- Year built
- 1905
- Type
- Cooperative
- Units
- 24
- Floors
- 10
- Landmark
- No
- Amenities
- Keyed elevator opening directly into residences, bicycle room, landscaped roof terrace. No doorman is documented
- Pets
- Not documented in a form we can rely on — confirm the house rule with the managing agent
Every recorded sale at this building, 2003–2026
Price-per-square-foot over time, the line- and floor-premium curves, and every recorded sale.
- Median $/sf
- $1,135
- Listing discount
- 0.0%
- Recorded sales
- 32
- On record
- 2003–2026
This is one of the buildings the artist-loft conversion movement actually produced, and its paperwork says so in plain language. Philip Goerlitz built it in 1905 and 1906 as a store-and-loft building — light manufacturing above, retail at the sidewalk — on the block behind the Ladies' Mile department stores. It stayed commercial for seventy years. In 1977 the property was assembled by a loft-development partnership; in 1978 an offering plan was filed not to convert an apartment house but to create cooperative ownership of a manufacturing loft building; and in November 1978 the plan was declared effective on eleven subscriptions. The corporation took title in April 1979.
The cover page of that plan carries the sentence that defines the building's legal history: "These units may not currently be lawfully occupied for residential purposes." The sponsors made no representation that a residential certificate of occupancy could ever be obtained. Instead, the subscription agreement obligated each purchaser to legally alter his or her own space under plans approved by the board and to file the necessary applications, with all interior work due by November 30, 1978 — and the plan defined "residential," for its own purposes, to include joint working/living quarters, to the extent now or hereafter permitted by law. A licensed architect's report bound into the plan described what the building would need before a residential certificate of occupancy could be procured.
That is the JLWQA pathway, written down. It is also why the building's ownership history looks the way it does: pioneers bought raw commercial floors, built out their own lofts, and financed the corporation with a $380,000 bank mortgage in 1984. What it is not is a Loft Law building. The Loft Law of 1982 and the Interim Multiple Dwelling framework protect residential tenants who occupied former manufacturing space between April 1980 and December 1981 without a residential certificate of occupancy. 40 West 24th Street's occupants have held proprietary leases as shareholders since 1978, three and a half years before that window opened. No Loft Board IMD registration for this building is documented in the records available to us — and because the city does not publish an IMD registry as open data, that is a documentary gap rather than a clean negative. If IMD status matters to your transaction, ask the managing agent and confirm with the Loft Board directly.
Architecture and unit composition
Goerlitz's elevation is neo-Renaissance in limestone and brick with metal trim — a working commercial building given a dignified street face, which is the Ladies' Mile idiom. Behind it is a 75-foot-wide, roughly 98-foot-deep floor plate over ten stories, about 69,800 square feet in all, on a lot of 7,406 square feet.
The residential floors carry two to three lofts each, designated by compass point: alteration filings on record reference 3N, 4W, 5E, 5N, 6E, 6N, 8N and 10W, among others. That produces genuine loft product — wide-open floor plates, high ceilings, column grids, and light from the street and rear rather than from a light court. Renovation filings from 2000 through the present show the full range: full-gut apartment renovations, central air installations, partition reconfigurations to add bedrooms, and plumbing relocations. Buyers should expect condition to vary enormously between a loft last touched in the 1980s and one rebuilt in the last decade, and should price accordingly.
The base is commercial. Filings on record cover a ground-floor retail store and a second-floor office suite with a mezzanine and a connecting stair, both renovated within the last fifteen years.
Building operations
The building runs lean — keyed elevator, bicycle room, a landscaped roof terrace, no doorman documented. The commercial base is the operational fact that most distinguishes it. Retail and office income offsets shareholder maintenance, which is a real benefit, but it also drives the reported shareholder tax-deductibility percentage down toward half. A co-op with commercial income above a certain share of gross income risks its shareholders' ability to deduct their share of mortgage interest and real estate taxes under the federal rules for cooperative housing corporations. We do not have the corporation's income statement, so we state the fact and the question rather than an answer: ask the managing agent for the current deductibility letter and for the corporation's commercial income as a percentage of gross income. For a buyer financing a purchase, that number is worth real money.
The capital record in city filings is that of an owner-run prewar loft building maintained on a cycle. Facade and Local Law 11 work appears in 2002, 2004, 2006, 2009 and 2020, with a current cycle now open — recent filings cover front and rear facade repairs, a heavy-duty sidewalk shed and a suspended scaffold. The sidewalk vault under the building has been a repeated project, with vault and lower-basement repairs filed in 2019 and a structural vault-shoring application on record; ground-floor slab and mezzanine reinforcement was filed in 2012; the roof was rehabilitated in 2004.
The underlying mortgage is small and the corporation's borrowing history is conservative. It ran with a cooperative lender from the early 1990s through 2007, then refinanced in April 2017 with a commercial bank into a consolidated first mortgage in the $1.3 million range, with the prior agency-held paper released. For a 24-unit building, that is light leverage. It also means the corporation has borrowing capacity available for the facade cycle rather than only an assessment.
The certificate of occupancy question — and the 2025 rezoning
Two open items deserve a buyer's attention before anything else.
The certificate of occupancy. Department of Finance records show a building-wide alteration completed in 1989, which is the likely date of the residential or joint-living-work-quarters legalization the 1978 plan contemplated. The city's certificate-of-occupancy dataset, which covers filings from roughly 2000 forward, carries no record for this building — so the 1989 document is not visible in open data. Whether the current certificate of occupancy describes the upper floors as dwelling units or as joint living-work quarters for artists is not documented in the records available to us. It is a straightforward pull, and it is the first thing a buyer's attorney should do here, because the answer governs who may lawfully occupy the space, what a lender will underwrite, and what alterations are permitted.
The rezoning. On August 14, 2025 the City Council adopted the Midtown South Mixed-Use Plan, creating the Special Midtown South Mixed-Use District. This lot is inside it, and PLUTO now carries the lot as M1-8A/R11 — a paired manufacturing-and-residential district that permits housing where the prior manufacturing zoning did not. The change is material in two directions. First, it removes the underlying nonconformity: residential use on this block is now contemplated by the zoning rather than tolerated as a legacy condition. Second, the lot is built to a floor-area ratio of about 9.43 against a residential base of 12.0, so it carries unused development rights that were close to worthless under the old zoning and are not worthless now. Set against that: the building sits in the Ladies' Mile Historic District, so any enlargement, rooftop addition or transfer-driven neighboring project runs through the Landmarks Preservation Commission. Buyers should treat the rezoning as a real but heavily gated change in the value of the corporation's air rights, and should ask the board whether it has been approached about a transfer.
Policy framework
Management-sourced records report a standard loft-co-op stack: 25 percent minimum down, subletting permitted, pied-à-terre permitted, in-unit washer/dryer permitted, and co-purchase, guarantors and gifting all considered. A transfer fee exists; its rate is not published.
None of that is published by the corporation, and a 24-unit self-directed board can change its posture between one deal and the next. Ask the managing agent, in writing, for the current financing ceiling, the post-closing liquidity expectation, the sublet policy including any seasoning period and fee, the transfer-fee formula, and the board's position on purchases by trusts or limited liability companies. Then read the proprietary lease and the current house rules — in a building whose residential legality rests on a 1978 subscription obligation and a 1989 alteration, the house rules on use and alteration matter more than they do in a conventional co-op.
Local Law 97
- 2024–2029 annual penalty
- $0 (under cap)
- 2030–2034 annual penalty
- $0 (under cap)
- Per unit / month range
- —
Source: NYC LL84 benchmarking and PLUTO · The Roebling Research Library. City record last verified September 2026.
See full Local Law 97 analysis — emissions history, scenarios, methodology →Facade safety — Local Law 11
The latest available filing classified the facade as SWARMP — Safe With A Repair and Maintenance Program: the engineer identified conditions requiring monitoring or repair before the next inspection cycle. The scope, timeline, and how the building funds the work are building-specific — we review the filings and board materials for you.
How to read this, and where it comes from
QEWI = Qualified Exterior Wall Inspector — the licensed engineer the city requires to sign the report (the independent expert, not the managing agent).
Source: NYC DOB facade filings (FISP) · The Roebling Research Library. City record last verified September 2026.
Recent sales
40 West 24th Street trades as NoMad loft co-op product: large, light, characterful floor plates in a landmarked 1905 building, priced below the Flatiron and NoMad loft condominiums that offer the same square footage without a board. The variables that move price here are floor and exposure, whether the loft has been rebuilt, and how a given buyer weighs the commercial base — some read the retail and office income as a maintenance subsidy, others read the deductibility percentage as a cost. Loft co-ops of this era are best compared per square foot rather than per room, since the whole point of the product is open area rather than prewar room count. Unit-level transaction history is maintained in The Roebling Research Library and shared with clients during diligence.
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.
| Date | Unit | Apartment | Price | PPSF | vs. Ask |
|---|---|---|---|---|---|
| Feb 6, 2026 | 6N | 3 BR · 2 BA · 2,200 sf | $2,700,000 | $1,227/sf | +0.7% |
| Oct 31, 2025 | 6WEST | 3 BR · 2 BA | $1,800,000 | -16.3% | |
| Apr 1, 2024 | 3E | 2 BR · 2 BA · 1,600 sf | $1,650,000 | $1,031/sf | +0.0% |
| Apr 19, 2023 | 6E | 2 BR · 2 BA · 1,600 sf | $1,726,550 | $1,079/sf | -1.3% |
| Jun 7, 2022 | 5N | 2 BR · 1.5 BA | $2,525,000 | +5.6% | |
| May 5, 2022 | 7W | 3 BR · 1.5 BA · 1,630 sf | $1,700,000 | $1,043/sf | +0.0% |
| Feb 9, 2022 | 9E | 3 BR · 2 BA · 2,200 sf | $2,830,000 | $1,286/sf | +3.7% |
| Jan 31, 2022 | 4N | 3 BR · 2 BA · 2,000 sf | $2,350,000 | $1,175/sf | -9.6% |
Market read. Most recent trades (2026) cleared a median $1,135/sf across 1 sale. Median listing discount 0.0% from the last ask.
The retrade record
Lines that have traded more than once in the public record — the building’s appreciation arc, apartment by apartment.
Other recent transfers
| Date | Unit | Price |
|---|---|---|
| Jun 29, 2017 | 8W | $2,750,000 |
Full closing history with price-per-square-foot over time, the complete retrade record, and every line that has traded.
Sales sourced from NYC Department of Finance recorded transfers (BBL 1-00825-0071) 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.
What to know if you’re buying
Pull the certificate of occupancy first. Whether the upper floors are legalized as dwelling units or as joint living-work quarters for artists changes who may occupy, what lenders will do, and what you may build. It is not answerable from open data.
Get the deductibility letter. A reported figure near 51 percent is low. Confirm it and confirm the corporation's commercial income share before you model your after-tax carry.
Ask about the open facade cycle. Local Law 11 work is live. Ask whether it is funded from reserves, from the underlying mortgage, or by assessment, and get the number.
Landmark status governs everything exterior. Windows, storefronts, rooftop equipment and any addition require a Landmarks permit in the Ladies' Mile Historic District. Do not assume a rooftop or window scope is approvable.
The board package still applies. Twenty-five percent down is the floor, not the standard. Prepare a full package and run the Co-op Board Qualification Calculator before you offer.
What to know if you’re selling
Sell the plate, not the room count. Buyers for this building are shopping loft area and light. Measure honestly, document ceiling heights, and market against loft condominiums rather than against prewar apartment stock.
Have the legal file ready. The certificate of occupancy, the alteration sign-offs for your own loft, and the corporation's deductibility letter will all be asked for. Producing them on day one shortens the deal; discovering them at contract lengthens it.
Explain the rezoning without overselling it. The 2025 Special Midtown South Mixed-Use District designation is a genuine change to the block's zoning and to the corporation's unused development rights. It is also gated by the Landmarks Preservation Commission. State it accurately; a buyer's attorney will check.
Comparable buildings
If you're considering 40 West 24th Street, also evaluate:
- 32 West 20th Street — a loft co-op of the same class a few blocks south; the closest like-for-like in tenure and product
- 30 East 21st Street — an 1897–98 loft building converted to residential use in the early 1980s; the same conversion generation
- 15 West 20th Street — a 1906 neo-Renaissance store-and-loft building, converted to condominium; the condominium version of the same building type
- 141 Fifth Avenue — an 1897 Beaux-Arts store-and-loft converted to condominium with commercial units at the base
- 7 East 20th Street — a circa-1907 loft converted to condominium in 1987
- 254 Park Avenue South — a 1913 Beaux-Arts building converted to condominium in 2008; the full-service alternative
- 21 West 20th Street — 2015 new construction on a Ladies' Mile block; the new-build alternative
- 39 West 23rd Street — 2018 new-construction condominium directly behind, on the same block
- 124 West 24th Street — a loft building converted to condominium on the same street, west of Sixth Avenue
The neighborhood
For the full corridor — architecture, schools, transit, and pricing across Flatiron — read The Roebling Team Guide to Flatiron.
The full playbook — what goes in the package, how boards read your financials, the interview, and the timeline — plus sample cover, reference, and personal letters you can adapt.
How to read the facts on this page. Items attributed to an offering plan describe the building as it was offered at that filing — unit mix, square footage, the amenity program as planned. They are not a statement about how the building operates today. Tax and compliance figures are sourced separately to current City records and carry their own dates. House rules, staffing and fee policy can change by board resolution without any public filing: treat every policy line here as a starting point for diligence and confirm it with the managing agent.
Considering a move at 40 West 24th Street?
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