This was a busy week. I met Joe Irving from Bellmarc Brokerage at the Varet Lofts, a commercial office condominium in the neighborhood we sometimes call Morgantown, for the subway station which gave it new life.

Built in 1931, the building had in the past been a garment factory and warehouse. Massive wood posts and beams hold it up on the inside, so much more rustic and attractive than common steel. Large windows on the front of the building let in a sea of light, and in the back, frame large trees growing at the edges of the property. Original tin covers some surfaces.

Only a couple of units have their own bathrooms; the rest share two half baths per floor.


inside unit

inside unit

inside unit

caretaker unit u/c

wood beam

wood post

granite lintel

wood post/beam

wooden sill

tin wall

common half bath

future roof deck

When I asked Joe whether *wink* it would be possible for people to install the fixtures needed to live in the commercially-zoned units, he was adamant that it was not possible — in fact, if they even suspect a buyer plans to live in the unit, they can’t sell to him. Under certain circumstances home-like amenities could be added: a sculptor might get board approval to install a shower to clean off after work, or a cookbook editor could have a commercial kitchen installed to test recipes. But he said until the area’s zoning is liberalized, the condos are for work only. I asked why they didn’t consider getting a residential variance, and he said that a live/work variance could have taken years to secure. Only the “caretaker” unit is for residential use.

The projects needs a few more months until it’s completed. The tree pits will be landscaped and new sidewalks laid to soften the street’s decidedly industrial edge, though many of the neighboring buildings are quite attractive. When — in my mind “if” isn’t even a consideration — this area is rezoned for residential use in the coming years, there will already be an existing streetscape somewhat reminiscent of DUMBO. If the segment of Evergreen around the corner is any indication, the asphalt is hiding attractive cobblestone streets.

They have only just started showing for sale, and have had offers, but none are yet accepted. Prices run from $380-499K. I can’t even begin to offer an opinion on whether or not this is a good price, based on the unconventional product.

For the right person — a successful artist, a yoga teacher, an architect, an office cooperative — these spaces may be an attractive alternative to blowing money on rent, only to possibly be priced out of the neighborhood you helped found a few years later. It’s an investment in yourself as a businessperson. And if you fail, so what — you rent it to someone else.

The Varet Lofts are at 249 Varet Street. Email Joe or call him at 212-688-8530 X 204.

Price list:

unit sqft price
1.1 620 $499,000
1.2 1,090 $390,000
1.3 1,390 $410,000
1.4 1,190 $440,000
1.5 1,700 $450,000
2.1 1,210 $410,000
2.2 1,110 $425,000
2.3 940 $380,000
2.4 1,140 $385,000
3.1 1,210 $430,000
3.2 1,110 $445,000
3.3 940 $400,000
3.4 1,140 $390,000
4.1 1,210 + terr $480.000
4.2 1,110 + terr. $499,000
4.3 1,020 + terr. $460,000
4.4 1,140 + terr. $450,000

Common charges run about $200-$500, taxes with abatement from about $50-$130. Units 1.1 and 1.2 may be combined into one large live/work space for $799,000. Check out the floor plans on the website.

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