Former Tribeca Hotel Could Be Transformed into a Grand Single-Family Home

This five-story brick townhouse, located at 142 Watts Street in Tribeca, is rather unique. Constructed in 1886, the building has served as a tenement building, a hotel, and apartments. (There was also a diner on the ground floor in the 1940s.) It was last purchased 30 years ago by the Capsouto brothers, longtime investors and restaurateurs in the neighborhood. 35 years ago the brothers opened a restaurant at 451 Washington Street called Capsouto Freres, a mainstay eatery that shuttered after damage caused by Hurricane Sandy. Now it looks like the brothers have decided to get rid of some of their real estate in the neighborhood, listing 142 Watts Street for $12.25 million.

A Corcoran representative called this “one of the rare, remaining classic Tribeca low-rise buildings.” It is outfitted with brick and terra cotta details on the exterior, but the interior remains a mystery. The listing says that it is currently configured as a five-unit building with the potential to turn it into a grand single-family home. There’s a total of 5,000 square feet to work with.

The building comes with a curb cut and a garage that can hold a total of four cars — both attractive features for any potential investor. Right now, the garage is used as two-car parking with office and storage space. The second floor is set up as commercial office space, and the floors above are full-floor lofts. Interior details include nine-foot ceilings, fireplaces, and eight windows in every unit. From some of the windows you’ll get a view of the river.

But everything is going to need a bit of a facelift — as the listing says, “bring your architect.” It’ll be delivered vacant, which offers plenty of opportunity for renovation. The rooftop is begging for an upgrade, and there are even available air rights to add a partial additional floor. This is the kind of property that will require a vision and a lot of work–but it could result in something pretty cool indeed.

[Listing: 142 Watts Street by Glenn Schiller at Corcoran]

Images courtesy of Corcoran

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