Art deco lofts in the Financial District have old-world elegance
99 John is priced to sell – and designed by the architects behind the Empire State Building.

By Jason Sheftell / NEW YORK DAILY NEWS
Published: Friday, March 16, 2012, 11:58 AM

The architects are Shreve, Lamb and Harmon, the same group that designed the Empire State Building. That’s why 99 John’s entrance, marble lobby and snazzy elevators have the feel of Old World elegance.

Originally an office building, then a rental and now a condominium, this building on a quiet stretch of John St. across from the Open Door Gastropub is seeing fast sales to the tune of almost 15 per month since October. In condo-speak, that’s a good year.

“We are very well priced at 99 John St. and offer outstanding value, space and quality,” says TF Cornerstone’s Scott Walsh, overseeing sales and marketing for the building. “With limited inventory in the Financial District, now is a great time to buy before prices increase further.”

Of the 442 lofts in the building, the bulk of the units are studios, one-bedrooms and two-bedrooms. Many layouts are unique. We like the long lofts with home-offices. Even a dark one in the corner of the building offers space, peace and quiet and privacy. A 552-square-foot studio with a loft-like slanted floor plan is available for $530,000.

“This is like a Volvo in terms of value,” says on-site salesman Christian Gonzalez, an agent with Nest Seekers International who TF Cornerstone put in charge of selling the building. “It’s dependable, well-priced, a smart buy and stylish enough for just about anyone. This is the best bang for the buck downtown right now, and people are responding to that.”

The building entry feels strong, like walking into a regal home. The elevators might be my favorite part of the building. The black-and-white marble floors with steel grills on the walls stand out as the top residential lifts in the city, certainly for this price point. TF Cornerstone, the developer of some of Manhattan and Long Island City’s top rental projects, knows how to please young and old buyers. The rooftop lounge here has cabana- type beds with views of the entire harbor and midtown skyline. A gym, lounge and Zen garden on a lower floor round out the amenities.

It’s price, though, that drives 99 John’s success. A 1,500-square-foot two-bedroom, two-bath costs $1.275 million. We still like those loft studios hovering around $600,000. If this neighborhood keeps appreciating, within two years buyers should see strong returns on their money, and it’s still among the lowest-priced developments below Houston St.

Open houses are each Saturday and Sunday from 11 a.m. to 4 p.m. The building accepts Fannie Mae loans, meaning buyers can put down 5%.

[Read more in the NY Daily News]


NYREJ: TFC celebrates grand opening for 835-unit 505W37


Curbed: One of LIC's East Coast Rental Buildings Officially on Market