July 29th, 2010
Foreclosure Auction Results
The Real Deal was present at Damon Dash’s Tribeca loft auction.
25 North Moore sold for $5.5 million to Edward Farrell of Platinum Capital.
79 Laight Street only had one bed for $1,000.
July 27th, 2010
Damon Dash’s Tribeca Lofts – Foreclosure
Damon Dash took out a $7.3 million loan a while back to finance the purchasing of 2 Tribeca lofts: one at 72 Laight Street and another at 25 North Moore Street. He ran into money problems when he stopped paying his $78,504.20 per month mortgage and his $2,227/month common charge. He tried to sell his 25 North Moore unit for $7.9 million, which he had previously purchased for $3.875 million in 2004. Unfortunately, he was unable to sell it and is now scheduled for foreclosure auction.
His other loft at 79 Laight Street, the Sugar Warehouse, is also headed for foreclosure auction. He purchased it in March 2004 for $1,807,394 and tried to sell it recently for $5 million. Unable to sell it, he chopped the price down to $3.65 million.
July 16th, 2010
471 Washington Street
Stalled development at 471 Washington Street has started to make progress. The 9 story, 8-unit condo was designed by Ben Hansen Architect, and for the earlier part of this year not much work had been done.
Prior owner Peter Moore sold the site for about $19 million to Zach Vella of the Vella Group. Change of ownership and application for new DOB permits has gotten the project rolling again. The building has been designed to have a metallic facade and a large roof top terrace.
July 14th, 2010
Potential New Condo
A resident of 90 Franklin Street, Brandon Miller, plans to erect a new luxury condo at 137 Franklin on the corner of Varick Street across from Finn Square. The land was formerly used as a restaurant-site that was torn down and was meant to be replaced with a condo which never happened.
Miller plans to build 3 apartments, and use one for himself and to sell the other two units. The empty plot of land is located in Tribeca’s West Historic District, so Miller has to wait for the LPC and CB1’s to give him the go ahead.
Miller has collaborated with Studio MDA to create a building typical of former warehouse buildings in Tribeca. The condo will be constructed of dark red brick, steel, and dramatic arches – a modern look while retaining the traditional architecture of the neighborhood.
Read more at the Tribeca Trib
July 13th, 2010
Truffles Tribeca Increases Rent
All 291 units in Truffles Tribeca are now rented out, even after the cost has gone up about 20 to 25 percent. Lease renewals are coming up in September and rental prices are estimated at $2,795 for a studio, $3,750 for a one bedroom, and $5,395 for a 2 bedroom.
Truffles also has a private courtyard and landscaped roof deck, as well as a new private convenient store.
July 8th, 2010
304 Spring Street
The duplex penthouse at the Hudson Square condo at 304 Spring Street is listed on the rental market for $21,000 per month. It has generated lots of interest recently as celebrities like Meg Ryan, director Baz Luhrmann and comedian Lewis Black have viewed the apartment.
304 Spring Street first hit the market in 2007 and its penthouse duplex was listed for $9.25 million. An NBA player was about to purchase the condo but as the market went awry he gave up the $780,000 deposit. The developers resorted to auctioning the penthouse and it finally sold for $4.5 million last year.
View the listing at Corcoran
July 1st, 2010
Lenny Kravitz’s Old Loft
An apartment that once belonged to Lenny Kravitz has been listed for rent for $10,000 per month. The duplex at 362 Broadway is 3,500 sf in size and comes with 5 bedrooms, exposed brick walls, hardwood floors and high loft ceilings.
June 30th, 2010
Tribeca Artisan Lofts
One unit remains unsold at Tribeca’s Artisan Lofts at 143 Reade Street.. The building was originally an 80 year old commercial building but was converted into a loft by BKSK Architects. The priciest apartment so far sold for $5.75 million, but the remaining unit is the penthouse which is asking $8.995 million, down from $11 million.
This 18th floor penthouse comes with 5 bedrooms, 4.5 bathrooms measuring to a total of 3,374 square feet with 12 foot ceilings. Interiors are decorated by Roman & Williams, who also designed 211 Elizabeth Street’s interiors.
June 22nd, 2010
Nutopian Embassy Sold
John Lennon and Yoko Ono’s Nutopian Embassy on 1 White Street in Tribeca has been sold for $3.25 million. The buyer’s name is hidden behind an LLC. It took a while for the building to sell as it was originally listed on the market in early 2008 for $4.995 million. By September 2008, the price dropped to $3.999 million.
Read more about the Nutopian Embassy here
June 18th, 2010
Fairchild Unit Sold for 33% Off
Another closing took place at The Fairchild earlier this month. Unit 5D sold for $2,577,547, which is 33% off the initial asking price of $3.85 million. So far the other units in the building have sold for a discount but only 3.7 percent to 10.1 percent off.
Unit 5D is a 3 bedroom, 2.5 bathroom unit with 2,053 square feet. The apartment is being rented out. This unit is meant to be one of the best in the condo as it comes with water views.
