Tribeca Prices Rebound as New Batch of Condos Come Online

By CityRealty Staff | From Future New York Tuesday, November 27, 2018

45 Park Place, 91 Leonard, 108 Chambers, and 100 Franklin, and 30 Warren

Tribeca, the triangle below Canal Street that no one really knows where the other two legs are, is synonymous for beautiful streets, celebrities, and eye-watering real estate prices. As the neighborhood grows more obtuse, with its eastern edge pushing past Broadway into Chinatown and its southern side coddling the World Trade Center, a new wave of developments are rolling with the Tribeca moniker promising more of the same oversized layouts, high-end finishes, and unencumbered views.

Looking at CityRealty closing data, condo sales prices in the neighborhood took a steep dive in 2017 after a seven-year run that more than doubled prices from $1,073 per ft² to $2,507 per ft². At its peak in spring 2017, a flurry of sales from some of the city's most lavish developments such as the Four Seasons Private Residences at 30 Park Place, 56 Leonard, and 443 Greenwich buoyed prices. As closings in these buildings dwindled, the average sales price dipped below the $2,000 a foot mark. However, heady sales at 70 Vestry Street, 111 Murray Street, and the Woolworth Tower Residences have swelled prices once again, which average $2,236 a foot today.

The largest (and tallest) offering under construction in Tribeca is 45 Park Place rising at the neighborhood southern edge, a block from City Hall. After a half-decade-long wait, the structural frame is more than halfway towards its 665-foot-high apex. The 43-story condo tower — with adjacent Nouvel-designed museum annex — is being developed by Soho Properties led by Sharif El-Gamal. The slender, glass-sheathed skyscraper is heightened by a cascade of setbacks and was designed by Michel Abboud’s SOMA Architects with Milan-based Piero Lissoni handling the interiors.

Availabilities show one-bedrooms begin at $1.98 million, two-bedrooms start at $3.8 million, three-bedrooms from $4.88 million, and four-bedrooms from $12.4 million. Homes have high ceilings, full-height glass walls, white oak floors, and a Boffi-designed kitchen with a Gaggenau appliance package. Amenities include a fully-attended lobby, swimming pool with steam room and sauna, common lounge with billiards table, children playroom, and a Technogym fitness center with separate yoga/barre studio.

100 Franklin | Condos from $3.3M | 2019

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Closer to the true heart of the neighborhood rises 100 Franklin, a 10-unit condo steered by DDG that will officially begin sales in February 2019. Topped out, the project ascends from a pair of triangular lots that overlook the richly-textured intersection of Church Street and Sixth Avenue. Adding to the area's masonry richness, the building will be clad in a rosy facade of handmade bricks manufactured by Denmark’s Petersen Tegl. Prior to construction, DDG enlisted French graffiti artist JR to create two 5-story-high art installations along the site's lot-line wall.

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Homes will have direct elevator entry and have access to a fitness center, storage, a laundry room, and bike storage. Sales will be handled by Douglas Elliman Development Marketing and prices will begin around $3.3 million. Paris- and London-based artist Charlotte Taylor has been commissioned to create permanent installations throughout the building. Her colorful spatial works portrayed through sculpture, illustration, and photography, are inspired by movements of architecture.

108 Chambers Street | 8 Condos | 2019

(Greystone)

While much of Tribeca is under the protection of the Landmarks Preservation Commission, its wide north-south avenues of Church Street and West Broadway, expanded indiscriminately through urban renewal schemes, present opportunities for ground-up development. At the well-trafficked intersection of Chambers and Church streets, two condo buildings are underway at 30 Warren Street and 108 Chambers Street. The latter, being developed by Greystone, has yet to begin sales but has opened a Vitamin Shoppe and Starbuck's at it ground floor (yes, more chains). As per the accepted offering plan, the building will host just eight apartments and projects a total sellout of $31.325 million.

30 Warren Street | 1- to 3-Beds from $1.95M | 2019

Images via Corcoran Sunshine / Post-Office Architectes (POA)

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Construction at 30 Warren as of late Novemeber (CityRealty)

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Across Church Street is 30 Warren, a 12-story condo designed by Post-Office Architectes (POA) and developed by Cape Advisors. Prices start at $1.995M for a one-bedroom, $2.665M for a two-bedroom, and $4.395M for a three-bedroom. All 23 residences have open floor plans, high ceilings that start at 9’6” and bespoke cabinet details hand finished and fabricated locally in the Hudson Valley. Resident amenities will include a fitness center, children’s playroom, bicycle storage, laundry room, and a full-time attended lobby. Cape Advisors has also begun construction on another residential building nearby at 61 Warren Street.

91 Leonard | 2- to 4-Beds from $2.65M | 2019

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Finishing construction towards the eastern side of the neighborhood is 91 Leonard, a brooding 112-unit condominium brought to market by Toll Brothers City Living. Skidmore, Owings & Merrill are the designers and essentially conceived a 20-floor gray box with big windows. Supposedly, the exterior is inspired by the classic facades of the neighborhood (The Tombs perhaps) and reinterprets their major horizontal and minor vertical lines into a contemporary composition (why?). Behind the bland, apartments feature whitewashed oak floors (where are all these oak forests?), generous ceiling heights (how tall are these people?), visible door hinges (why?), and nearly floor-to-ceiling windows (nearly, but not enough). Prices are relatively affordable for the area, ranging from $2.52 million for a two-bedroom to $8.99 million for a four-bedroom penthouse.

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