Issue 46 – TriBeCa’s Heat Wave

Just a few weeks ago, after the TriBeCa Film Festival wrapped and work resumed on the long-stalled condo development at 71 Laight Street, the climate around the “Triangle Below Canal Street” was already the scene of Manhattan’s most heated buying frenzy. With an average listing price of $5,779, 821 and a median sale price of $2,892,192 far surpassing the figures of even the West Village, there is no question TriBeCa is still one of the hottest markets in the city.

Traditionally, summer marks a seasonal lull with families and high net worth professionals opting for travel and vacation time outside the city–but this is simply no longer the case. Buyers, sellers, developers and agents are all revving up for bidding wars and sale prices unlike that witnessed in any other neighborhood. Here, the next few months promise to transcend any talk of a mere “housing recovery” with activity and prices per square foot that will seem like old times.

As the stunning glass tower at 56 Leonard continues to rise, and with 93 Worth, Franklin Place, 7 Harrison, 11 North Moore Street and 250 West Street Development attracting an unprecedented influx of international buyers to the neighborhood, the lack of inventory seen throughout the city has only fueled the intensity of the marketplace in TriBeCa. Those seeking the sprawling living spaces of cast iron lofts, the authentic charm of cobblestone streets, superb shopping, dining and nightlife, the beauty of Hudson Park, the addition of a 92 Street Y outpost and a stellar public school can all find something to love here. What began as a residential enclave for artists needing oversized studios in the 1970’s is now the destination of choice not only for celebrities and cinephiles, but also for families who appreciate the extra spacious interiors of former warehouses and industrial-era buildings that allow them to remain (and even grow) in the city.

No matter how aggressively developers build, demand will continue to skyrocket. Earlier this spring, there were only 225 apartments for sale in TriBeCa, marking a 19% drop from the 278 units available a year ago during same time. Three-bedroom apartments which are particularly difficult to find accounted for only 71 of these listings and signified a drop from 90 units the previous year. As a result, the price per square foot rose 26% and shows no signs of softening.

Specifically, I will be bringing to market the very first green conscious cast iron conversion in prime TriBeCa.  It will exemplify the luxury elements now required by the consumer but still stay true to the simplicity and sophistication of a rustic loft. This project is slated to come to market in early Spring, 2014. The development Group (Sorgente Group) is known for restoring and brining to life some of the most beautiful and iconic buildings in the city, most recent project includes: 34 Greene St. Judging from the early buzz on this project, there is no stopping TriBeCa’s heat wave, and a favorite New York neighborhood will continue to flourish.