As part of its bi-monthly First Wednesdays event series, The Tribeca Team at BOND New York will be hosting an opening for the work of artist Mark Vinsun.
The event will take place from 6:30 to 8:30 p.m. at BOND’s 25 Hudson Street location between Duane and Reade streets.
The show features more than a dozen of the painter’s works. The event is open to the public and wine and light hors d’oeuvres will be served.
Vinsun’s work will be on display through the end of September, and members of the public are encouraged to stop in during business hours from 9:00 am to 6:00 pm Monday through Friday, and from 10:00 am to 5:00 pm on weekends.
The Tribeca Team at BOND is comprised of a group of real estate agents dedicated to promoting the local community through art, education, charity and activities. The bi-monthly First Wednesdays event series provide local artists with a place to show their work and create an environment for local residents to meet, network, relax and unwind.
We hope to see you there!
By Jacob Fine
Amid Manhattan’s booming real estate market, some buildings have risen faster in value than others.
101 Warren Street would be a prime example.
When the marketing team for the luxury high-rise development announced its sellout for over $650 million in August 2010, they heralded it as the “largest and most successful condominium offering in the history of downtown Manhattan.”
But it appears that sale prices in 101 Warren have continued to climb – at a much faster rate than those of the surrounding neighborhood, and some of its saavy investors are starting to cash in.
An analysis of six recent sales in the residential tower during May and June reveals that their sale prices were, on average, 49% higher than what they were originally purchased for from the developer.
Sale prices across Tribeca & Soho, meanwhile, have risen 30% over that same time period on average, according to a comparative review of data on MillerSamuel.com.
While people are attracted to Tribeca for its classical, industrial charm, we increasingly continue to see buyers looking for amenity-rich buildings. While many of the neighborhood’s new developments fit that bill, many buyers are looking for something they can move into immediately without the long wait while the building is completed.
In addition to the skyscraping views that most of Tribeca’s older buildings don’t afford, 101 Warren features a spa, a Bloomberg Financial Lounge and board room, attended parking, and – most notably – a private forest of Austrian pines.
The biggest winner: a 3-bedroom, 2,200 square foot unit on the 28th floor that sold for $6.15 million in June. It was originally purchased for $3.4 million in December 2009.
This is a regularly occurring feature from The Tribeca/Soho Real Estate Report, by The Tribeca Team’s Jacob Fine. Contact him today if you would like to be added to his mailing list.
Really, I have no words for this.
By Jacob Fine
Well, it may be a little too late, and I’m still not quite to sure how this one skipped my radar, but there is an epic show tonight at the Brookfield Place Waterfront Plaza.
Lake Street Dive is going on now (7 p.m.), followed by Sharon Jones & the Dap-Kings.
Wow. Best free show of the summer?
I’m headed over now.
By Jacob Fine
[An in-progress rendering of the kitchen/dining area of one of the building's lofts.]
The prolonged condo conversion of Tribeca’s former book bindery at 443 Greenwich Street has been the victim of much conjecture and speculation, which all started to be laid to rest with the release of the building’s first interior renderings. However, they gave but scant views of the property’s 45 lofts and eight penthouses. A tipster unloaded new renderings that provide first glimpses inside some of the building’s eight, rather muted penthouses, the most pricey of which will ask about $45 million when it comes to market.
UPDATE: Our tipster noted that the penthouse was priced as $45 million “as of a month or two ago” but representatives for the project have reached out to clarify that that figure is no longer correct. No pricing information has been revealed for the building. Curbed regrets the error.
[An in-progress rendering of one of the building's penthouses, some of which will have double-height living spaces.]
[An in-progress rendering of the living area of one of the building's lofts.]
Although there is a teaser site, little is known about the Metro Loft-developed building beyond its copious amenities, which will include a 71-foot-long indoor swimming pool, a landscaped roof terrace, and a fitness center with men’s and women’s locker rooms with saunas, to name a few. Know more about 443 Greenwich Street?
Posted by Jeanine Le Ny
Prices in Tribeca & Soho notched deeper into record territory during the 2nd Quarter, eclipsing $1,700 per square foot on average for the first time ever, according to new data reported on real estate appraisal firm Miller Samuel Inc.’s website.
The gains came amid a desperate lack of inventory in the trendy neighborhoods, as sales transactions in the area fell by 20% during the quarter, the New York real estate appraisal firm reported. The drop represented the first time that sales transactions in the two neighborhoods during the 2nd Quarter were less than they were in the 1st Quarter in more than ten years, according to MillerSamuel.com.
The trend stood in contrast to the rest of Manhattan, where prices dipped slightly during the quarter while the number of transactions rose modestly. The average price per square foot in Manhattan at large during the 2nd Quarter was $1,268, which was down 7% from the 1st Quarter, according to Miller Samuel’s website. That dip only represented a slower pace of growth for the greater Manhattan market however, as prices still remain 10% higher than they were at the end of the first half last year, the firm reported.
The average price per square foot in Tribeca & Soho was $1,713 at the end of June, according to MillerSamuel.com. That figure is up 14% since the same time last year, and an astonishing 34% over the past 24 months.
Prices in Tribeca & Soho are now nearly 25% higher than they were prior to the 3rd Quarter 2008 collapse of Lehman Brothers, while the average price per square foot for Manhattan at large is still modestly trailing pre-recession levels.
The two neighborhoods rank among the most expensive in the nation, and trail only Central Park West and the Park & 5th Avenue corridor in New York, which commanded prices of $1,957 and $1,937 per square during the 2nd Quarter, respectively, the Miller Samuel data shows.
The high prices combined with a shortage in available inventory in Tribeca & Soho has created an ideal opportunity for sellers looking to take advantage of the high prices as buyers compete with each other for a lack of available homes. The recent, high-profile cover story from the June 30th issue of New York Magazine highlighted the current demand from all-cash international buyers. But mortgage rates have also trended lower, approaching levels from June of last year and enhancing affordability for buyers that are financing.
The increase in prices in Tribeca & Soho was most apparent among apartments with 3 or more bedrooms, where prices were up 16% per square foot during the quarter, according to the Miller Samuel data. The average price for a 3 bedroom unit in the area was $1,667 per square foot during the quarter, while units with four or more bedrooms commanded prices of $2,361 per foot on average, the firm reported.
Prices for 1 and 2 bedroom units in the two neighborhoods were down modestly during the quarter at $1,372 and $1,667 per square foot, respectively, which was more in sync with the greater trend across Manhattan, according to the data. The cost for studios was $1,252 per square foot during the quarter.
The median price for a studio in the area was $610,950 during the quarter, Miller Samuel reported. That compares to a price of $7.8 million for something with four or more bedrooms, according to the firm’s website. The median price for 1-, 2- and 3-bedroom apartments was $1.2 million, $2.4 million and $4.1 million, respectively, the firm reported.
The trend we have seen in 2014 whereby co-ops in supply starved Tribeca & Soho have been selling at prices close to those of condos continued during the 2nd Quarter. The average price of co-ops was only 6% lower per square foot than that of condos in the two neighborhoods during the 2nd Quarter, according to Miller Samuel. Co-ops typically sell at levels closer to 25% or 30% lower than condos across the rest of Manhattan.
Artist Charles Ross’ penthouse at 383 West Broadway nearly set a record for downtown co-ops when it sold for $26.58 million in April – less than $1 million shy of the resale of Rupert Murdoch’s former Soho “Water Tower Penthouse” at 141 Prince Street in 2010. Ross had owned the loft since the ‘70’s before renovating the 7,500 square foot space to sell it on the ultraluxury market.
The priciest sale in Tribeca & Soho during the 2nd Quarter however belonged to a condo at the newly renovated Puck Building, where a 5,919 square foot 3 bedroom sold for $28 million in May. The penthouse fetched a whopping $4,731 per square foot, which was also higher than any other sale in the two neighborhoods during the quarter.
The lowest sale price per square foot in Tribeca or Soho had to be 5,500 square foot live/work space at 41 Worth, that sold for $2.75 million, or $456 per square foot. But the two-level space had been configured for an office.
The most affordable unit in either Tribeca or Soho during the 2nd Quarter was a 522 square foot 1 bedroom at 93 Worth that sold for $410,670 in April. The office-to-condo conversion was the top selling building in either neighborhood during the quarter, having sold 18 units. 93 Worth is part of a mini-boom of new developments that is expected to double the number of residential units within a four-block stretch of Broadway between Walker and Worth streets.
Licensed Real Estate Salesperson
Bond New York Properties, LLC
25 Hudson Street
New York, NY 10013
Jacob is a former financial journalist and currently a real estate on the Tribeca Team at BOND New York who lives and breathes real estate in Tribeca & Soho. If you are interested in buying real estate in the area or would like a free consultation on selling your apartment, give Jacob a call today!