While penthouse creep is a real phenomenon, with third- and fourth-floor walk-ups being marketed as such, this one lives up to the name. The last owner - Shrady’s widow - said her son lived in the cottage through college and it was rented out thereafter. The downstairs neighbor told the paper that Shrady bought the building in a decrepit and vacant state back in the 1980s, renovated it, and kept the top two floors for himself along with building the Cape Cod–style cottage on the top. It’s an unusual real-estate package dreamed up by the late Henry Merwin Shrady III, a sculptor, artist, and “neighborhood improvement activist,” according to the New York Post, which wrote about the place when Shrady’s widow first listed it back in 2017. Together the properties add up to some 3,000 square feet. The listing at 72 East 1st Street is really a two-for-one the cottage is a stand-alone studio with a kitchenette and full bathroom, but the sale also includes the top two floors of the building, a duplex with two wood-burning fireplaces (and a third gas fireplace). Except, that is, for a Cape Cod–style shingled cottage atop a red-brick building on the corner of 1st Street and First Avenue, which has just returned to the market for $9.75 million. The East Village’s gritty bohemian charm has little in common with coastal New England delights. The landscaped rooftop with the cottage, as shown in the listing photo, is part of an unusual property that also includes an apartment on the top two floors of the building.
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