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Residential

Tribeca’s 52 Lispenard reworked as cast-iron beauty

Sales at 52 Lispenard, a pair of landmarked Tribeca buildings that have been transformed into a conjoined, seven-unit residential condo, are moving at a fast pace.

According to Corcoran Group’s Tamir Shemesh, they have sold two of the four units they have listed for the property in less than a month, continuing what seems to be a trend of rapid sales activity in the block.

The deals represent the payoff for the building’s long-conversion process, which involved a revamped proposal after an initial rejection from the Landmarks Preservation Commission.

“They are fast (sales) because the product that we have is incredible- the quality of the finishes, the volume of the space and we also price well,” Shemesh said.

Tamir Shemesh
Tamir Shemesh

The brunt of Shemesh’s sales pitch pertained to the finishes, which includes solid wood lacquered doors and trims, 8-inch wide Italian white oak plank floors, recessed Kreon LED lighting throughout and a Hearth Cabinet clean-burning fireplace.

The units also have a custom designed gourmet kitchen as well as a large outdoor space. Everything in the units, from the floors to the elevators, is brand new. The only thing that remains from the original structure is the façade of 54 Lispenard, which had some of its cast-iron columns restored.

“I would say that we are compatible with our competitors, but I think the level of finishes and detail that the developer put in our project is superior, and that’s why we are selling faster than others,” he said.

The two vacant units in the property, unit 2 and unit 5, are both full-floor lofts. Unit 2, which has an area of 3,804 s/f, contains four bedrooms and four and one-half bathrooms. The apartment is priced at $8 million, putting it roughly in the middle of the property’s previous range of $3.25 million to $13 million.

52 Lispenard
52 Lispenard

Meanwhile, unit 5, which is priced at $7.2 million, has four beds, four and one-half bathrooms and has an area of 3,347 s/f. The apartments are accessible through a key-locked elevator and have ceilings that are about 12 feet high.

Aside from the physical aspects of the units, Shemesh also pointed to another selling point – availability.

“Another huge thing that other projects do not have, it is very important, is that we offer pretty much immediate occupancy. ..We are ready. We are pretty much ready to have people move in- and that’s a big plus,” he said.

The property, which is just a few blocks away from souvenir shops and knock-off handbag stores on Canal Street, is the latest in a string of new developments in the two blocks that comprise Lispenard Street.
Colonnade Group, which operates mainly in the Tribeca area, is currently converting the former Pearl Paint warehouse at 42 Lispenard.

Colonnade, which paid $9.2 million for the 13,216 s/f five story building, is planning to turn the landmarked structure into a mixed-use building.

52 Lispenard
52 Lispenard

While Shemesh may be closing deals quickly on 52 Lispenard, he is not setting the pace for the block.
Perhaps the best indicator of the area’s desirability is the nearby 46 Lispenard.

Prudential Douglas Elliman, which launched sales for the property over Labor Day Weekend in 2012, had contracts out for more than 80 percent of the units in the building in just five days.

The new incarnation of the structure required three years of work, from developer Murat Bugdaycay’s initial proposal to the current expansive lofts. The initial construction plan, which was dismissed by Commissioner Diana Chapin as “very bland,” involved demolishing the façade of 52 Lispenard and erecting a five-story grey terracotta structure.

The developer eventually gained approval from the LPC when it revamped its proposal to include a full restoration of the cast iron on the façade of 54 Lispenard. The current form of the structure, which has been redesigned to fit the look of the neighboring buildings, has a reworked façade on both buildings and three additional floors on the 52 Lispenard.

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