificate on file matches the unit you are buying and that no open items remain against the conversion application.

Review the ownership and expense allocations. Five residential units plus a commercial unit do not necessarily mean six independent owners. Confirm affiliations, voting rights and common-interest shares. Read the last two years of financial statements and the board minutes, and understand the reserve position in dollars rather than as a percentage of an operating budget that is itself small.

Ignore the Department of Finance year built. The assessment record for the billing lot says 1915. LPC's own designation record and PLUTO both date the building to 1852–1854. Any automated valuation keyed to the DOF figure is working from a bad input.

Landmark review is a renovation cost. Determine the LPC route for the proposed work, including rooftop mechanicals: ordinary maintenance can be exempt, qualifying work can receive staff permits, and other scopes require a Certificate of Appropriateness and Commission hearing. Interior work needing DOB permits can also require LPC review.

Walk the alley at night and on a weekday morning. Cortlandt Alley is the address in practice. It is also a working service alley and a heavily used film-location street. Some buyers find that the best thing about the building; the point is to know which you are before contract.

Confirm the commercial unit. It is a separate condominium unit at the base of the building with its own owner and its own use. Understand what it is, what it can become under C6-4A, and what the by-laws say about its obligations to the residential section.

Lead with the certificate of occupancy and the landmark status. A final CofO in a designated district, on a building that took three developers and eleven years to convert, is a completed-risk story. Say it plainly.

Separate the historic floors from the penthouses in your pricing argument. They are different products and they draw different buyers. A single building-wide price per foot will underprice one and overprice the other.

Get ahead of the carrying cost. Show the unit tax bill, any applicable abatement and the current common-charge breakdown, including payroll and contracted services. Present the True Monthly Carrying Cost analysis with the offering rather than letting it surface in diligence.

Comparables come from the Tribeca loft set, not from Broadway new construction. The right frame is the small conversions on White, Walker, Lispenard and Franklin — buildings with the same vintage, the same district and the same governance scale.

If you're considering 372 Broadway, also evaluate:

• 81 White Street — a separate condominium on the same tax block, occupying two adjoining buildings; the closest peer for boutique scale inside the Tribeca East district
• 374 Broadway — the adjoining condominium on the same block, at larger unit count and a different governance scale
• 395 Broadway — Broadway loft conversion a few blocks north; the same street, more units
• 356 Broadway — 19th-century Broadway loft building converted to residential; the nearest like-for-like by vintage
• 350 Broadway — larger Broadway loft conversion at the Leonard Street corner
• 55 White Street — cast-iron loft conversion in the same historic district; the boutique alternative one block west
• 51 Walker Street — small Tribeca East loft building; comparable unit count and comparable governance
• 46 Lispenard Street — very small loft conversion on the Canal Street edge; the same five-to-ten-owner dynamic
• 67 Franklin Street — Franklin Street loft conversion inside the district; the alternative on the block to the north
• 140 Franklin Street — larger Tribeca loft condominium with building staff; the serviced counterpoint