11 Beach Street Renderings courtesy of Williams New York
In the center of Tribeca, developer HFZ Capital is wrapping up their reimagination of a former commercial loft building at 11 Beach Street. Closings have begun and immediate occupancy is being offered for the 27 three- to five-bedroom homes shaped by BKSK Architects and Danish designer Thomas Juul-Hansen.
The L-shaped building, located near the corner of Beach and Varick streets, is at the heart of Tribeca conversion country, in an area that has produced some of Manhattan’s most sought-after loft buildings such as the Julliard Building, Ice House, the Atalanta and more recently 443 Greenwich Street. Now as Tribeca continues to suffer from its never-ending drought of developable real estate, Ziel Feldman’s HFZ brings to market a grand collection of Tribeca homes to satiate demand.
The L-shaped building, located near the corner of Beach and Varick streets, is at the heart of Tribeca conversion country, in an area that has produced some of Manhattan’s most sought-after loft buildings such as the Julliard Building, Ice House, the Atalanta and more recently 443 Greenwich Street. Now as Tribeca continues to suffer from its never-ending drought of developable real estate, Ziel Feldman’s HFZ brings to market a grand collection of Tribeca homes to satiate demand.
11 Beach Street's repointed facade; CityRealty
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According to our CityRealty Indices, Manhattan condo conversions have been the greatest performers of sale buildings over the last five years, outpacing their ground-up peers, and more than doubling their value since 2012. The appeal of these conversions may lie in the fact that buyers get the best of both worlds, enjoying modern finishes in well-appointed homes while residing in grand old buildings whose craftsmanship and resulting layouts are uneconomical to replicate from scratch today.
Perceptive buyers have taken notice and the median price paid for a unit in a condo conversion has skyrocketed to $2,049 per ft² over the last 12 months, up from $1,011 per ft² in 2012. Top players that have given their gleaming (and often soaring) condo counterparts a run for their money include Walker Tower ($4,718 per ft²), 215 Sullivan ($3,066 per ft²) and the nearby Seven Harrison ($2,915 per ft²).
CityRealty Index of Condo Conversions
11 Beach’s homes are priced at an average of $2,453 per ft² and comprise 27 expansive residences of three- to five-bedrooms lofts, two penthouses and three triplex townhouses. Interiors designed by Danish designer Thomas Juul-Hansen feature graceful foyers, flowing entertainment spaces, oversized casement windows and outdoor living rooms in select units. Many upper-level homes also offer impressive views over Tribeca with west-facing exposures overlooking St. John’s Park and south-facing exposures looking onto the downtown skyline.
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Among 11 Beach’s 8 still available units is a stand-alone triplex townhouse nestled within the building’s lower levels. The 4-bedroom spread encompasses more than 6,100 square feet of space and its lower level features a Juul-Hansen-designed private spa with a 50-foot stainless steel pool, steam room, sauna, and rainforest shower.
The historically-attuned architects at BKSK are behind the building’s overhaul and over the years have tucked in several other Tribeca conversions under their belts, i.e. Artisan Lofts and Robert De Niro’s 116 Hudson Street. Now nearly complete, the building’s 10-story Greek Revival façade has been fully buffed and an ample-sized lightwell has been inserted between the building’s two wings. As experts in melding historic elements with contemporary flare, BKSK lines the courtyard with terracotta tiles whose reflective origami-like modules serve as an innovative approach to increasing the amount of natural daylight into the building’s center.
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Common amenities include a 24-hour doorman, a children’s playroom, a landscaped roof garden, and a bespoke gymnasium that looks up to a crystal skylight bathed from the light of an inner courtyard.
Google Earth Still of 11 Beach Street in Tribeca; CityRealty
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