Two art collectors are listing their 19th-century Tribeca loft for $5.25 million — and they plan to donate the proceeds of the sale to their favorite music and art nonprofits, their broker said.
The residence, at 176 Duane St., is across from Duane Park, the city’s second-oldest public park. It’s part of the Tribeca West Historic District, and was originally asking $5.6 million.
The sellers are David Frank and his partner Kazukuni Sugiyama, who are in their 80s. They are donating the proceeds from the loft sale to nonprofits including the Minneapolis Institute of Art (MIA) and the Santa Fe Chamber Music Festival, said their listing broker Karan Chopra of Douglas Elliman.
The furnishings are also for sale at a price that can be negotiated, Chopra said. He added that for pied-à-terre buyers, especially, “buying a furnished apartment is very appealing.”
The octogenarian couple bought the loft, which is in a former spice and coffee grinding factory, 24 years ago for $799,500. Architect Rick Cook, whose firm was then known as Richard Cook & Associates — now CookFox — designed and built out the space.
The seamless conversion capitalizes on the 10-foot-high windows and beamed ceilings, a woodburning fireplace and exposed brick to create an warm aesthetic for an industrial space. The loft has been the couple’s Big Apple pied-à-terre ever since as their primary residence is in Santa Fe, NM — itself a city replete with art galleries.
The fourth-floor, full-floor condo is 2,336 square feet, featuring two bedrooms and two bathrooms. Both bedrooms boast pocket doors and park views.
There’s also a home office and a den that could also function as additional bedrooms or guest rooms.
The five-story, neo-Grec building was designed by John B. Snook in 1868, and it was developed by Jacob Lorillard, son of tobacconist Peter Lorillard. In 1891, the building featured a baking powder corner and a coffee and spice grinding factory, according to the listing. It was converted to full-floor condos in 1999.
Frank and Sugiyama also have a pied-à-terre in Tokyo.
Their travels to New York and Tokyo are timed to art festivals and events, Chopra said, adding that one of the institutes they’re planning to donate to, the MIA, boasts one of the world’s largest collections of Japanese art.
