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.
June 11th, 2010
Alexander Wang Buys in Tribeca
Alexander Wang has purchased a $2 million Tribeca one-bedroom condo at landmarked 39 Worth Street on June 7. The unit possesses all the charms of industrial/manufacturing age Tribeca as it comes with exposed brick, tin ceilings and large open loft space. The building also comes with a roof deck.
June 10th, 2010
Chef Mario Batali Househunts in Tribeca
Chef Mario Batali went househunting in Tribeca recently and visited the penthouse duplex at 33 Vestry Street. The new development, named V33 is a seven unit building, in which 5 are already in contract. The condo is designed by architect Winka Dubbeldam, who covered the facade of the condo with stone sheaths and glass and metal panels.
The duplex penthouse is listed for $14.95 million and has four bedrooms, four bathrooms, and 3,487 sf of outdoor space with a private pool.
June 9th, 2010
North Tribeca Rezoning Proposal
The NYC Department of City Planning has released its rezoning proposal for the Northwest Tribeca Historic District. Parts of the area have been rezoned as residential areas from manufacturing ones, and the city is ensuring that strict guidelines are placed on any new residential developments to ensure they “relate to the existing scale and character found throughout northern Tribeca.” North Tribeca is bound by West Street to the west, Canal Street to the north, Broadway to the east and Hubert, Beach, North Moore and Walker Streets in the south.
The greatest amount of bulk is permitted near the Holland Tunnel entrance, while quieter historic blocks have more modest size structures. Ground floor retail is limited to 10,000 sf on wide streets and 5,000 sf on smaller streets. However, some areas of North Tribeca are still zoned for industrial uses, including furniture making and machine repair.
Twenty five blocks have been rezoned just south of Canal Street, a transformation from a factory district to a residential neighborhood. The proposal is pending review by CB1 but should be finalized by year end. Soho is an example of an NYC neighborhood that has gone through a similar zoning transformation.
Read more at the DCP
June 7th, 2010
260 West Broadway
A 2 bedroom 2 bathroom condo sold for $2.195 million at the American Thread Building.
See more at Stribling
June 2nd, 2010
One York Penthouse Off the Market
The One York Penthouse was listed on the market a year ago for $25 million, got a large price hike and asked for $34 million, and now the penthouse is finally sold. The 6,000 square foot glass duplex penthouse was sold for $23,689,586, more than $10 million off the asking price.
The buyer is under the name Raesky LLC.
Check out the listing at Streeteasy
May 27th, 2010
Daniel Craig’s Tribeca Penthouse
The Wall Street Journal reports that actor Daniel Craig and his girlfriend are on the verge of closing on a 1-bedroom penthouse at 53 Warren Street. The couple are paying all cash. The unit was listed for $1.9 million but received multiple bids.
The 1 bedroom 2 bathroom duplex penthouse loft comes with three private terraces and over-sized windows.
View the listing at Core
May 27th, 2010
25 Murray Returns to the Market
25 Murray Street is back on the market after the building’s temporary certificate of occupancy was delayed. Initially the building sold out quickly, but 40% of the buyers backed out of their contracts after waiting for the certificate to be issued.
Now the condo conversion has bounced back and 10 of the remaining 28 units are back on the market, listed at 5-10% off their initial asking prices of March 2006. The remaining 18 units will be listed after Memorial Day.
May 26th, 2010
After a heated discussion on The Cordoba House, CB1 decided last night to back up the proposal to construct it. After a 4 hour back and forth debate, the discussion ended with a 29-to-1 vote with 10 abstentions. Some argued that the community center would be a monument to tolerance, whereas others believed it would be an affront to victims of the terrorist attacks. However, the vote is only advisory and does not have the power to scrap plans for a center or to override the LPC.
Read more about the controversy here
May 25th, 2010
25 North Moore
Back in February we mentioned we had our eye on the penthouse at 25 North Moore listed for $14,750,000. Now the penthouse, listed with Corcoran, has set up its own website with a comprehensive photo gallery. The 4,518 sf duplex penthouse features 2 bedrooms, 4 bathrooms and a private terrace. It is being sold by Craig Nevill-Manning, a Google engineer who first bought the property in 2005 for $8.25 million. 25 North Moore is the location for The Atalanta, located between Varick and Hudson Street. The 17-story building was erected in 1924 and was converted to a condo in 2001. It was originally built as the Merchants Refrigerating Company building, a cold storage warehouse.
Penthouse website
May 21st, 2010
More Closings at The Fairchild
According to a press release for The Fairchild, the condo has already sold 75% of its units. Just recently, financier Gizman Abbas purchased a $3.6 million triplex townhouse with its own street entrance, 22-foot ceilings on the first and second levels, and a 648 sf private terrace.
Two other units closed for $5.9 million with another buyer in finance planning on combining both units.
The remaining 25% of the condo’s unsold units are expected to close between now and the end of June which could bring in more than $40 million in sales.
May 20th, 2010
Cordoba House vs 45 Park Place
The Cordoba Initiative, led by founder Imam Feisal Abdul Rauf, is an Islamic group that was founded in order to improve relations between Muslim and non-Muslim cultures. The group had planned to construct a 13-story worship, educational and cultural center called the Cordoba House in the Financial District just two blocks from the World Trade Center. The plan received unanimous approval from the CB1.
However, new controversy has arrived and stirred up emotional debates as the Landmark Preservation Committee intervened. The Cordoba House was meant to be built at 45 Park Place, a building that had a public hearing to propose the building be landmarked in September of 1989 but had never been completed. The building was constructed in 1858 for a shipping firm in the Italian Renaissance Palazzo style, typical of some of Tribeca’s landmark historic buildings.
If the LPC decides to protect the building, the Cordoba Initiative will have to scrap their plans of demolishing it and redesign the $100 million facility that was meant to come with a 500-seat performing arts theater, fitness center, swimming pool, library, conference rooms, basketball courts and restaurants. The building has received a wealth of endorsements to fund the project.
Read more about how the issue has stirred up international debate at BBC
Read more about the Cordoba House plans here
More info at the Tribeca Trib
May 18th, 2010
15USW
15 Union Square West’s website is finally up and running! The website does a great job of interior pictures…come see here
May 17th, 2010
The Fairchild Five-Unit Penthouse
As of today, 16 out of 20 units are in contract for The Fairchild, but the five-unit penthouse on the 7th and 8th floors is still available. The 10,000 sf penthouse was originally on the market for $23 million. After there were no buyers, the price dropped to $20,785,000. Now the unit is completely off the market but 2,556 of the 10,000 sf is still available and is asking $6.95 million.
May 17th, 2010
Tribeca Summit Price Chop
Our last feature discussed KBS Capital Advisors takeover of Tribeca Summit after the previous developers could no longer finance the building. Surprisingly, the building actually had not been having a difficult time with sales, and before the transfer, over 50 percent of the units had been sold. However, problems arose over time when the original developers were unwilling to adjust condo prices to reflect the market levels of the time.
The new developers have now reduced the prices up to 20 percent, and units now range in price from $2.5 million to $4.25 million. The latest closing took place at the end of April for a price 15.2 percent lower than the original.
May 17th, 2010
This Week’s Sales/Rentals
416 Washington Street – a 2 bedroom, 3 bathroom condo in Tribeca’s River Lofts has sold for $2,625,000. The 1,890 sf condo’s building is a former 19th century historic cast iron and masonry warehouse facing the river.
260 West Broadway – This 1,300 sf condo with 2 bedrooms and 1 bathroom is off the rental market for $6,500/month. The unit is located in the American Thread Building and features colorful walls and a roofdeck.
May 13th, 2010
Price Chop at 15 Union Square West
There appears to be another price chop at the much talked about condo, 15 Union Square West. After pushing back the grand reopening several times, listings on Streeteasy have signaled that there have been price chops on some of the apartments. For example, the nine listings are now on the market for $2.625 million to $6.51 million, the priciest unit being about $1 million less than the previous asking price. In general, the units are asking about $2,125 per square foot.
Take a look at one of the 2 bedroom 2 bathroom units asking $3.9 million which comes with a giant roof deck almost the size of the floor plan itself. It used to be listed for $7.77 million and now it is listed at $6.51 million.
Below are pictures of the pool from Curbed.
Read more about the condo here
May 12th, 2010
Balcony Approval at 41-43 Bond
In reference to our previous post about 41 Bond Street’s balcony controversy, the Landmarks Preservation Commission granted approval to the condo with a 9-0 unanimous vote. They figured the balconies resembled traditional Noho Historic District fire escape routes and would also provide greenery with its plants.
Read more about 41-43 Bond here
And since we’re on the topic of Historic Districts, Soho Cast Iron Historic District has expanded its boundaries. Along the eastern border, the district now encompasses Crosby Street, and parts of Lafayette, Howard and Centre Streets. On the west, the western side of West Broadway is part of the district. In total, 135 buildings have been added.
May 10th, 2010
Tribeca Weekly Sales
184 Franklin Street – traditional loft with high ceilings and exposed beams, large windows and skylights, a built in fireplace, exposed brick wall. Sold for $625,000
388 West Broadway – located in Soho just north of Tribeca, the 2 bedroom, 2.5 bathroom condo sold for $3.95 million. The giant converted loft has kept its original columns and exposed beams, 11 ft ceilings, and built in fireplace.
255 Hudson Street – One bedroom, one bathroom condo sold for $995,000.
May 5th, 2010
41-43 Bond
Mid last year, developer Adam Gordon won the approval of the LPC to construct residential condos on 41-43 Bond Street. The eight-unit building with nine floors was designed by architect Steven Harris, who plans to cover the facade on Bond Street with limestone and to cover the back with glass. The DOB granted approval to combine two zoning lots.
*Visit Steven Harris’ website
However, late last year Gordon sold the project to DDG Partners who are now proposing a different facade – stacked bluestone with a green roof and angled balconies on the back. Also, large panes of glass have been reworked into multiple larger ones which will be used as sliding doors for the new balconies. The neighbors are most worried about the balconies even though most of the LPC have approved of them. According to Curbed, neighbors claim the balconies “have no historical precedent in a manufacturing district like Soho.” DDG Partners has retaliated by saying the balconies are just four feet wide “similar to fire escapes.” They would also offer “energy-saving shade for all-glass southerne xposure and create additional privacy between the new building and existing neighbors, whose rear walls are a mere 30 feet away.”
Ultimately, the CB2 voted for approval of the front facade of 41 Bond but made a note that “neighbors from both Bond Street and Bleecker Street vociferously opposed the balconies,” which urged the LPC to not approve the balconies. However, the LPC did not seem to be too concerned about the neighbors’ complaints, rather they focused more on the materials and the actual design of the building itself. The LPC has not yet made a decision on the balconies but approve of the bluestone facade.
Read more at The Greenwich Village Society for Historic Preservation
May 4th, 2010
34 Greene Street
Just yesterday The Commercial Observer Jotham Sederstrom interviewed Veronica Mainetti, head of U.S. Operations for the Sorgente Group. They received most publicity for their publicized investment in the Flatiron building last year. Although they focus primarily on commercial developments, Mainetti is leading Sorgente’s first residential project, 34 Greene Street.
Mainetti refused to comment on many of Sorgente’s rumored developments, but she did say they had closed on a unit at 34 Greene and are negotiating others. Several parties have also expressed interest in the $13.75 million penthouse. The Soho condo conversion that lies between Canal and Grand features 8 loft apartments and are designed by McKay Architecture/Design group. What makes this building special is its historic, iconic cast-iron exterior that exudes an old world feel. The developers plan on creating an “Italy” theme with its use of nailed parquet floors, hand waxed woodwork and strictly Italian furniture.
Check out 34 Greene’s official website
Read Mainetti’s interview at The Commercial Observer
May 4th, 2010
459 West Broadway
When the listing for 459 West Broadway came out on Sotheby’s, the broker only included a description of the property and one picture of an outdoor terrace. Now new pictures of the interiors have emerged. Check them out at Sotheby’s – Trophy Penthouse
The penthouse features 10 room total – 4 bedrooms, 4.5 bathrooms, and is asking $16.5 million with a monthly maintenance of $2,500. The two story apartment features 18 foot ceilings with a double height fireplace, large windows to let in sunlight, a butler’s pantry, and a private outdoor terrace with a pool.
May 3rd, 2010
Tribeca Sales & Rentals
53 Murray – 3 bedroom, 4 bathroom condo measuring 5,355 sf sold for $3,625,000. The triplex comes with offices, a loft-like living room, a wood burning fireplace and a private outdoor terrace.
55 Vestry – The Fairchild condo sold another unit – a 2835 sf four bedroom three bathroom apartment for $4,250,000.
25 North Moore – This 1,883 sf unit with 2 bedrooms and 2 bathrooms has been taken off the rental market for $10,90o/month
April 28th, 2010
Manhattan Rental Market Report
The Real Estate Group of New York has released the April 2010 edition of the Manhattan Rental Market Report. According to their results, rents are slowly rising and have gone up 1.10% since March, a positive sign the market is in a steady recovery. At the same time, vacancies are up 1.17% which has created some doubt.
Tribeca has come in as the most expensive rental neighborhood for non-doorman studios, one bedrooms, two bedrooms, and studios with a doorman. Prices decreased in Tribeca for non-doorman studios by 8.97% and non doorman two bedrooms by 5.58%. Prices increased for doorman studios by 0.94$, non-doorman one bedrooms by 3.31%, doorman one bedrooms by 4.46% and doorman two bedrooms by 12.24%
Get the full scope at TREGNY
Below are graphs of Tribeca’s rental price trends for the past 13 months:
April 26th, 2010
Wall Street Journal Features 60 Warren
60 Warren is listed on the market at $28 million and is owned by Edward Bazinet. After damage from 9/11, it took 3 years of renovations to fix up the penthouse. The 10,911 sf home has 19 rooms, 3 terraces and a roof garden.
Read more about the penthouse here
Check out the WSJ’s slideshow
April 26th, 2010
Tribeca Recent Sales/Rentals
Another 3 bedroom, 3 bathroom, 2008 suare foot apartment has sold at The Fairchild at 55 Vestry for $3,695,000.
A 2 bedroom, 2.5 bathroom, 1200 sf penthouse condo has been rented out for $7,500/month at 311 Greenwich Street. The rental features terrace and park views, a private balcony and roof terrace.
April 19th, 2010
34 Leonard to be Auctioned
Although 34 Leonard appeared almost fully completed, the building fell into foreclosure last year. Developer R Squared defaulted on a $37.5 million loan for the property, leading to the project’s lender, iStar Financial, foreclosing on the building.
New updates have arisen about the stalled development. According to Crain’s New York the luxury residential development will be auctioned off on May 5th.
Matthew Parrott of law firm Katten Muchin Rosenman who represented iStar in the foreclosure proceeding refused to comment but confirmed the auction. Stuart Shorenstein of Cozen O’Connor also confirmed the auction.
Read more about 34 Leonard’s auction here
April 19th, 2010
Tribeca Property Sales
Another unit has sold at The Fairchild – a 3 bedroom 3 bathroom unit measuring 2,008 sf. has sold for $3,695,000.
Right next door, a unit at River Lofts at 416 Washington Street has sold for $2,625,000. The unit has 2 bedrooms, 2 bathrooms and measures 1,890 sf.
The 2nd floor of 459 Washington Street has sold for $2,350,000. The 2000 sf apartment features 2 bedrooms and 1 bathroom. (pic below)
April 12th, 2010
Dream Art Collector’s Loft: 11 Lispenard Sold!
A 2,058 sf loft at 11 Lispenard was sold over the weekend by Stribling. The 2 bedroom, 2 bathroom loft in this traditional Tribeca condo was sold for $1,895,000. What we love about this space is its large wall space and tall ceilings, perfect for an art collector who would love to display his or her collection. The loft also has large windows that let in natural light, giving it a homey and bright feel.
The charming loft comes with maple hardwood floors, brick detailing, and a private key-lock elevator that opens directly into the living room.
April 8th, 2010
Massive Loft at 84 Mercer in Soho
We couldn’t help but write about this huge loft located at 84 Mercer Street in Soho. The listing on Stribling claims the space is about 9,423 sf, about two thirds the length of a football field! The loft stretches from Mercer all the way to Broadway and is the “largest cooperative building in Soho under single ownership.”
The apartment features 12ft ceilings (great for displaying art on as shown in photos) and lots of sunlight. The reason why the unit is so large is because it is two units combined to one, which can be sold together or separately. Owners are asking $10.25 million, which is about $1,087.76 per square foot. The apartment comes with a monthly maintenance of $9,117.
April 6th, 2010
Townhouse at 138 West Broadway
A 4 bedroom, 4 bathroom home at 138 West Broadway is listed on the market for $6,995,000. The apartment is part of a townhouse that was built in 1872. It still retains its charm as it is a classic cast iron building, representative of Tribeca’s neighborhood flair.
The bottom floor is currently occupied by a retail tenant, Stella, while the second, third and fourth floors are part of the single family home. It was featured in the Architectural Digest as the home is designed in the Renaissance style. The lavishly decorated home comes with oak and mahogany trim floors, high ceilings, and an old world feel.
Check out the listing at Prudential Douglas Elliman
April 5th, 2010
Tribeca Sales & Rentals
Last week Tribeca sold/rented several notable apartments, including:
- 25 Murray Street, $1750,000
Read more about NFL Ex-Giant Michael Strahan here
- 145 Duane Street, $9,000/month
- Tribeca Summit at 415 Greenwich $4,375,000
- American Express Building at 60 Collister, $1,895,000
April 5th, 2010
Ice House Penthouse E
Back in October of last year, Ice House Penthouse E owned by Martha Stewart’s daughter Alexis upped the listing price from $12.4 million to $12.95 million. We just found out that the price has now been dropped to $11.9 million as of yesterday. We suppose she believed the penthouse was worth more last October, but due to difficulties in selling she has dropped the price.
The Ice House Penthouse E located at 27 North Moore Street has 3 bedrooms, 3.5 bathrooms and is 4000 sf. One of the baths is located in the “sky” and offers four exposures with tons of natural light. The duplex penthouse has a very contemporary downtown feel and is designed by Kevin Sharkey, a RISD graduate who worked at Parish-Hadley and now works with Martha Stewart Living Omnimedia.
27 North Moore, Penthouse E at Prudential
April 1st, 2010
MSNBC’s Dylan Ratigan Selling North Moore Apartment
Dylan Ratigan, best known for hosting his show on MSNBC covering the financial markets, economy, and politics, has listed his 55 North Moore apartment on the market. The 1,300 sf unit is going for $1,399,000 and has 1 bedroom and 1 bathroom.
Considering his fiery personality, the apartment is surprisingly sweet, simple, and homey looking. The loft is in a 19th century Landmarked building with a keyed elevator that opens into a very sunny apartment. The apartment is white, clean and pristine.
Check out the listing at Corcoran
March 26th, 2010
Landmarked Soho Building Comes Down
A five-story traditional cast iron landmarked building at 74 Grand Street is being taken down. The building has been tilting about 30 inches west for the past 6 years and could be a possible danger. Currently the building is being supported by a steel brace that occupies the adjacent lot on Wooster Street.
In 2004 heavy rains washed dirt from the lot next to 74 Grand Street causing the building to topple to the side. Things got dangerous and the tilting started to pull other buildings on the block as well. Today a construction team has set up a sidewalk shed for passersby and can be seen removing the cast iron pieces from the building. The Landmarks Preservation Commission state the pieces will be “salvaged, crated and stored in a secure warehouse accessible by LPC staff.” The facade is meant to be reinstored with a new building at the 74 Grand.
Photo from Curbed
March 25th, 2010
Hassan Nemazee Loses Tribeca Homes
Hassan Nemazee has plead guilty for his Ponzi scheme in which he obtained $292 million in fraudulent loans from Bank of America, Citibank and HSBC. During a period of financial difficulty, he obtained large loans and falsely claimed he had hundreds of millions of dollars of securities as collateral. The story began to unravel when he repaid $74.9 million to Citibank by obtaining another loan in the same amount from HSBC.
He has accepted the consequences of his actions and in doing so he must forfeit $292 million, including bank accounts and properties on Park Avenue, a home in Katonah, NY and properties in Tribeca.
His two children currently live in apartments at 99 and 101 Warren Street. They have less than a week to leave their Tribeca condos which will be used as forfeiture for his debts.
Get more details at the New York Times
March 25th, 2010
Coyote Caught in Tribeca
Wiley the coyote was running loose throughout Manhattan until he reached Tribeca and was spotted running through traffic as NYPD attempted to chase him down. He was seen coming out of the Holland Tunnel in the afternoon until cops outside Nobu tried to capture him with a tranquilizer gun. It is unclear whether Wiley comes from New Jersey or if he is the same coyote spotted in Central Park and Chelsea several weeks ago. Read more at the Nypost.
March 24th, 2010
109 Reade’s Basement Playground
Tribeca Citizen has released photos of 109 Reade Street’s basement condo that was turned into a party loft. The website advertises the unit as a 3 bedroom, 2 bathroom unit meant for a $400/night hotel for guests. The charming basement looks like an indoor playground and comes with a slide, a set of swings and a stage for a DJ booth.
Read more about 109 Reade’s parties here
March 22nd, 2010
Truffles Tribeca Raises Rents
Truffles Tribeca has increased their rental prices, a reflection of the success of the the two-building, 291-unit residential building that opened last year. When the apartments first hit the market, studios were listed at $2,200/month and 1-bedrooms were listed for $3,100/month. Many unit owners throughout New York City are still readjusting their rental prices and lowering them to suit the current conditions of the market and to try and get their units rented out.
However, this isn’t the case for Truffles. One bedrooms are now listed at $3,750 and studios are listed at $2,795. What’s even more intriguing is that studios are not available until May!
March 18th, 2010
American Thread Building
Check out this video tour at NYMag of a listed property at the American Thread Building at 260 West Broadway. The place is a spacious 8,200 square foot unit that comes with an original Keith haring mural on the wall. Part of the unit is commercially zoned in case the owner ever wants to run his or her business at home.
March 18th, 2010
Celebrities Spotted at The Fairchild
Blake Lively who plays Serena van der Woodsen on Gossip Girl has been spotted apartment hunting in Tribeca. Recently she checked out The Fairchild at 55 Vestry Street, looking at units with outdoor terraces ranging from $2 million to $3 million. Beyonce’s mom, Tina Knowles, was also spotted apartment hunting at The Fairchild.
March 16th, 2010
60 Warren Back on the Market
Tribeca’s 60 Warren has been re-listed as is up for grabs for $28 million. The penthouse is being sold by businessman Edward Bazinet. In the spring of 2006, the property was asking $28.5 million but was taken down shortly after. The property was then listed again for the same price in the summer of 2007 but Bazinet still had no luck. Now the apartment is back on the market for a third time and is asking $28 million.
Bazinet originally bought the 5-story penthouse in 2001 for $13.5 million from a CEO who had originally paid $6.1 million for it a year earlier! The townhouse is about 10,911 square feet and has 3 large terraces, double-height space, and a roof garden. Additionally, it has a kitchen, breakfast room, fireplace, full floor master suite with fireplace, skylit walk-in closet, a Jacuzzi room, a home gym, and a 1,000 bottle wine storage.
Check out the listing at Sotheby’s
March 11th, 2010
109 Reade Street Basement Hosts Extreme Parties
According to the NY Post, 109 Reade Street basement condo owner, James McGown, and tenant, Dimitri Dimoulakis, have turned the condo into an extreme party spot. A lawsuit has been filed against McGown on charges that he turned the place into an “extreme party” spot with “fire massages,” “flame feats” and a “stripper pole.”
A year after buying the condo in 2006, McGown transferred the deed in secret to his 6-year old daughter, Annabelle, as an attempt to avoid run-ins with the law. He stopped paying maintenance and mortgage fees, then leased the apartment to Dimoulakis.
Dimoulakis claimed to be a “sex toy salesman” and the pair hosted and promoted parties in the condo, charging each guest $10-$15 per entry. At November 27 party, the pair hosted about 156 guests in their condo. According to the lawsuit, the event included “a fire massage where a woman is waving a wand of fire over the bare back and legs of a man, who is lying down on what looks like a kitchen counter. The man’s pants are also pulled down to his ankles.”
Neighbors complained and noted that 4 children live in the building and that the commercial unit on the first floor is a pediatrician’s office.
After a party on December 5, neighbors claimed, “Garbage and debris were left strewn about the building entrance, with a trail of blood from the sidewalk leading up to the basement side entrance.”
Watch a fire massage video at The Post
March 9th, 2010
Fischer-Mills Duplex Penthouse Sold
The Fischer Mills Building’s penthouse duplex is off the market. The unit features 5 bedrooms, 4.5 bathrooms, 5 outdoor spaces and a wood-burning fireplace. The 62 Beach Street penthouse was first listed on the market for $12.1 million, about 3 years ago in June 2007. In August 2008, the price had been chopped to $8.95 million, and finally last month it was listed for $7.95 million. In total there was about a 34 percent drop from the initial asking price.
Read more about the listing at Sotheby’s
March 8th, 2010
LuckyRice Festival with Morimoto
Iron Chef Morimoto will be hosting a karaoke party on April 30 at an “undisclosed Tribeca location.” Tasty cocktails and premium sake will be provided. LuckyRice Restaurant Week goes from May 3 – May 9 this year.
Read more about the festival and get tickets here
March 8th, 2010
Nicholas Cage at Tribeca Park
Nicolas Cage on the set of his new movie The Sorcerer’s Apprentice at Tribeca Park last Thursday
March 8th, 2010
270 Broadway Sale
2 bedroom 2 bathroom apartment at 270 Broadway was sold for $2,385,000.
The apartment has a Bulthaup kitchen, Meile stove and ovens, washer/dryer and SubZero fridge. Apartment comes with great views and the building has full service staff, 3 gyms, playroom, and a roof deck.
Listing at Stribling
March 4th, 2010
Marble House Faces Further Price Cuts
The Marble House’s price just got chopped again, down 25% from the original market price. It is now listed at $18.5 million. Last month the price was reduced to $21.5 million from its original price of $24.5 million.
Read more about the price cuts here
March 4th, 2010
Tribeca’s Former Nutopian Embassy
A townhouse on 1 White Street marks the former Nutopian Embassy that belonged to John lennon and Yoko Ono. Back in 1973, the couple aplied to the UN for ‘dipomatic immunity’ as ambassadors of Nutopia. This conceptual country of theirs was the townhouse at 1 White Street. The current owners still receive fan mail and letters of sympathy for Yoko Ono and fans still come by to snap pictures.
According to the New York Observer, the embassy is now back on the market for $3.25 million. Check out the listing here.
March 2nd, 2010
Tribeca Film Festival
Click here to read about and purchase package tickets for the Tribeca Film Festival. Tickets can also be purchased by calling 866-941-3378 or at the cinemas on 54 Varick at the corner of Laight Street.
According to Tribeca Citizen, Amex cardholders get priority, but for single-ticket sales downtown residents get a one day head start over everyone else. Downtown residents must have proof of residency for the following zip codes: 10013, 10004, 10005, 10006, 10007, 10038, 10048, 10280, 10281, or 10282.
News is the opening-night premiere is “Shrek Forever After,” the final chapter of Shrek and will be the first of all in the series to be presented in 3D.
March 1st, 2010
New Developers at Tribeca Summit
415 Greenwich Fee Owners, LLC has been replaced as the financers of Tribeca Summit and KBS Capital Advisors is now taking over. Money concerns have been an issue for Tribeca Summit, including a $9 million arbitration ruling in favor of a contractor. However, the building shows decent sales as over 50 % of the building is sold and there are 6 more in contract. It is still unclear whether there was a foreclosure or declaration of bankruptcy from the money issues.
March 1st, 2010
Artisan Lofts Purchase
Marketing guru Rohan Oza purchased a loft at Artisan Lofts at 143 Reade Street last week. The Zambia-raised, Britain-educated senior vice president of marketing at Glaceau Energy Brands bought a 3-bedroom 3.5-bathroom condo.
Artisan Lofts was built in 1929 and was originally a commercial building but was restored by architecture firm BKSK and converted into a luxury residential condo with interior designs by Roman and Williams. The building boasts river and city views, walnut floors and 12-foot ceilings. According to Artisan Lofts site, “Tribeca’s first residents were drawn to the rugged interiors of its structures. The classic Tribeca lofts were uniquely scaled for making and displaying art and their wide open spaces were perfectly suited to lifestyles that emphasized creativity over ceremony.”
Read more about Oza at the New York Observer.
View listings at Artisan Lofts at Corcoran.
February 26th, 2010
CaVaLa Park
According to Downtown Express, CB1 members are looking for ways to commemorate late Tribeca restaurateur, Albert Capsouto. One popular idea is to rename CaVaLa Park for him as he advocated the park in the neighborhood. CaVaLa Park was created by a playoff off names as Canal, Varick and Laight Street border it. Other ideas include raising money for the Downtown Hospital where Capsouto was active in, or raising money for Capsouto’s highschool, Stuyvesant High School, where he graduated from as valedictorian.
Albert Capsouto was the youngest of three brothers who opened the high-end Tribeca restaurant, Capsouto Frères.
In 1980 when the restaurant opened, it was in a location that was considered, at the time, as out of the way. Overtime Tribeca became discovered and the neighborhood started to develop, but Capsuto Freres was always considered a staple and original Tribeca high-end restaurant.
February 24th, 2010
Tribeca Neighbourhood Updates
Tribeca Citizen summarizes last week’s CB1 meeting. Read about it here.
One subject that caught our eye was the update about one of New York City’s oldest bars, Walkers on North Moore and Varick. The restaurant appears to be taking over the grocer’s next door, expanding to add 34 seats and a brick oven for pizzas. The renovation was approved by the board. Read our previous coverage about Walker’s renovations here.
February 23rd, 2010
Celebrity Updates
- 17-year old model Karlie Kloss, a Tribeca resident, reported to The Wall Street Journal that she “aims for eight hours of sleep a night because I’m preparing for Europe…I can hardly handle my day job; I don’t have the energy to go out during the shows!”
- Read about Damon Dash’s Tribeca gallery opening with images here
- Just Jared spots Justin Timberlake and Jessica Biel leaving their apartment at the Pearline Soap Factory
- The Jazz Loft Project’s blog describes Leonardo Dicaprio’s hip Tribeca loft
February 23rd, 2010
523 Greenwich Street Foreclosure
The 22-unit condo project on 523 Greenwich Street is facing foreclosure. According to PropertyShark, the condo is scheduled for auction on March 10th with a lien of over $17 million.
February 22nd, 2010
Chef David Bouley’s Foreclosure
The Mohawk on 163 Duane Street is the home to Chef David Bouley’s $2.5 million condo and restaurant, Bouley. However, the restaurateur is facing foreclosure on his $2.5 million 3-bedroom Tribeca condo and is apparently $80,436 in debt for his restaurant.
Bank of America started the foreclosure process after Bouley stopped paying the condo’s mortgage in February of last year. According to the NY Post, Bouley owes “$105,004 on a federal tax lien, according to a court document, and roughly $18,000 in outstanding state taxes.”
February 22nd, 2010
Last Week’s Sales
Another unit has been sold at The Fairchild on 55 Vestry Street. The 3-bedroom, 3-bathroom 2,008 square foot apartment was sold by Prudential Douglas Elliman for $3.695 million.
Click here to see what the unit offers
At River Lofts on 416 Washington Street, a unit was sold by Stribling for $2,625,000. The 2-bedroom 3-bathroom apartment is 1,890 square feet. Read more here
February 17th, 2010
Tribeca listings we have our eye on:
- One York Penthouse , $34 million
- 60 Collister #1C aka The Marble House, $21.5 million
- The Fairchild penthouse at 55 Vestry Street, $20,785,000 (7th + 8th + PH)
- Glass Atelier at 75 Murray Street, $18 million
- 101 Warren Street #3460 , $15,950,000
- 55 Warren , $14,995,000
- 153 Franklin Street , $14,995,000
- 33 Vestry Street , $14,995,000
- 25 North Moore Penthouse, $14,750,000
- Tribeca Summit Penthouse at 415 Greenwich, $13,650,000
February 17th, 2010
Not everything has stalled on Leonard Street…
Most real estate enthusiasts have gotten over the stalled developments on 34 and 56 Leonard. But amidst all the negativity we have overlooked the rest of the street. On 53 Leonard street between the two stalled sites, apt. 1E is on the market for $3.4 million. The triplex unit with 2,870 square feet of space, 2 bedrooms and 2.5 bathrooms also comes witih a private terrace.
February 17th, 2010
Film Set @ 46th White Street
The fourth floor of the landmarked building, 46 White Street, is being used as the set of TV show, Rescue Me. The fourth floor has been redecorated to fit the show, as reported on its listing site. The 4-bedroom loft is on the market for for $3.7 million, as well as the fifth floor and penthouse. The fifth floor and penthouse give a better idea of what the fourth floor looked like before the film set moved in.
February 11th, 2010
Tribeca Residential Developments Report
Updates on Tribeca’s developments:
- 35 Leonard – Foreclosed
- 56 Leonard – Stalled development, will resume next year
- 5 Franklin – Development on hold
- Pearline Soap Atelier Condo – Sold Out
- The Fairchild – 13 out of 21 sold, ready next month
- 33 Vestry – 5 out of 7 sold, the other 2 in contract to be combined
- Tribeca Lofts – 28 out of 29 in contract or closed
- Tribeca Summit – 80% of 60 units sold
- The Smyth Upstairs – 11 out of 15 units sold, ready next week
- One York – 25 out of 33 sold or in contract
The dream behind 34 Leonard is a thing of the past. Last summer, developer defaulted on loans and now the building is foreclosed. Let’s hope Herzog & De Meuron’s 56 Leonard will still be realized.
February 11th, 2010
Fairchild Penthouse Still on the Market
Last month we reported that the captivating development, The Fairchild, had passed its 50% sold mark. One unit that has yet to be purchased is the penthouse covering the 7th, 8th and top floors. The original asking price was $23 million but it has now dropped to $20,785,000.
Read more about sales at The Fairchild
February 5th, 2010
Viceroy Hotel Development Has Stopped
At 330 Hudson Street in West Soho,directly north of Tribeca, a hotel was meant to be constructed by the Kor Hotel Group. The plan was to take a 100-year old building, re gut it by digging down an extra story, and add12 new floors to create a 22-story luxury hotel with office and retail space.
The plan has now been scrapped as property owner Trinity has cut off ties with developer Tribeca Associates, costing Tribeca Associates over $50 million. The developer was dismissed by Trinity for apparently not fulfilling its obligations.
The building is meant to be an eco-friendly hotel converted from an old manufacturing building. Solar panels was meant to be used on the skin of the building, allowing the facade to produce 80 to 100 kilowatts yearly, saving about $40,000 to $50,000.
Read more at the Downtown Express
The old manufacturing building before…
The Viceroy Hotel that never was..
February 4th, 2010
Damon Dash Gallery
The Dash Gallery by Roc-A-Fella’s Damon Dash will officially open on Friday, February 19 in the DD172 buildling. The opening will feature works by Bobby Castaneda, Jeremy Wagner, Heather Gargon and Hector Ruiz.
The gallery on 172 Duane Street is also used by Dash as a recording studio. Dash says he will use it to get more involved in the art world.
February 4th, 2010
2 North Moore Street Sold!
2 North Moore Street, the 11,000 square foot 5-bedroom home nicknamed “our suburb” is finally off the market after 10 months. The asking price was $35 million, but over the summer it dropped to $33 million and was finally listed for $29 million.
The mansion is spread over two buildings, one previously occupied by NoMoore Bar and the other a six-story building. “Our Suburb” was coined by owners, Sherri and Steven Schnall, who aimed to bring back suburban virtues to the concrete city. The couple live in a 2,500 square foot condo on East 65th Street. Sherri is a producer of TV commercials and Steven is the president and CEO of the New York Mortgage Trust, a publicly traded company that he started out of his apartment 13 years ago.
Much of the effort went into having the project approved by the Landmarks Preservation Commission as Tribeca-based architect, Wayne Turett, had to mesh the new and old building facades in a way that respected the aesthetics of the neighborhood.
The ground floor is used as an entrance foyer as well as Sherri Schnall’s art studio. It is also a garage and loading dock and has two guest bedrooms. The second floor has a living room, dining room, kitchen, recreation room and home theater. The skylights above the living room bring light in from the outside, creating an courtyard-feel. On the third floor, the children have a playroom, a study/library, and an additional three children’s rooms on the fourth floor. The fifth floor has a master bedroom and the sixth floor a gym and a pool.
In total there are 6 bedrooms, 7 full baths, 4 powder rooms, 3 fireplaces, a staff apartment and a private outdoor space.
Check out The Real Deal’s viewing of 2 N. Moore
Previous 2 North Moore coverage
January 28th, 2010
Tribeca Zoning Option
The Tribeca community is still divided on how to zone their neighborhood which has been a cause of frustration for many parents. For now though, they have reached a temporary agreement of settling with Option 2. Read more at the Tribeca Trib.
Read past stories on the school zoning issue
January 27th, 2010
Tribeca Loft Sells for Cheap
A fifth-floor loft at 70 Thomas Street sold for $1.15 million, down from $1.399 million a year ago then $1.25 and $1.2 million. The loft is 2,250 square feet, which means it sold for about $511 per square foot. The building is a landmarked building with exposed brick walls, natural light, and original wood floors, perfect for an artist’s studio.
January 22nd, 2010
Pearline Soap Atelier Condo Sold Out
All eight units (7 residential and 1 commercial) of the Pearline Soap Atelier Condominium have finally sold. On December 31 of last year, the last penthouse sold for $4.1 million, a 25.8% discount from the original $7.95 million asking price.
The Pearline Soap is one of the first new developments to fully sell-out since the 2008 financial crisis. It is probably due to its small size, strict presale requirements from Fannie Mae, and the purchasers using cash (all except one who put a 50% down payment on a mortgage). The building went on the market about 20 months ago, but after the collapse of Lehman Brothers, sales stopped for several months. When the building first went up, Gerard Longo, developer for both the Pearline Soap and The Fairchild, hoped to sell the units for about $1,600 per square feet. Now they average about $1,450 per square feet. But considering the current economic situation, the Pearline Soap is doing pretty well. The Fairchild is currently 50% sold.
Watch Gerard Longo speak about The Fairchild on CNBC
Pearline Interior
January 20th, 2010
Downtown Alliance’s Re:Construction at 56 Leonard
The Downtown Alliance’s public art program Re:Construction uses construction sites as canvasses for art installations. The barriers encompassing construction sites are covered in creative designs and are used to draw attention to Downtown Manhattan’s construction progress. Some locations with the Downtown Alliance’s art projects include 99 Church Street, 30 West Broadway, and Tribeca’s very own stalled development 56 Leonard.
The art installation on a 250-foot plywood wall at 56 Leonard is a eerie sketch of the building’s environment by artist Helen Dennis. Her style is a combination of photography and drawing, giving depth and scale through careful layering and resulting in a skeletal landscape with a technical yet haunting feel.
The installation is an accurate portrayal of the idea of the building itself – a once majestic concept that developers and could only dream of realizing. It was destined to be the envy of all luxury condos in Manhattan. Real estate aficionados were dazzled by the idea behind it like sailors enchanted by the voices of the deadly sirens. But now the construction site looks desolate and forgotten. It was a fallen idea that was too good to be true…but who knows, maybe the development will pick up once again.
Read more about the glory of 56 Leonard that has yet to be realized
by Helen Dennis
January 19th, 2010
The Fairchild Is Now 50% Sold
The Fairchild at 55 Vestry Street has officially surpassed 50 percent capacity with the monumental push made by CB Richard Ellis chairman Stephen Siegel. In reference to The Fairchild, Siegel mentioned to The Observer that a family member “did an exhaustive search and knows about every finish and quality (or lack of it) at every apartment he looked at. He found this to be of the highest quality, from the finishes to the space, the kitchen and the overall detail, not to forget the lobby and the location.” The Fairchild features twenty-one townhomes, penthouses and lofts, built in classic industrial Tribeca architecture.
January 16th, 2010
56 Leonard Development Is Still Stalled
It is no new news that the Herzog & de Meuron designed building and Anish Kapoor’s supporting bean have yet to be erected.
The stalled development has led many to retire from excitement to disinterest as months have passed with no progress being made. At the end of 2008, an announcement was made that the project was “shut down” and that it would be revived in March 2009 or 2010. Well, it’s January 2010 and occupancy was scheduled for late 2010 but the project is still being stalled and the weak real estate market isn’t helping.
The idea behind 56 Leonard was to create “houses stacked in the sky” resembling a glass Jenga tower with unique floorplans for each of the 145 units and 10 different penthouses. Apartments are two-to-five bedroom spaces ranging from 1,430 to 6,380 square feet priced from $3.5 to $33 million. Each apartment has an outdoor patio space and all apartment interiors are designed by Herzog & de Meuron, including 12-foot glass doors, champagne-colored window mullions, a dining island and massive floor-to-ceiling fireplace hearths.
The building is meant to be divided into five zones, starting from the bottom with a double-height black granite lobby, then townhouse residences, amenities spaces, tower residences and finally penthouses on the top. Amenities include a 75-foot swimming pool with sun deck, screening room, a children’s play room, and a library.
January 15th, 2010
Fifty Franklin’s First Closing
Fifty Franklin has closed on its first apartment despite the negativity surrounding the luxury real estate market. The apartment sold was a 1-bedroom under 750 sq. ft. worth over $1,000 per square foot.
The luxury condo boasts a 24/7 doorman, a live-in super, fitness center, multimedia lounge, pet spa and a guest apartment. Kitchens are open and modern, with white lacquer-finished cabinetswith island counters that interact with the dining and living rooms. Bathrooms feature soaking tubs, porcelain, Grohe fixtures, and marble and mosaic tiling.
January 14th, 2010
Another Case of Bankruptcy: Tribeca Five
A report from Crain’s states that the Tribeca 5 Condo on 283 West Broadway has filed for bankruptcy. The planned condo conversion failed as Inland Mortgage Capital Corporation did not hold up its end of the bargain and failed to deliver the $11 million acquisition and construction loan. Consequently, the offering plan was revoked and buyers took back their contracts. The condo was 95% complete. Read more here.
December 18th, 2009
Celebrity Magnet: River Lofts
River Lofts on 416 Washington Street/92 Laight Street is a two-building condo conversion perfectly symbolic of Northwest Tribeca’s Historic District. Formerly used as a commercial space, it is an impeccably restored Romanesque Revival property now used for luxury residential apartments. The property is built on three adjacent parcels, one being the residential renovation of an existing 6-story warehouse that had to be preserved as it is considered a landmarked building, and the remaining two being a carpark converted from a commercial to a residential zone, and a newly constructed 13-story residential tower facing the Hudson River. A skylit corridor was built to connect the new tower with the historic warehouse. It sits directly across the street from the residential conversion of the “Sugar Warehouse” on 79 Laight Street.
The red-brick warehouse structure has arched windows on the fourth and fifth floors and a handsome scalloped cornice with a shed awning around its first floor.
In accordance with the Landmark Preservation Commission’s strict emphasis on maintaining the architectural integrity of the neighborhood, the lofts are made of red-brick and has a two-story stone base with arched windows on the second floor. The top floor is set back to be hidden from street level. Tsao & McKown and Ismael Levya were the architects and Shaya Boymelgreen is the developer. Today the condo board is suing developer Shaya Boymelgreen over construction issues.
The Preservation League of New York State honored River Lofts with the prestigious Excellence in Historic Preservation Award. The program recognizes individuals and organizations for “demonstrating an outstanding commitment to the preservation of New York State’s irreplaceable architectural heritage.”
The River Lofts has 68 condominium apartments ranging in size from 1,100 to 3,900 square feet and were initially priced at $1,250,000 to $8,550,000.
Today, 3-bedrooms range from from $3,465,000 to $6,500,000, 2-bedrooms at $3,450,000 and 1 bedrooms from $1,350,000
River Lofts has experienced an influx of celebrities wanting to nest within its walls. Recently, it caught the eye of the “Brothers” star, Natalie Portman, who requested to rent a 1,103 square foot one-bedroom unit, 3K, for three months. Her request was denied as the unit owner was only interested in selling.
Other celebrities linked to River Lofts include MSNBC anchors Rachel Maddow and Jim Cramer who both live in the building. Maddow’s apartment is on the market for $1.495 million. Meryl Streep, Gwyneth Paltrow, Karolina Kurkova and Niche Media publisher Jason Binn also reside in River Lofts.
December 16th, 2009
Developer Gerard Longo on CNBC
Developer Gerard Longo of Madison Estate and Properties and United Financial Services gets interviewed by CNBC’s Squawkbox. He speaks about the Fairchild on 55 Vestry Street, a classic example of North Tribeca Historic District’s landmarked buildings. The building was once used for manufacturing in the 19th century and has now been converted into luxury residential condos averaging $2.5 ~ $3 million. The building retains its old world charm in its architecture, round-top windows and high ceilings, but at the same time advances into the future with its luxurious residential appeal to the modern New Yorker. Longo says that there is a sales uptick especially amongst international buyers who are taking advantage of the weak dollar and paying in cash, but that financing is still an option for domestic buyers if they make a down payment of 25 to 35 percent.
December 15th, 2009
Renwick Street
A little known area in Manhattan is Hudson Square, in which the corner of Renwick and Canal Streets meet in front of the Holland Tunnel. The intersection is calamity as the stampede of traffic makes its way into the tunnel, but Renwick Street is exceptional in that it is connected to the commotion tucked away in a nook, giving it a disconnected and quiet atmosphere. Another bonus is that it is in between Soho and Tribeca, making it an ideal location in terms of seclusion and location.
Several years ago Renwick Street was zoned for residential use, and several decades before that it was a mere swampy marsh known as Lispenard Meadows. Due to the boggy terrain, extensive pre-construction work needed to be done in order to solidify the ground and make it ripe for luxury condo construction. A lot of money went down the drain to prep the area, but it also launched the development of three luxury residential buildings:
- 2 Renwick
- 15 Renwick Street aka “The Renwick”
- 22 Renwick Street from Philip Johnson-Alan Ritchie Architects
In early 2008, real estate aficionados had their eye on 22 Renwick, a 12-story building with 19 residences that was meant to bring light to a dismal street that had potential to be distinguished due to its location, aside from the Holland Tunnel disorder. Out of the three developments, however, 22 Renwick is the only one that actually pulled through. The charcoal building has a penthouse with large scale windows, giving it a typical feel of a luxury building. The website is slightly over the top but what stands out about it is the penthouse with a double terrace. Apartments for sale are currently listed under Corcoran. The condo offers four penthouses priced in the mid $2 millions, and two-bedroom residences listed in the mid $1 million.
15 Renwick aka “The Renwick” which actually stood out more than its neighbor #22 disappointingly did not make it through its construction phase. Work came to a halt but its website looked extremely promising. The condo promised a private boxing gym with a world-class trainer, a 50-foot lap pool, an underground garage, a private library, and Bang & Olufsen audio-video systems installed in all 44 units.
2 Renwick was making slow progress due to the vast amounts of pre-construction work. Recently a permit was spotted at the 11-story building with 65 units. A new construction manager has been put in charge of the property and is backed up by Ponte Equities and Kossar + Garry Architects. Hopefully this one will come around and bring life back to Hudson Square.
Renwick and Canal in the 1930s
#2 Renwick today…marshes and boggy ground
22 Renwick boasts outdoor terraces
December 14th, 2009
One York Penthouse
One of the more pricier listings currently on Tribeca’s market is Enrique Norten’s One York penthouse. Previously listed for $25 million, the penthouse price was marked up to a cool $34 million back in June. Not surprisingly, the 8,027 square foot penthouse has not yet sold these past few months. In order to attract potential buyers, the sales team is going international and is travelling to China. With China’s burgeoning new rich who are enjoying the finer things in life, One York’s brokers have travelled to Shanghai and Beijing to advertise the penthouse and attract potential buyers. Advertisements for the penthouse appeared in the South China Morning Post which is an English-language Hong Kong newspaper that has been in circulation since 1903.
One York’s remaining condos have done fairly well so far. Telecom mogul Michael Hirtenstein agreed to purchase six units for a combined price of $35 million several years ago. While the building was under construction, he modified his new condos to suit his liking, creating it into a dream bachelor pad equipped with a hot tub. In the fall of 2008 there was a quick scare as Hirtenstein he changed his mind and left his $7 million deposit. Several months ago, however, he finally decided to move back into his beloved condo-combo, reducing his space from six units to five units for a total of $16.5 million.
December 11th, 2009
Tribeca School Zoning: Option 3
The issue regarding the proposed new school zoning options in Tribeca has caused parents to feel uneasy and frustrated these past few weeks. On Wednesday, however, progress was made as a committee meeting was set up to discuss the matter, and a third option was proposed that left parents feeling happier and more at ease.
Michael Markowitz, one of the members of the Community Education Council (CEC) presented a third option which would primarily preserve the current boundaries of PS234 and keep it known as a Tribeca school district, while shifting the Gateway Plaza complex closer to PS 276. PS234 is bounded in the south by Murray Street, bounded in the east by Broadway, and bounded in the north by Laight Street. Above Laight Street is zone PS89. William Street and Old Slip are the boundaries between PS276 and PS397.
This new plan left many parents feeling relieved, especially those who lived at 295 and 276 Greenwich Street. Option 1 proposed to split the building between PS397 and PS234, leaving many parents distraught. The third option, however, has left families feeling as though they belong in their respective communities within Tribeca as they have grown attached to their neighborhoods. For instance, Gateway Plaza residents are described as an “aging population” and PS276 will likely not have an influx of many new students. Furthermore, their respective school zones are more convenient for children to commute to.
One problem that is still unsettled is that the PS276 and PS234 zones are still too large, and the attempt is to make sure numbers balance. But for now, parents are more content with option 3 than the previous options.
- Get more details at The Tribeca Trib
- Read previous entries about Options 1 & 2
December 9th, 2009
Non-Doorman Buildings Pricier than Doorman Buildings
Non-doorman studio rentals in Tribeca appear to be more expensive than studio rentals in doorman buildings. On average, Tribeca’s studios, one-bedrooms, and two-bedrooms in non-doorman buildings cost $3,491, $4,915, and $6,928 respectively, making them the most expensive rental apartments in all of Manhattan. Studios in Tribeca’s doorman buildings, however, cost $2,898, making it less pricey than non-doorman studios. As for one-bedrooms and two-bedrooms, Soho topped Tribeca with one-bedrooms averaging on $4,885 and two-bedrooms $7,833. Funnily enough, Soho’s one bedrooms in a doorman building are still cheaper than Tribeca’s one-bedrooms in non-doorman buildings.
Speculation about the strange reversal in prices stems from a theory that the Truffles Tribeca recently rented out several studios in the $2,000 per month range.
According to TREGNY, one-bedroom in doorman buildings in Tribeca had their rental rates drop by 1.75%. Non-doorman studios went up 11.93%, non-doorman one-bedrooms went up 7.03%, and non-doorman two-bedrooms went up 7.16%.
Doorman studios went up 4.39% and doorman two-bedrooms went up 1.00%.
December 7th, 2009
Tribeca’s “Sold Ultra-Luxury Homes”
Curbed just mentioned that Property Shark has a new has a new useful function that shows condos, co-ops and single family homes that have sold in Manhattan for more than $5 million. Property Shark classifies these homes as “sold ultra-luxury homes” and has located 211 on the island for this past year. The majority of them are located surrounding the park in the Upper West Side, Upper East Side, and around Columbus Circle, which includes this year’s top sale of Time Warner Center’s 8,300 square foot penthouse on the 78th floor that sold for $37.5 million. Aside from the predictable uptown park-surrounding locations, Tribeca has surpassed the rest of Manhattan’s nooks, including the pricey Greenwich and West Villages, in selling luxury properties this year. Eight properties appear on the map, the most expensive being 145 Hudson Street which had a $30 million sale price.
Following was
- 1 York Street $16,850,000
- 1 River Terrace $7,731,250
- 157 Chambers Street $6,631,500
- 140 Franklin $6,600,000
- 70 Battery Place $6,005,000
- 10 West Street $5,918,000
- 101 Warren Street $5,425,000
Read more about Tribeca’s luxury closings
December 3rd, 2009
Second Hand Smoke Liability
Back in August, the Ewens, owners of a $2.1 million condo at 200 Chambers Street in Tribeca filed suit to stop their next door neighbor from smoking.
Over the past year, the smoke from next door invaded the Ewens’ kitchen, living room and bedroom, even causing them to wake up at night sometimes and forcing them to find another place to sleep. As time progressed the smoke became a health hazard as they suffered from colds, chest pains, headaches, and nosebleeds, and even their three year old daughter developed respiratory problems. The Ewens described their neighbor has someone who “smokes incessantly” and does not ventilate his apartment. He entertains guests who are also heavy smokers and the apartment is owned by his European parent’s business.
The building is known to have an “odor-migration” problem caused by construction and design defects, according to the NY County Civil Court which received a complaint earlier this year on July 13th. Due to the odor problem some residents have decided to move out. The Ewens complained to the board and asked for a temporary smoking ban until the odor-migration issue was mended, but they were unsuccessful in their persuasion. The board was very stiff and defensive when the issue was brought up, but the Ewens’ lawyer, Victoria Kennedy of Simon & Partners, noted that the condo is still sponsor-controlled, even though the development sold out a year ago. Sponsors must give up control of the board after five years or after 50% of the shares in the building are sold.
After the board refused their complaint, the Ewens filed a lawsuit forcing their smoking neighbor to stop smoking in the condo and to pay $25,000 for pain and suffering, the limit for damages in civil court. At the time, however, the laws pertaining to this case were not concrete and many were unsure which way the court’s favor would swing. The complaint alleges two causes of action, one for nuisance from the neighbor, and one for negligence from the building’s engineering defects.
There is finally good news for the Ewens and those suffering from similar cases. Yesterday a New York civil court has agreed that “smokers can be liable to their neighbors under nuisance and negligence laws.” People can no longer claim they have the right to smoke in their apartment if it interferes with their neighbors right to enjoy their own apartments. The decision denied the defendant’s motion to dismiss the $25,000 in damages, and the judge extends liability to both the smoker and the owner of the unit occupied by the smoker.
December 2nd, 2009
NFL Ex-Giant Strahan Lists Tribeca Loft
NFL former Giant defensive Michael Strahan has listed his Tribeca loft on the market for $1.875 million. The 1,911 square foot one bedroom condo comes with two bathrooms and a home office, 15 foot ceilings and sandblasted brick walls. The condo is part of a converted pre-war building that comes with a doorman, gym and kids’ playroom.
The former Giant played for 15 seasons with the Giants before retiring in 2007 and holds the NFL record for sacks in a single season. He is now a football analyst on Fox NFL Sunday and stars in the Fox sitcom “Brothers.” He purchased the condo in August 2008 but given his busy shooting schedule in Los Angeles, he hardly uses the apartment.
November 30th, 2009
Canada rules – NYPOST.com
Vice Magazine’s Shane Smith purchases $2.2 million loft on Desbrosses Street
November 20th, 2009
Tribeca School Zoning Creates Class Division
Two proposals have been drafted to rezone the Lower Manhattan’s elementary schools. The proposals are meant to create four zones with a school per zone, guaranteeing kindergarteners a spot in their zoned school. The plan is not permanent, but the zoning was based on the distribution of kindergarten and first year students.
The first option would cut through the Whole Foods at 101 Warren and 89 Murray Streets in Tribeca, allowing the luxury condo owners at 101 Warren to have their children attend PS 234 while the remaining low-income renters at 89 Murray Street would have to attend Spruce Street School half a mile away.
Developers build affordable-housing units for tax breaks. In the building, 101 Warren comes with state of the art appliances, while 89 Murray is equipped with the bare minimum. The building even has separate entrances for luxury condo section and for the low-income section.
The division in the building is an evident reflection on class separation, leaving many 89 Murray residents upset.
“Tribeca is our neighborhood,” said Ilya Mazur, who lives at 89 Murray and has a 2-year-old son. “A lot of us can see [P.S. 234] from our windows. We can hear the school. This breaks the neighborhood for us.” Many families at 89 Murray cannot afford a nanny to take their children to Spruce Street everyday, whereas those in 101 Warren generally have higher incomes.
Read more at Downtown Express
101 Warren vs. 89 Murray
November 19th, 2009
Tribeca Citizen | 11/19: Board to Tears
Tribeca Citizen | 11/19: Board to Tears.
November 10th, 2009
Big Closings
Big Sales
The most expensive downtown residence thus far is the townhouse on 11 West 10th Street in the West Village which closed for $33.1488 million in 2007. Close behind and second in place is Hudson Street’s Skylofts building, which sold its two-story glass box penthouse for $30million this February. The penthouse had originally been listed at $34.5 million, but sold for a cool $30 million. The Landmarks Preservation Commission ruled the penhouse was built larger than permits allowed, and so it had to be trimmed down. The apartment is a two-story glass box perched on the roof of a 14-story building on 145 Hudson Street and was in the process of conversion to a residential condo for years.
Another notable Tribeca property is the house at 2 North Moore Street which went on the market in 2008 for $35 million. In 2005, the building was mostly known for its bar, NoMoore Bar, but was then converted into a 11,300 SF private home for a family featuring five bedrooms and a master suite, a 3-car garage, screening room, elevator, three fireplaces, an art studio, a playroom, a gym, and a 47-foot long heated lap pool. It is the neighborhood’s most expensive single-family townhouse listing ever.
These gargantuan properties in terms of SF and price tag are exclusively for those who are recession-proof.
Besides Tribeca’s record-breaking property sales prices, Tribeca is also listed as having the highest rental prices in Manhattan. According to Modern Spaces www.modernspacesnyc.com
Tribeca is listed as having an average 1-br rent of $3,162, with Chelsea in second place with $2,800 with Soho coming in third at $2,620
November 10th, 2009
Curbed NY: Dubbeldam Beats the Odds and Rises at 33 Vestry
Word on the street is that 33 Vestry should be fully built in about 3 months. Designed by architect Winka Dubbeldam from
Word on the street is that 33Vestry should be fully built in about 3 months. Designed by architect Winka Dubbeldam from Archi0Tectonics, the originally seven-story building has become a nine-stody building, filled with amenitie and two multi-floor townhouses.
Read more…
Curbed NY: Dubbeldam Beats the Odds and Rises at 33 Vestry.
November 6th, 2009
50-52 Laight Street
Tribeca garages likely to go condo.
Laurel Capital Inc.’s developer Kengo Watanabe plans to transform two parking garages into a six-story residential condo with a two-story penthouse. The building will have resemblance of those surrounding it in the neighborhood, with a brick and cast iron exterior, but will be modernized with a combination of limestone, brick and fiberglass panels.
Before anything starts though, Watanabe will need the approval of two agencies – the Landmarks Preservation Commission to ensure his new building harmonizes with the rest of the historic landmarked buildings in the neighborhood and maintains its aesthetic, and the Board of Standards and Appeals to expand the building into the rear lot.
November 4th, 2009
Heavy Duty Renovations
Major renovations are underway at 365 Broadway. The six-story building in the Tribeca East Historic District dates back to the 1920s, but is now undergoing conversion into a 20-unit residential building, turning into a heavy duty project. The project is being led by architect Benlevi who was originally suspended for bribing DOB inspectors, but has now been put back on the project.
The original DOB application included a “partial demolition plan” but did not include a “proposed enlargement.” The job was described as having to perform alterations on the 2nd to 6th floors and to install new stairs and elevators, however, the schedule A for the current job shows alterations on the 7th and 8th floors as well as the addition of a new roof deck.
Heavy duty renovations.
October 6th, 2009
153 Franklin Street
Back in February 2008 the townhouse at cobblestone lined 153 Franklin Street sold for $6.79 million. Today the new asking price is $14.995 million after architect Leopoldo Rosati did some renovations on the place. The 4-storey townhouse comes with a motion controlled theater from dBox, a gym, spa steam bath and custom bar. On the first floor is a nanny or guest room with full bath and a separate entrance, a Boffi designed kitchen with appliances from Miele and Gaggenau appliances, radiant heat floors, and a large living space with skylight and a fire place. On the second floor are two bedrooms with closets, a bath and jet tub made of Italian limestone and a rain shower. The terrace comes with a grill and is lined with Japanese paper glass. The third floor features the master suite with walk-in closets and limestone bathroom and a dual rainfall steam shower. The staircases are made of steel and the home comes with Control 4 automation system with custom lighting and speakers throughout, video intercom and a security system. Each section of the house clearly uses the finest materials and definitely seems to be with the rough $15 million asking price.
August 11th, 2009
High Rental Prices
Tribeca is listed as having the highest rental prices in Manhattan. According to modernspacesnyc.com Tribeca is listed as having an average 1-bedroom rent of $3,162 with Chelsea and Soho behind it. The highest current rental listings to date in Tribeca are:
1. 7 Hubert Street – asking $35,000/month
The unit is a double corner loft with 4000SF of space, 12 ft. ceilings, 14 large 10 ft. windows and two terraces. It has 4 bedrooms, 3.5 bathrooms and a giant master suite with two walk-in closets, a marble spa bath and heated flooring. The kitchen is also state of the art with sleek cabinetry and a refrigerated wine closet.
2. 166 Duane Street – asking $30,000/month
The condo boasts 4,208 SF and 26 oversized windows, 11 ft. ceilings, 4 bedrooms and 4 bathrooms, an office, and an elegant hallway that can double as a gallery. It has a Buddhist, Zen vibe. It is also available for sale for $8,900,000.
3. 405 Broadway – asking $25,000/month
The brand new penthouse has an elevator that leads straight to the apartment. It spans over 3,300 SF with hardwood floors and exposed brick with tons of skylights. Four bedrooms, four baths, and a terrace.
4. 270 Broadway – asking $23,500/month
The 4,199SF corner apartment has 4 bedrooms, 5.5 bathrooms, a wood-burning fireplace, and views of the East River and Woolworth Building.
5. 39 Vestry Street – asking $20,000/month
This duplex is an older-style 4,400 SF loft with two entrances, 6 bedrooms and 5 bathrooms that comes with 738 SF of private outdoor space.
July 30th, 2009
TriBeCa vs. upper East Side
Mention the Upper East Side and the first thoughts that come to mind are affluent, dynastic families walking their poodles in Central Park, doormen in white gloves guarding buildings, and minimum-wage maids running after the offspring of the wealthy. Recently, however, this elite kingdom of the Upper East Side is one that is slowly losing its might as the youth of the waspy elite have started their migration southward. Take the late John F. Kennedy Jr. as an example – a son of American political royalty who left his nest in the Upper East Side, moved to the Upper West Side, then settled in downtown Tribeca. His move was nothing out of the ordinary; he was a bachelor choosing to move downtown as a way to live out his youthful, single life in the lawless areas of Manhattan.
After he married Carolyn Bessette Kennedy it was only expected to have this Upper East Side stock move back northward where his wife could be present at charity lunches and their future children would attend the best private schools and have Central Park as their backyard. But neither he nor his wife ever displayed a sliver of desire for wanting to move back uptown and rejoin their breed.
The idea that the highest concentration of wealth is bounded by 59th to 96th streets between Lexington and the park is vanishing. Since the early 2000s, Forbes has listed Tribeca as one of America’s most expensive zip codes. Tribeca has continued to trailblaze to 2008, beating zip codes all over the country to have 10013 come in at 14th place and 10007 come in at 17th place, alongside with expected, well-known high rollers, Beverley Hills 90210 and Miami’s Fisher Island 33109. No other neighborhood in Manhattan, including the Upper East Side, was featured in the top 25 rankings, and Tribeca went as far as to have both its zip codes featured in the list.
According to the New York Times, median household income of Tribeca, $113,595, is higher than that of the Upper East Side ($75,732). But not only is it a place for the affluent, but also a place where families feel safe to start a family. 47.2% of Tribeca’s residents are family households, compared to 35.1% of family households in the Upper East Side.
Tribeca’s home prices and home values have outpaced that of another nesting area for the new Upper East Siders – Soho. Click the link below provided by Zillow to see how Tribeca and Soho have outpaced the Upper East side:
The median sales price for homes in the TriBeCa area have even beat out the median sales price for homes for the entire New York City area. The median sales price for Tribeca in June of this year was $2,619,754 which is 164.09% higher than that for New York city, which comes in at $992,000.
The uprising of this Triangle Below Canal street has spurred the neighborhood to create parks for families as well as schools. Rather than having to travel back uptown or to Brooklyn for private schools, the influx of affluent families has spurred rapid development in the neighborhood.
