How very New Orleans to live in an 1840s former undertakers' office-turned-coffee factory, right? But the $6,000 price tag doesn't exactly conform to the city's rental landscape. Local developer, Tony Gelderman doesn't seem worried about renting out the apartments at Magazine and Julia Streets, though. He says there is a "niche market" for those "searching for grandeur but don't want to buy." The steadily-rising rents around town combined with the influx of higher-paid professionals is painting an interesting picture, that's for sure.
The two-story units will range in size from 1,400 to 2,200 square-feet and each have a unique floor plan. Gelderman and his wife, Katherine, purchased the "architectural marvel" for $1.8 million in 2010.
Some of the historical renovations taking place:
· Removal of exterior edges on the third floor, which was added on in the 1930s
· $200,000 in sound insulation between the apartments and ground-floor restaurant Peche
· Elevation of the sunken floors
· Re-milling the original woodwork from floors and ceilings
· Building a balcony, part of the original construction
· Warehouse District Historical Renovation Targets New Orleanians Willing to Pay Top Rents [Nola.com]
· Inside Tour of 800 Magazine St. [You Tube]