What you can get for $1 million in Tribeca, known for its cobblestone streets and namesake film festival
- Housing is mostly low-rise industrial buildings that have been converted to condos and co-ops
- Prices typically start at $2 million, though studio apartments can be found for less than $1 million
- 'Buyers like that it's a small, quiet, and largely residential neighborhood' with proximity to everything
Have you always wanted to live in Tribeca but assumed you were priced out? In this new series, Brick looks at listings in New York City’s most in-demand neighborhoods for under $1 million—roughly the median sales price for Manhattan co-ops and condos—as well as higher-priced options below $2.5 million.
If your goal is to live large, think small: Buying a studio or one bedroom is a way to net the nabe of your dreams. New to buying NYC real estate? Be sure to wrap your head around the difference between co-ops and condos. Co-ops are generally less expensive but also are older and have fewer bells and whistles than condos—plus more rules. With that in mind—happy hunting!
In this week’s Your Next Move, Ari Harkov, a broker at Brown Harris Stevens, and Bianca D’Alessio, a broker at Nest Seekers International, give us the inside story on Tribeca, aka Triangle Below Canal, which hosts a major film festival and has huge creative cred.
What draws buyers to the neighborhood?
Buyers like that it's a small, quiet, and largely residential neighborhood. “It has cobblestone streets, and its housing stock is historic low-rise industrial lofts,” Harkov says. “There are no dense commercial or office spaces, and its proximity to the Financial District, the West Side Highway, and all the Downtown neighborhoods put everything at your fingertips.”
The architecture and history attract buyers, D’Alessio says, adding that “it has a quaint feeling when you walk the streets. The loft spaces and cast-iron buildings make it unique in New York City and make it feel like a true neighborhood.”
She adds that from schools to restaurants, Tribeca has it all. “People who live in Tribeca tend to stay in Tribeca,” she says. “There’s no need to go anywhere else for anything.”
What are housing and pricing like?
Most of the housing options are condos and co-ops that are in industrial lofts; townhouses are rare.
Prices typically start at $2 million, Harkov says.
Inventory is always scarce. “The owner pool is affluent,” he says. “They are not super-motivated to sell and usually don’t have to, and because the buildings are low rise, there aren’t a lot of units available. Generally, it’s a neutral to a seller’s market. They are unique properties that command top dollar and are always in high demand.”
What type of property can I get for under or around $1 million?
“If anything, it would be a studio,” Harkov says. “And there are not many. It would most likely be on the periphery of the neighborhood, say on Chambers Street or Church Street or close to the Holland Tunnel.”
Indeed, StreetEasy lists only three properties that are less than $1 million.
I can stretch my budget. What can I get for $2.5 million?
Most likely, this budget would allow you to buy a two-bedroom co-op or condo, and “there is a healthy mix of both” from which to choose, Harkov says.
Are there any newer condo developments I should check out?
Newer condos typically offer the most luxurious amenities and finishes, features that attract many buyers.
According to Harkov, no major new developments exist in Tribeca because of zoning restrictions. New projects typically are small, perhaps five to six units. “There are a couple of buildings that brand themselves as being in Tribeca, but they are not in the core of the neighborhood,” he says.
Formerly a rental complex, 450 Washington, built in 2009, was converted to 176 condops (mixed-use co-op buildings with commercial or non-residential space on the ground floor and multiple boards) earlier this year. The interior was designed by Roger Ferris & Partners, and the development has a nearly 7,000-square-foot garden by Hollander Design. The least expensive units—both studios—are listed for $919,000 and $979,000.
Which attractions do you show buyers who have never been to the area?
Harkov takes clients on a walking tour of Tribeca’s cobblestone streets, pointing out places like Robert De Niro’s The Greenwich Hotel. He also takes them to nearby areas that residents frequent, including the waterfront and piers.
What are the nearby neighborhoods, and are they less expensive?
The Financial District, Battery Park, City Hall, and Chinatown are less expensive than Tribeca, but northern neighbors such as Soho and the West Village are comparable in price, Harkov says.
Check out these listings that are around $1 million in Tribeca.
Listed for $935,000, this 604-square-foot studio is configured with separate sleeping and living areas and has an open chef’s kitchen with high-end appliances, wide plank oak floors, floor-to-ceiling windows, central air conditioning, and a washer/dryer. The 18-story, 72-unit luxury condo building, which opened in 2007, features a 24-hour doorman, manicured rooftop with a grill, fitness center, media lounge and screening room, bike storage, and parking (available for rent).
The one-bedroom condop in the newly imagined 450 Washington development (described above) is listed for $1.15 million. It has wide-plank floors, large windows, and an open-concept kitchen. Amenities include a golf simulator, lounge with fireplace, private dining room, business center, fitness center, and children’s imagination center. Residents also enjoy exclusive programming, community events, and preferred access to area events. Parking and storage are available for an additional fee.
This recently renovated two-bedroom, one-bath condo is 805 square feet and has a custom chef’s kitchen, walk-in closet, and Murphy bed. It is on the market for $1.325 million and located in Greenwich Court, an 11-story building dating to 1987 building with 128 units, a 24-hour doorman, porters, concierge service, a live-in super, bike room, courtyard, and rooftop deck.
Reduced from $1.525 million to $1.395 million, this 1,300-square-foot, two-bedroom, one-bath co-op has eight stories and 45 units, has a dining room that seats 10, and an updated kitchen with a dishwasher and a built-in wine fridge. City Hall Towers, which was built in 1900 and has 45 units on eight stories, provides additional private storage unit and basement bike racks, a video intercom, laundry room just down the hall, and live-in super.
This two-bedroom, one-bath condo is in the full-service Tribeca Tower 270, a 1930 building that was converted to condos in 2002. The unit has a kitchen with high-end appliances and custom cabinetry and a bath with dual sinks. Building amenities include a roof deck, fitness center, children’s playroom, conference room, and laundry rooms on every floor.
Nancy A. Ruhling is a freelance writer based in New York City.
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