Investing in Tribeca
Posted by Wei Min Tan on August 27, 2020
Investing in Tribeca real estate is a great way to diversify assets for many of our international clients. Tribeca is a well loved neighborhood in Manhattan by both buyers and renters. The high demand is driven by the abundance of restaurants, low rise buildings, cobblestone streets and general neighborhood vibe.
I am a resident of Tribeca and really love this neighborhood. Hudson River Park is across the West Side Highway, restaurants range from the reasonable Tribeca’s Kitchen to pricey Locanda Verde and Marc Forgione, Church Street Boxing Gym has two locations in Tribeca, and the Tribeca Whole Foods is the best in Manhattan because it’s all on one floor.
Tribeca’s quaint vs busier parts
North of Duane Street is more quaint, has several loft condo buildings and cobblestone streets. There is a Laughing Man coffee stand on Duane Street with nice benches on cobblestone Duane. 443 Greenwich and River Lofts are examples of converted loft condos with large apartments. South of Duane is more busy. There is the 1 subway station, Whole Foods, Barnes and Noble, numerous banks etc. 200 Chambers, 101 Warren and 111 Murray, Tribeca’s latest supertower, are here.
Investing in Tribeca condos
Tribeca real estate is expensive, and rents are commensurately high as well. I liken Tribeca to a blue ship strategy when explaining options to investor clients. As opposed to a value strategy like with Financial District. For example, price per sqft in Tribeca may be $2,000 for a luxury full service building while it’s $1,500 in Financial District. Rent per sqft for a similarly luxury building is $80 in Tribeca, and $55 in FiDi.
Tribeca’s new development condo 111 Murray
Lobby at 111 Murray (photo below), Tribeca’s latest new development condo. Represented multiple buyer clients who bought as investment to rent out and as primary residence. My investor client booked at pre-construction stage, waited 2 years for completion, and prices went up 20 percent after completion. Goldman Sachs’ headquarters is opposite 111 Murray. Finishings and quality at 111 are top notch.
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Tribeca’s full service building 200 Chambers
Client’s apartment at 200 Chambers (photo below). A one bedroom with dual exposures (windows on two sides), which is rare. This brings in a lot of light. Always rented to top quality tenants wanting to be close to Whole Foods, Goldman Sachs, Citigroup headquarters.
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Night view of Tribeca and Battery Park
Photo below shows Tribeca to the left and Battery Park to the right. Looking further down, there is the World Trade Center on the left (the tallest building), although that becomes Financial District, and Goldman Sachs to the right (with all the lights on because they are still working). There are a lot of parks and green spaces in Battery Park. For people living in Tribeca, it’s very easy access to the parks and water views of Battery Park.
What We Do
We focus on global investors buying Manhattan condos for portfolio diversification and long term return-on-investment.
1) Identify the right buy based on objectives
2) Manage the buy process
3) Rent out the property
4) Manage tenants
5) Market the property at the eventual sale
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