Brighter days ahead at Truffles Tribeca (Construction progress, May 2022 - CityRealty)
Between Hudson Yards, The Cortland in West Chelsea, Superior Ink in the West Village, and Tribeca Park and 70 Vestry Street in Tribeca, it’s clear that Related has a penchant for downtown waterfront real estate. The developer's purchase of Truffles Tribeca, a rental located down the street from Hudson River Park at 34 Desbrosses Street, is consistent with that brand, and a condo conversion is underway to bring it up to the standards of the rest of its luxury portfolio.
In August 2021, Tribeca Citizen said that the somewhat dismal-looking building had been emptied and a gut renovation was underway to turn the apartments into more luxurious units. Less than a year later, a recent site visit saw a brighter, more welcoming facade going up, and window replacement is underway. To the delight of would-be buyers seeking outdoor space, it appears that the glass balconies on upper-level units are here to stay.
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Truffles Tribeca upon its 2009 completion (CityRealty)
May 2022
(l-r) Truffles Tribeca in 2009 and in May 2022 (CityRealty)
When Related purchased the building for $260 million in February 2019, Tribeca Citizen crunched the numbers and found that this came to about $860K per unit. However, prices are likely to be much higher than that—an offering plan with a $505 million sellout was filed in June 2019, which would bring the 291 units to an average price of $1.735 million (for those keeping track, that's more than twice the purchase figure). CityRealty data puts the average price of a Tribeca condo at $1,966 per square foot and shows that the average closing price of a Tribeca condo in 2021 was $4.6 million.
Additionally, if neighbors are anything to go on, the building will have the ability to command high prices. Directly to the south, 70 Vestry Street is home to a penthouse that sold for $56 million in December 2018, making it the second highest priced apartment sold downtown (defined as south of 30th Street). If it sells for its current asking price of $65 million, it will break the downtown record of $59 million. Other noteworthy neighbors include 67 Vestry Street (the luxury condo conversion of the lofts that attracted Andy Warhol), the Herzog & de Meuron-designed 160 Leroy Street, and Morton Square, where a $10.995 million penthouse was among last week’s top contracts.
When Truffles Tribeca was still in the works, developer Jack Parker Corporation sought a rezoning to allow for a 210-foot-tall building on his site. The eventual North Tribeca rezoning allowed 150-foot towers on four north Tribeca blocks along West Street. These blocks are also located just below Canal Street, allowing for easy access to the best of Soho and Tribeca. Since the rezoning was adopted, the area between the two popular downtown neighborhoods has emerged as Hudson Square, an area with its own distinct character.
Indeed, this condo conversion was likely spurred by Google’s new outpost in Hudson Square, which is nearing completion. While Google has begun to shift to a hybrid work model, people may not mind coming to this new office with a prime downtown address and multiple outdoor terraces, including one on the roof.
Directly to the north of the new Google office, one of the largest and last downtown waterfront parcels to be developed is Clarkson Square, a master plan that calls for a new residential community with mixed-income housing, senior housing, market-rate rentals, condos, and better access to Hudson River Park and Pier 40. Designer COOKFOX’s vision for the project pays tribute to early high-rises and Hudson Square’s industrial history, but calls for the high-quality materials, environmentally friendly features, and outdoor space that today’s resident has come to covet.
Rendering of Clarkson Square (COOKFOX)
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