TriBeCa Development This is a rare opportunity for a ground up new development, on a prime 40 foot wide by 80 foot deep North Tribeca site, with existing curb cut, at 431-433 Washington, ideally located between Vestry and Desbrosses Streets. The two lots have tremendous potential combined for a significantly larger building than the two existing structures, either to become a grand single family mansion, luxury Condominium, or income producing rental property. Can be delivered vacant. Please contact us for a set-up.
Currently, the Tribeca median sales price is 87 percent higher than the New York median and has appreciated 65 percent over the last 5 years, or approximately 13 percent annually. Current sales in Tribeca are typically priced between $2,300 and $2,800 per square foot. There are only approx. 159 active listings in Tribeca, with a citywide absorption rate below equilibrium at 4.3 months. The average listing price in Tribeca is $8,503,586, or 2.44X higher than the New York average (which is currently at a record high).
The current Tribeca in contract condos hold an average sales price of $6,583,598 and an average price per square foot of $2,576. With a sample data set of almost 400 condo sales in 2014, Tribeca has an average sales price of $3,542,618, which is 47 percent higher than the New York City condo average sales as recorded in Q3 2014.