In June, the state’s Court of Appeals found that apartments at two Lower Manhattan buildings had been unlawfully deregulated by landlords who had collected millions of dollars in benefits under a 1995 tax program. Now, as The City reports, thousands of former or current tenants in the area may be owed up to six years in back rent from landlords who received the tax breaks for years.
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Photo: Ajay Suresh via Flickr.
According to Property Shark’s just-released ranking of New York City’s most expensive neighborhoods, Tribeca once again takes the top spot in residential sales with a median price of $4.34 million. The bigger news is Hudson Yards, on the list for the first time as the city’s second-costliest neighborhood in Q2 of 2019 at $3.86 million. Also notable was Little Italy, the city’s third most expensive neighborhood, which saw median home prices increase by 153 percent over last year’s numbers.
More of the list, this way
Applications are currently being accepted to replenish the wait list for middle-income apartments at a Tribeca rental building. The 12-story tower at 89 Murray Street, dubbed Washington Mews, was constructed in 2007 and designed by Skidmore, Owings & Merrill’s Mustafa Abadan. Qualifying New Yorkers must earn 175 percent of the area median income to apply for the $2,832/month two-bedrooms and $3,213/month three-bedrooms. While these prices rightfully seem steep, market rate two-bedrooms at the same building currently start at just under $6,000/month.
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The Bogardus Mansion at 75 Murray Street is an original cast iron treasure. Perfectly configured for conversion to a single family home, the 25-foot-wide Tribeca building, asking $17.5 million, is a true piece of New York City history, with original details and plenty of possibilities, from the noted 75 Club jazz venue in the building’s basement to the owner’s penthouse with a conservatory, roof deck and stunning lower Manhattan views.
Five floors, a penthouse and a unique speakeasy
This massive six-bedroom loft in the American Thread Building at 260 West Broadway spans 3,800 square feet with 45 feet of frontage facing Tribeca Park; the converted and designer-renovated condominium’s $7 million price reflects not only its massive size, rare arched windows and covetable loft bones, but likely also its culturally significant famous past: Built in 1894, the space was once home to Duplex Sound, the studio where world-renowned musicians including Frank Sinatra, Tony Bennett, Aretha Franklin, Earth, Wind & Fire and jazz saxophonist Paul Desmond once recorded tracks.
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According to the listing for The Penthouse at One Hundred Barclay, the Tribeca building, designed in 1927 by renowned architect of the era Ralph Walker, is the world’s first Art Deco skyscraper. This 14,500-square-foot duplex penthouse is the crowning glory of its 21st century life. In addition to bragging rights to one of the largest living rooms in New York City at over 3,000 square feet, a mere $39.95 million–nearly $20 million less than the property’s original asking price of $59 million–gets you unobstructed views of the Statue of Liberty, Hudson River and New York City skyline.
Penthouse grand tour, right this way
Images of the 108 Leonard’s newly restored facade courtesy of Hundred Stories PR
Update 4/1/19: The New York State Court of Appeals on Thursday ruled against a group of preservationists who sued to stop developers from turning a historic clock tower into a penthouse. According to the judge, the LPC does not have the authority to give access to the building and the agency’s plan to make the 19th-century clock run electronically is reasonable.
Developers had big plans for the luxury condominiums they were creating at the block-long former site of the New York Life Insurance Company at 346 Broadway (also known as 108 Leonard Street) since purchasing it from the city in 2014. The new residential project would hold 140 units starting at $1.5 million, capped by a stunning penthouse that would be priced at over $20 million. The one snag in this golden opportunity: The building’s iconic Clock Tower–sometimes called New York’s ‘Big Ben,’ which sits atop the building and was designated an interior landmark in 1987. The clock must be wound by hand, a process which requires access through, as the New York Times reports, the future penthouse. A case against the developers’ plan and a subsequent appeal were both won by the opponents, saying the LPC couldn’t unwind the clock’s landmark status–but an appeal in the state’s highest court, the Court of Appeals, is still pending.
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Designed by noted architect Stephen Decatur Hatch, the classic loft building at 165 Duane Street, now a boutique co-op residence, was built in 1882 as coconut processing and packaging factory. This Tribeca loft retains the foundation of its industrial past with exposed wooden beams and columns and 14 windows, yet this three-bedroom home set high above Duane Park has the polished appearance of a classic Manhattan co-op. Asking $3.195 million, the loft has been fully renovated, adding modern convenience and considered design choices in fixtures and finishes.
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With a private entrance on Collister Street—a quiet alley in Tribeca named for its past association with Trinity Church—this 4,500-square-foot home feels like a townhouse but comes with all the convenience and amenities of the full-service condominium it’s housed in at 7 Hubert Street. Spanning three floors with three bedrooms, a finished basement, and a charming ground floor complete with high ceilings, casement windows, and a furnished garden, this turnkey residence just hit the market for $8,950,000.
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Listing images by Will Ellis of Donna Dotan; courtesy of the Corcoran Group
Once featured on the cover of Architectural Digest, this penthouse in the landmarked American Thread Building at 260 West Broadway just hit the market for $14,800,000. The current owners, an art collector and his fashion executive partner, bought the space in 2013 and have filled the 3,777-square-foot Tribeca residence with art by the likes of Richard Serra, Gerhard Richter, and Ai Weiwei to name just a few. Their collection extends to furniture and includes Nanda Vigo chairs from the ’70s, a 19th-century baker’s table from Marseille, and a Karl Springer acrylic table from the 1980s. They describe the blend of period architecture, contemporary art, and design accents as a “speakeasy atmosphere” perfect for entertaining. Speaking to Architectural Digest, the owner revealed that “when we closed on the place, the super took me aside and reminded me that we had a huge responsibility. ‘You’ll be living in one of the most incredible spaces in the city,’ he told me. ‘And you’d better not mess it up.’”