Soho’s Hot Real Estate Market Unfazed by Grim History

In an intriguing twist, even a violent crime hasn’t cooled the enthusiasm for the Soho real estate market.

The upscale property on Prince Street, where two friends reportedly kidnapped and tortured an Italian businessman, is attracting considerable attention from potential renters, according to a real estate agent. That said, interested individuals might need to be patient; the criminal suspect still retains the lease.

Despite the $75,000 monthly rent and lingering signs of the crime—reports suggest blood is still on the floor—numerous prospective tenants are keen on the prime location at 38 Prince Street.

Brandon Trentham, a broker at Compass managing the townhouse, noted, “I’ve had inquiries. In fact, three people have shown interest in taking the lease.”

Yet, there are significant hurdles for those looking to rent.

William Duplessy and John Welts secured a one-year lease for the eight-bedroom townhouse in April, just a month before they allegedly confined Italian cryptocurrency trader Michael Valentino Theofrasto Carturan and subjected him to severe abuse, using a chainsaw in an attempt to extract his Bitcoin password.

Despite Duplessy currently residing in a Manhattan prison, they are still paying their hefty rent. Welts, on the other hand, managed to secure a $1 million bail, although it’s not clear if he returned to the townhouse.

However, this hasn’t deterred hopeful renters looking to take over the lease, which expires at the end of March.

“That’s the problem; the current tenant isn’t leaving yet. If it were available, we’d have a tenant right away,” Trentham explained. He believes the townhouse is truly exceptional. “Honestly, I think it’s one of the finest in downtown. Nothing else compares in Soho.”

Trentham couldn’t definitively say whether the crime’s notoriety played into the interest or if it was the building’s storied allure that attracted attention.

This notorious location was once the west wing of the Old Cathedral Abbey of St. Patrick.

The property boasts views of the church garden, original round windows, and high vaulted ceilings supported by historic church beams. It’s definitely an eye-catching space.

Interestingly, it seems the crypto duo may be relinquishing their lease early. Movers were spotted taking out luxury items, including a $1,000 Aeron desk chair and a Hestens mattress, priced up to $40,000.

A witness recounted how a mover sold him a unique boot adorned with the American flag, expressing a desire to retain a piece of this bizarre history.

Back in the spring, a dramatic scene unfolded when a bloodied and barefoot Carturan emerged from the property and contacted the police, revealing he had been confined in an opulent basement for over two weeks.

Allegations against Duplessis and Welts include binding the victim with cords, submerging his feet in water, and using threats of severe physical harm to extort his passwords.

When police arrived, they discovered Polaroids depicting the torture, including an image of Carturan tied to a chair with a gun pointed at him.

Lawyers for Welts and Duplessis argued that Carturan’s experience was part of a strange consensual scenario, akin to what they described as an “extended frat party” where he was, essentially, incapacitated.

Known for hosting extravagant gatherings, both men had only briefly occupied the townhouse.

Both have pleaded not guilty and their next court appearance is scheduled for October 15.

Interestingly, there has been no response from their legal representatives regarding these developments.