By Liana Grey
Reade57, a condo building being marketed by Brown Harris Stevens SELECT in TriBeCa’s southern historic district, hasn’t had a formal grand opening since sales began last fall. But already, 40% of the building’s 84 one- through three-bedroom units are off the market.
“We’ll have an event in the spring,” said sales director Shlomi Reuveni of Brown Harris Stevens SELECT. “We’ve been so busy. The absorption has been so great; we’re accommodating deals and buyers.”
At 21 stories with a glass and steel facade, Reade57 stands out on a block dominated by loft conversions, including a former warehouse at 77 Reade Street being marketed by Corcoran.
“Our building is very open, very light,” said Reuveni. When the project’s developer, the John Buck Company, purchased the site, “it was your standard low-rise, industrial type of building,” Reuveni explained.
Now, the highest units in the development, including a handful with balconies, overlook historic TriBeCa and beyond. East-facing units look directly onto the Brooklyn Bridge entrance ramp, as well as City Hall Park and the Frank Gehry-designed tower on Spruce Street.
Even traffic on the Brooklyn Queens Expressway is visible across the East River, along with the Downtown Brooklyn skyline. Apartments with western exposure overlook the Hudson River and the low-rise rooftops of the surrounding neighborhood; some penthouse units offer multiple exposures, and a couple of buyers have looked into combining units.
The views are the kind that foreign pied-a-terre seekers can write home about, or better yet, impress visitors with. Of those who have expressed interest in the building so far, “a healthy percentage is foreign buyers looking at New York, seeing it as an investment,” said Reuveni.
What’s drawn overseas investors along with first-time buyers are relatively small units —– which come at a lower price point than the expansive lofts typical of TriBeCa — as well as a 421-A tax abatement, which is awaiting final approval.
“Part of the success in sales has been appeal of low monthly charges,” Reuveni explained. Of units still available, prices range from $1.121 million for an 866 s/f one-bedroom on the third floor to $3,164,000 for a three-bedroom on the 16th story measuring 1,776 s/f, according to StreetEasy.com.
Another lure for first-time buyers and foreigners alike is the building’s location at the crossroads of several trendy downtown neighborhoods.
Reade Street straddles the border between upscale TriBeCa and the City Hall area, where shops tend to cater to office workers rather than affluent families. The block between Broadway and Church Street, where Reade57 is located, is home to several downscale shops like a Chinese restaurant, a tortilla shop and several delis. But the Whole Foods on Greenwich Avenue and acclaimed restaurants like Nobu, Bouley, and Odeon are a short stroll away.
Nearby is the birthplace of the ubiquitous drug store chain Duane Reade, which was founded in 1960 on Broadway between Duane and Reade Streets.
Because some house hunters, particularly pied-a-seekers, decide to concentrate their search either north or south of 14th Street, promotional materials for the building pitch not only the immediately surrounding neighborhood — as well as amenities like a gym, doorman service, bike room, and storage — but lower Manhattan as a whole.
The building’s website highlights Hudson River Park, the TriBeCa Performing Arts Center, and nearby Chinatown and Little Italy, among other attractions. “There’s proximity to every notable downtown neighborhood,” Reuveni said.