CityRealty Insider > New Developments in the News

New Developments in the News

JANUARY 19, 2009

In a buyer's market, marketing begins for Truffles Tribeca, and condos at 20 Pine Street are a sweet, though steep deal

According to the first Real Time Tracking Report from CORE Group Marketing, "We are clearly in a market that is being controlled by the buyer," with the strongest evidence being the 1-bedroom market, with 208 new contracts signed at 88 percent of the asking price. And though the sales price—"a jaw-droppingly low" price of $652 per square-foot—is said to be 51.5 percent of the current market value of the property, eighty condominium apartments at 20 Pine Street are being offered for sale for $63,738,500 by Venture Capital Properties. The tower has one of the finest sites in Manhattan at the epicenter of the financial district.

In rental news, Truffles TriBeCa, the 291-unit rental apartment building at 34 Desbrosses Street has begun marketing. The downtown building is home to the elegant Truffles Prive lounge and its unique apartments feature unusually spacious walls. The building's opening night party showcased model apartments designed by students at Parsons school of design of the New School for Social Research.

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