1 Dutch Street: Review and Ratings

Review of 1 Dutch Street by Carter Horsley

This handsome, 14-story building at One Dutch Street in the Financial District was renovated in 2017 by Avacon Builders Developers. 

It has 84 rental apartments and the conversion was designed by Daniel Goldner Architects.

The building was built in 1908 and designed by Howell and Stokes, which also designed 84 William Street and 7 Maiden Lane. 

The building used to be known as 45 John Street and is convenient to several subways.

It had a two-story addition in 2009 in preparation for a condo conversion that halted due to the financial crisis when the building was eventually foreclosed on.

A March 12, 2014 article by Daniel Geiger at crainsnewyork.com that Madison Realty Capital, which was headed by Josh Zegen and Brian Shatz, sold the building for $60 million to Chaim Miller, which was $13 million more than Madison agreed to pay the previous November.  Mr. Zegen had paid $47 million to Bayern Landesbank of Germany that had been close to foreclosing against RREEF (now known as Deutsche Asset & Wealth Management) and Manhattan Capital.

A July 21, 2016 article by Kyna Doles at therealdeal.com noted that “the former owner of 45 John Street, a long-stalled and unfinished condo conversion…, is facing more financial woes.”

“Chun Peter Dong and a group of more than a dozen Asian investors, operating under the entity 45 John Lofts LLC., filed for Chapter 11 bankruptcy Wednesday in an effort to recover millions of dollars they claim they were swindled out of by Brooklyn investor Miller and his right-hand man Sam Sprei.  The entity’s total liabilities are close to $10 million, court records show, even after the buildling sold for $73 million earlier this year to an LLC controlled by investor Alexander Leven.  Miller and Levin are also investors in the Beekman Tower….The lion’s share of proceeds from the sale, at least $53 million, was awarded to Madison Realty Capital, who held the debt on the property.”

This building is across from the John St. Methodist Church that was erected in 1841.

Bottom Line

This attractive building is tucked away on a short passageway between John and Fulton streets and has high ceilings and solar screen shades.

Description

The beige-brick building has a bandcourse above its second floor, a deep cornice above its third floor, a thin stringcourse above is 11^th floor, another bandcourse above its 12^th floor and a cornice above its 13^th floor.

There is nice façade decoration between the 12^th and 13^th floors.

Amenities

The building has a 24-hour concierge, a roof deck and a fitness center.

Apartments

Apartments have Eco-Friendly Tuscany 6-inch-wide plank floors and kitchens have Bosch ovens and dishwashers, a Summit refrigerator and a GE range, quartz countertops and backsplashes, and Euromobile cabinetry and bathrooms have Zuma tubs.

Penthouse 1C is a two-bedroom unit with an entry foyer that leads to a 17-foot-long, living/dining room with a fireplace and entries to a 28-foot-long terrace facing Dutch Street and a 45-foot-long terrace facing John Street.  The unit has an open kitchen with an island.

Penthouse 1D is a two-bedroom unit with a long entry foyer that leads to an open kitchen with an island, a 10-foot-wide dining room and a 15-foot-wide living room with a fireplace and a 28-foot-wide terrace.  The two bedrooms have access to a separate, 26-foot-long terrace.

Apartment 10G is a two-bedroom unit with an entry foyer that leads past an open kitchen with an island to a slightly angled, 15-foot-long living/dining room.

Apartment 11F is a one-bedroom unit facing John Street with an entry foyer next to an open kitchen with an island and a slightly angled, 17-foot-long living/dining room.

Apartment 5E is a one-bedroom unit with a very long entry foyer that leads to an open kitchen with an island and a 16-foot-long, angled, living/dining room.