482 Greenwich Street (The Arman)

The building holds a true corner, which for a seven-unit building is the whole design brief: light and air on two exposures, and Hudson River sightlines to the west from the upper floors and the roof. The base is given over to a retail unit and a community facility unit, both non-residential condominium units that were held back from the original offering and later sold; the residential entrance is on Greenwich Street under a stone canopy.

Residences are full-floor and duplex, with a duplex penthouse at the top. Interior specification came from GRADE: rift-cut, quarter-sawn white oak floors, ceilings near eleven feet, zoned central air conditioning, in-unit laundry. The second floor carries the building's amenity program — a fitness room and a bicycle room — which is a compact allocation appropriate to seven households.

Two structural features of the plan repay attention. Three of the original units — designated 2A, 2B and 3 in the offering plan and referred to there as the "estate units" — were conveyed to the artist's estate along with two parking spaces, and have since traded on the open market. And the roof is not uniformly common: the declaration on file makes a roof terrace a limited common element appurtenant to the penthouse, with a ten-foot mechanical-equipment setback protecting it. Any buyer relying on roof access should confirm exactly which portion of the roof they are buying rights to.

Seven residences is a very small denominator, and the building's economics reflect it. The first-year budget on file ran on the order of $220,000 in total common charges, with residential owners carrying roughly 93.9 percent of common interest and the two non-residential units the remaining 6.1 percent. Staffing was budgeted at a part-time, non-live-in superintendent and porter plus a full-time concierge; a reserve line was added at the board's election before the first closing, and a working capital account was funded at a modest level.

For a buyer, that structure has two practical consequences. First, a single capital event — a roof, an elevator modernization, a façade cycle — is spread across seven households rather than seventy, so a given capital project lands harder on each unit. Ask directly for the current reserve balance, any live or recently concluded assessment, and the capital plan. Second, the commercial units matter more than they would in a large building: 6.1 percent of common interest is meaningful at this scale, and the allocation formula in the declaration splits certain expenses by usage rather than by common interest. Understand who pays for what before contract.

The building is into its second decade; whether any warranty or sponsor obligation remains is for counsel to establish from the offering plan. Local Law 11 status, the roof and the elevator are the items to pull.

Ownership form: Condominium. Purchases close through a board right of first refusal rather than a cooperative approval.

Pied-à-terre, subletting, LLC, trust and foreign ownership: Not documented in the records we hold; confirm each, including minimum sublet lease terms, in the current declaration, bylaws and house rules with the managing agent.

Pets: Not documented in the records reviewed here. Confirm weight and breed limits in the house rules.

Flip tax: Not documented in public records.

Real estate taxes: The 421-a benefit is fully expired. Underwrite full unabated taxes, and model the tax class 2C gap explicitly — billable assessment rising up to the cap while it remains below actual — rather than assuming today's bill holds. Run the True Monthly Carrying Cost analysis against the current bill and against a forward assessment path.

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 (2024) cleared a median $2,211/sf (recorded) across 1 sale. Median listing discount 0.1% 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 1-00595-7506; 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.

Model the taxes forward, not from today's bill. The 421-a is gone, and the tax class 2C cap means the billable assessment on a representative unit is currently a fraction of actual. While that gap remains, the billable figure can rise up to the cap every year; model a range rather than a single path. This is the most consequential number in the building and the one most likely to be mispresented.

It is seven units, not eight. Two units were combined before the declaration recorded. Market data has not all caught up.

Confirm roof rights in writing. A roof terrace is a limited common element appurtenant to the penthouse under the declaration, with a mechanical setback attached. Do not assume general roof-deck access without checking what you are buying.

Small building, large assessments. Seven households funding a capital event is a different exposure than seventy. Pull the reserve balance and the capital plan before contract.

Understand the commercial units. Retail and community facility units at the base carry 6.1 percent of common interest and a usage-based split on several expense lines. Read the allocation footnotes.

Canal Street is Canal Street. The corner brings light and views on two exposures and traffic noise on one. Test it at rush hour, not midday.

Describe the documented new construction. The 2011–2012 building, modern systems and layouts can be compared directly with specific nearby warehouse conversions and newer buildings. Several neighbors are individually designated landmarks; this lot is not designated, and no claim of neighborhood exclusivity is established.

Present the tax path proactively. Sophisticated buyers will find the 2C gap between billable and actual assessment. Getting there first with a True Monthly Carrying Cost analysis is far better than having it emerge in diligence.

Correct the unit count and the address in your materials. Public data carries 523 Canal Street and, in places, eight residences. Both should be addressed up front.

The Arman provenance is a real differentiator. The name, the site history and the sculpture on the façade are documented and unusual, and they matter to the buyer pool this building draws.

If you're considering 482 Greenwich Street, also evaluate:

• 481 Washington Street — the 13-residence Spice Warehouse loft condominium on the same block; a separate condominium and the closest conversion counterpoint
• 471 Washington Street — nine-residence condominium on the same block, with its own expired 421-a; a distinct building frequently confused with its neighbors
• 465 Washington Street — nine-residence loft conversion and vertical enlargement on the same block; again a separate condominium
• 330 Spring Street — larger full-amenity condominium on the same block; the scale alternative
• 290 West Street — riverfront boutique condominium a short walk west
• 15 Renwick Street — Hudson Square new-construction condominium; the closest peer by vintage and neighborhood
• 22 Renwick Street — small-building Hudson Square alternative
• 505 Greenwich Street — larger Greenwich Street condominium a few blocks north
• 491 Greenwich Street — boutique building on the same corridor
• 2 King Street — small condominium at the Hudson Square–West Village edge