Location, Location, Location: TriBeCa, New York
March 1, 2004
As TriBeCa’s status rose, so did its real estate prices. On a steady upswing
from the late 1990s, prices reached an all-time high in 2001. Then the terrorist
attacks happened, and all activity came to a halt. “After 9/11 TriBeCa became
taboo to the public,” says Emilie O’Sullivan of the Corcoran Group. Fast-acting
bargain hunters scooped up a few finds as some residents moved out and
businesses closed. But the dip in TriBeCa’s real estate market (about 11
percent) was short-lived. Overall, the average price per square foot for
downtown lofts ($659), according to The Corcoran Report, is higher than it was
before September 11, 2001 ($602). Recently completed conversions include 73
Worth St. and 405 Greenwich St. Standard amenities include Siedle video intercom
systems, radiant-heat terraces, Bulthaup kitchens, microprocessor-controlled
recycling chutes, Grafik eye control lighting and plasma TVs.
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Renderings of a new penthouse at the Hubert, with interiors by
architect Alan Wanzenberg, available through the Sunshine Group. (Click image to enlarge) While TriBeCa is one of Manhattan’s most desirable and priciest places to live, it has retained its sense of intimacy. “It’s more relaxed down here,” says Iva Spitzer of Douglas Elliman. Even as designer shops, restaurants by celebrity chefs and hip hotels continue to open, TriBeCa remains low-key. “People who move here don’t want the crowds of SoHo or the stuffy Park Avenue atmosphere,” says Spitzer. “They want something different.”
Facts & Stats
- On the waterfront: In the works is a 550-acre waterfront park along the Hudson River complete with 5-mile esplanade.
- Spring events: TOAST (TriBeCa Open Artist Studio Tour), a self-guided tour of more than 100 art galleries www.toastartwalk.com; Taste of Tribeca, 50 restaurants to sample; Tribeca Film Festival, movies and street fair, founded by TriBeCa resident Robert DeNiro, www.tribecafilmfestival.com.
- Lofty places: Depending on the location, amenities and architect, buyers can expect to pay anywhere from $500 to $2,000 per square foot. A 7,711-square-foot 3-bedroom, 3.5-bath loft, one of six at 45 Walker St., is listed at $3.9 million ($505 per square foot) with Iva Spitzer at Douglas Elliman, 212.769.9827, www.douglaselliman.com. A 5,669-square-foot penthouse at the Cary Building is listed at $4.815 million ($850 per square foot) with Natalie Rakowski at Douglas Elliman, 212.769.9892. A 6,600-square-foot three-story townhouse at The Hubert is listed at $10 million ($1,800 per square foot) with the Sunshine Group, 212.274.7474, www.thehubert.com. And a 4,650-square-foot 2-bedroom, 2.5-bath loft on West Broadway at the Wool Exchange Building is listed at $13 million ($2,800 per square foot) with Emilie O’Sullivan at the Corcoran Group, 212.836.1028, www.corcoran.com.
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