474 Greenwich Street

The building is a six-story masonry loft of about 1900, roughly 56 feet wide and 80 feet deep, with a courtyard at the rear that was part of an exterior program filed in 2019 and 2020. The facade, parapets and courtyard were the scope of that filing; a separate 2014 filing covered power-washing, repointing, masonry replacement, a new window opening and fire-escape repair, under a sidewalk shed installed in 2015. The bluestone sidewalk was replaced in 2011. Completion and current condition of the filed work need confirming from board materials.

Apartments carry loft designations by orientation rather than by letter — 2N, 3N, 4N, 4S, 5N, 5S, 6N, 6W — and several have been combined; a 2016 filing records the interior renovation of a combined 6N and 6W. Interiors are what a converted 1900 warehouse produces: exposed brick, wood beams, high ceilings, deep floor plates with light at the front and rear. Compare each apartment’s current condition and documented renovation history; the recorded combinations do not establish a uniform original delivery standard or exclude sponsor involvement.

There is no commercial space. Every square foot of the building's roughly 25,150 is residential, which means the cooperative has no retail rent to offset maintenance and no commercial tenant risk. Both halves of that trade are real.

Self-service and small. One keyed elevator opening into the apartments, a video intercom, deeded basement storage, and a landscaped common roof deck. No doorman, no resident manager, no amenity program. Thirteen shareholders carry the full operating cost; review the current budget, audited statements, any underlying debt and any assessments.

The underlying debt tells the capital story. The cooperative borrowed $1,000,000 in 1998 to buy the building and $300,000 more in 1999. In 2012 that position was consolidated at $1,200,000 with new money of about $218,000. In August 2019 the cooperative refinanced into a $2,100,000 consolidated first mortgage with a $250,000 credit line from a cooperative lender — and the timing coincides with the 2019–2020 facade, parapet and courtyard program. The recorded documents do not show how the work was paid for; confirm in the financial statements and board minutes how much came from the new borrowing, from reserves and from any assessment. The recorded 2019 amount is not a current balance or evidence of above-average leverage. Read the latest financial statements for principal, debt service, maturity, reserves and actual share allocations rather than dividing debt equally among thirteen apartments.

Ownership form: Cooperative. A purchase is a share transfer with an assignment of the proprietary lease, and it requires a full board package and an interview. Every apartment closing recorded against this lot in ACRIS is a share transfer, which is what confirms genuine individual ownership in a co-op.

Financing: Up to 80 percent permitted, 20 percent minimum down, per listing records. That is permissive by downtown loft-cooperative standards.

Flip tax: 2 percent, paid by the purchaser, per listing records. A purchaser-paid flip tax is comparatively uncommon and it changes the offer arithmetic — on a $3 million apartment it is a $60,000 line on the buyer's side that does not appear in the asking price. Confirm the current rate and payer in writing.

Subletting, co-purchase, guarantors, parents purchasing for children: All considered subject to board approval per listing records. A board that entertains all four is a flexible board by Manhattan standards, but "considered" is not "permitted." Get the written rule.

Pied-à-terre and trust or LLC ownership: Not documented in the records available to us. In a thirteen-shareholder cooperative these are board-discretion questions; obtain the answer before structuring an offer around either.

Pets: Permitted per management-sourced records.

Taxes: The assessment roll shows no exemption on this lot; check the tax bill for any abatement and underwrite the tax component of maintenance from it.

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. Most recent trades (2023) cleared a median $1,614/sf (floor-adjusted) across 2 sales. 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 4.4% 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 1-00595-0041). 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 on co-ops is not officially recorded, figures shown are approximate.

The board package is the transaction. Thirteen shareholders means everyone reads it. Expect a full financial disclosure, tax returns, reference letters and an interview; confirm the exact requirements in the board's application instructions. Run the Co-op Board Qualification Calculator before you offer, and confirm the board's post-closing liquidity requirement separately from the 80% financing ceiling — the two are underwritten separately.

Price the purchaser-paid flip tax into your offer. Two percent on the buyer's side is real money and it is frequently missed until the contract stage.

Read the underlying mortgage. The $2.1 million recorded in 2019 does not establish current debt or a neighborhood leverage ranking. Ask for the maturity date, the rate and the amortization, and ask the managing agent what the board's plan is at maturity. Model how the actual refinancing terms and funding plan could affect maintenance rather than assuming a rate increase or a particular charge change.

Understand the exterior work that is done and the work that is not. Filings show facade, parapet and courtyard work in 2019–2020; confirm it was completed and signed off. The roof was explicitly excluded from that scope. Ask about the roof, the elevator and the building's Local Law 11 cycle status.

There is no retail income and no staff. Maintenance is carried by thirteen households alone. That is a clean structure with no commercial tenant risk, and it is also a small denominator for any surprise.

Lead with the format and the block. A private half- or full-floor loft in a thirteen-unit building on a Hudson Square block otherwise given over to condominium development is a genuinely narrow product. Say what it is rather than competing on finish.

Document the 2019–2020 exterior program. Buyers' attorneys will ask whether the filed work was completed and signed off. Have the scope and the sign-offs ready.

Set expectations about the board. Buyers coming from condominium inventory need to understand the package and the interview before they bid, not after. Sellers who explain the process early lose fewer deals at the approval stage.

Condition is the whole variable. Apartments here were built out individually across twenty-five years. Run the Renovation Cost Calculator against your apartment's actual state before setting an ask, because the buyer will.

If you're considering 474 Greenwich Street, also evaluate:

• 466 Washington Street — fifteen-unit prewar cooperative on the same tax block; the closest structural peer
• 482 Greenwich Street — condominium on the same block; the new-construction alternative next door
• 471 Washington Street — nine-residence condominium on the same block
• 481 Washington Street — thirteen-residence loft condominium on the same block; identical unit count, condominium structure
• 465 Washington Street — boutique condominium on the same block
• 459 Washington Street — the John Watts Condominium; prewar conversion on the same block
• 475 Greenwich Street — nearby Greenwich Street loft building
• 479 Greenwich Street — small Greenwich Street building; comparable scale
• 450 Washington Street — larger Hudson Square building; the full-service alternative
• 330 Spring Street — condominium on the same block at the Spring Street corner