Happy Fall! AAdvanced Notice from Annie and Arlene focuses on new developments in neighborhoods across the city. In this issue we focus on Tribeca, which is booming with new buildings. However, we would be remiss if we did not also address the current state of the market, so we would like to start with our thoughts on that.

The New York real estate market, like the rest of the country, has cooled down a bit and has become more in line with reality. This means it is a buyer’s market, with prices dropping on properties that were significantly overpriced. In the city, due to many new construction projects, there are more unsold properties than usual, so prices have adjusted to be more competitive. Instead of bidding wars that result in offers over ask, we are seeing offers coming in more slowly while bids are 20-25% under ask. A phenomenon not seen in over a decade. Properties are selling for approximately 7-12% lower than similar sales last year.

To be clear, this doesn’t mean gloom and doom. It just reflects an adjustment after a period of inflated pricing. Sellers must adjust their expectations since overpriced properties are sitting for longer, and sellers have the power to negotiate. On the other hand, if you’re looking to buy, now is a good time.

Which brings us to Tribeca, one of the most expensive zip codes in New York. However, with prices adjusting, this could be the time to find your ideal new apartment in this exciting area of the city. Known as a hub for culture and cuisine, Tribeca is certainly a sought-after neighborhood with desirable real estate.

 

Tribeca: Where Culture and Cuisine Collide

Credit: Related Companies / 70 Vestry

70 Vestry: The last new waterfront property in Tribeca is designed by Robert M. Stern and features 46 apartments ranging from two to seven bedrooms (plus a $65 million penthouse). Amenities include an 82-foot swimming pools and a separate children’s pool, plus hot and cold plunge pools. The building also opens on to Hudson River Park, and offers unobstructed river views.

 

111 Murray: This 157-unit new construction features one- to five-bedroom residences and some of the most incredible amenities, such as concierge jet service and a hammam with sculpted marble beds. A resident lounge with 15-foot ceilings, an in-house patisserie with adjacent dining room, a 75-foot lap pool and a 3,000 square-foot fitness center are just a few of the amenities available for residents.

 

Credit: Cape Advisors / 30 Warren

30 Warren: This new, 12-story boutique development comprised of an entire city block offers 23 “design-forward” residences with modern layouts. With only three or fewer residences per floor, the building offers privacy, as well as top-of-the-line fixtures and chef’s kitchens. A fitness and wellness studio, children’s playroom, private storage, bicycle storage and valet parking round out the amenities.

 

Credit: Soho Properties / 45 Park Place

45 Park Place: Although still under construction, this new 43-story glass façade tower has already launched its sales. The building will feature just 50 apartments, with one-, two- and three-bedroom loft style homes on the lower floors, three- and four-bedroom full-floor residences on the middle floors, and duplex penthouses at the very top. Amenities will include a pool and spa, a state-of-the-art gym and yoga studio, a residents’ lounge with pool table and retractable screen, plus an expansive children’s playroom.

 

91 Leonard Street: This Toll Brothers building will take the place of three previous buildings, and will become a 19-story condominium. Amenities will include a residents’ lounge with a fireplace and garden access, a rooftop terrace with lounge seating, grills, and outdoor fireplace and television, plus a playroom, a screening room, fitness center, and a private indoor 60-foot lap pool, along with a steam room, sauna, and changing rooms.

 

108 Leonard: The Tribeca clock tower will be transformed into a 152-unit condominium residence with one- to four-bedroom apartments. Although the exterior is a landmark Italian Renaissance building, the interiors are modern, minimalist and expansive. Some apartments feature over 14- foot ceilings. Amenities include an indoor 75-foot pool, a rooftop garden with shaded cabanas, outdoor fireplace and outdoor dining facilities, a 2,200-square foot fitness center with private training rooms, a wine cellar with a private dining room.

 

440 Washington Street: Located at the corner of Washington Street and Desbrosses, this new property currently under construction will feature 11 floors with 41 affordable condominium apartments, plus commercial space at ground level and a rooftop terrace.

 

Why Tribeca?

As we mentioned earlier, Tribeca has become a cultural and culinary hub in Manhattan, with a host of top-shelf restaurants, spacious art galleries, and myriad high-end shopping venues. That is why the area is popular among celebrities. The neighborhood is also the location of the Tribeca Film Festival each year, and has several performing arts venues as well. Bordered along the western side by the Hudson River and Hudson River Park, residents have easy access to open spaces and green spaces.

You can read more in Warburg’s recent edition of Culturally Inclined that focuses on Tribeca. In general, it’s an interesting time for Manhattan real estate. If you are thinking about buying, let us help you find and negotiate a deal in Tribeca or elsewhere in the city. If you are thinking about selling, let us help you be objective when pricing your property to match the current market expectations. If the price is right, it will sell.