Truffles Tribeca Is Being Sold

According to the Real Deal, the Truffles Tribeca building at Washington and Desbrosses, currently owned by the Jack Parker Corporation, is being sold for $250 million. The new owner, Related, already has a substantial stake in Northwest Tribeca, having a hand in developing the two buildings to the north and south of Truffles, 456 Washington and 70 Vestry.

The question, then, is whether Related will convert the 291-unit rental complex to condos. From the Real Deal:

Truffles Tribeca has a 10-year 421a tax abatement that expires in 2021, and marketing materials [from the seller’s broker] show the building could turn a tidy profit as a rental-to-condominium conversion play. One-bedrooms—the most common unit type in the building—would ask an average $2.2 million, or $3,460 per square foot, marketing materials show. Three-bedrooms would ask an average of $4.3 million, or $3,360 per foot.

If a conversion is to happen, Related will undoubtedly consider combining the smaller apartments into bigger ones. The building’s tenants currently skew young, relative to the rest of Tribeca, which would change if the apartments get larger (and more expensive).

UPDATE: James points out that converting it has an extra challenge, in that Ponte Equities still owns the land.

N.B. I don’t have a more recent photo of Truffles than the one above from 2013 (four years after the building opened).

 

4 Comments

  1. It’s built on leased land, so likely not going condo without their buying the land.

    See https://tribecacitizen.com/2018/03/11/in-the-news-truffles-could-get-converted-to-condos/

  2. Who’s marketing it?

  3. They’re delusional to think they can expect to command the same price per sq ft as 70 Vestry for a renovated coop.

  4. Well hopefully Related will spring for some paint and surface treatments to help rescue the ugliest building in TriBeCa.
    I still can’t believe Jack Parker group got a variance to build that monstrosity without making any concessions regarding the finish (or lack thereof)
    P.s. 456 is owned by Related and also on leased land. Note it is rental not condo. I feel they will “de dormify” Truffles by improving the finishes, increasing the apartment sizes and of course increasing the rent. Doubt it will go condo due to the land lease issue

Comment: