In spite of the luxury downtrend gripping U.S. cities, there are a few points of light. Historic TriBeCa is one.
Experts note that this Lower Manhattan enclave is the region’s priciest neighborhood. Broker Richard Cantor points to 443 Greenwich in TriBeCa’s landmark district as a property that defies the macro-level softening.
Only 52 luxury lofts were created by developer MetroLoft in the landmarked 1880s structure, and more than 60 percent are already sold — including six of its of eight penthouses at an average of nearly $5,000 per square foot, according to Streeteasy. One penthouse at 443 Greenwich sold for a 2016 record $54 million.
The property is reported in the media as a major contributor to the luxury market’s strong November showing, with two residences selling for over $14 million each, and a third fetching close to $11 million, among the highest sales citywide last month.
The sales also represent the highest prices south of Greenwich Village, at more than $3,000 per square foot — well above downtown averages, said Cantor, whose firm Cantor-Pecorella is marketing 443 Greenwich.
“The high values are consistent across the whole building, too, even with the area’s largest penthouses and more 3,000-square-foot-plus units than any other single downtown property,” he added.
The reason? First, because 443 Greenwich is one of the last major pieces of landmark TriBeCa architecture being converted to residences.
“It’s like the end of an era,” said Cantor. “You might see similar prices per square foot elsewhere, but those are for much smaller spaces or the values are heavily skewed toward penthouses.”
Other factors make 443 Greenwich a TriBeCa leader for discerning buyers, Cantor believes:
Design: “Luxury buyers expect the high level of finishes and amenities we offer,” he said.
Character: 443 Greenwich offers unique elements buyers can’t find anywhere else, like a drive-in underground garage complete with walls and ceilings finished in Guastivino tile.
Pedigree: At eight stories tall, including rooftop penthouse additions, and a full block across, the red-brick, Romanesque Revival building is one of TriBeCa’s last major historic landmarks being converted to homes.
Value: This location and property are expected to hold their values longer than other buildings in other neighborhoods.
Acclaimed for its “landmark architecture, extraordinary finishes, wealth of inspiring space and ultimate privacy in the perfect TriBeCa location,” according to Variety, 443 Greenwich offers unique elements that buyers can’t find anywhere else.
“High-end buyers are aware of all the top properties,” Cantor noted. “For those who truly appreciate quality and are willing to pay for classic buildings that offer space, privacy, and a sense of place, this building has all the requisite features and New York history. It deserves these high prices and it will hold that value for a long, long time.ˮ