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Robert Ripps book
History of Tribeca Buildings
In the News: 55 Broad will convert to residential
55 BROAD IS CONVERTING TO RESIDENTIAL
The Journal reports that 55 Broad will be converted to residential: “Silverstein Properties and Metro Loft have agreed to pay $180 million for the 30-story building that opened in 1967 and has housed numerous technology and financial-services tenants over the decades. The new owners plan to convert it into 571 market-rate apartments, ranging from studios to three bedrooms, during the next three to four years.”
LOCAL LAW 97 IS CHALLENGED
The owner of 9-11 Maiden Lane and several other coops have sued the city to block Local Law 97, which requires that buildings update greenhouse gas emissions standards. From Crain’s: “The legal challenge calls the law ‘ill-conceived and unconstitutional,’ taking issue with the annual fines levied on buildings that fail to comply with the caps: $268 per metric ton over limits. The caps are draconian, the suit says, as they could burden some buildings even as owners take steps to comply.”
THE HISTORY OF THE FIRST SUBWAY – ON WARREN
Untapped New York has a history of the city’s first attempts at building a subway system in 1870, and it was here: “The subway, called the Beach Pneumatic Transit, lasted from 1870 to 1873 and was a one-block, single-track, single-car line below Broadway from Murray Street to Warren Street in Tribeca.”
LUNCH IN NEW YORK HARBOR
Gothamist reports that bottlenose dolphins have become a more frequent sight in New York Harbor, swimming between New York and New Jersey for food and socializing. “The annual return of these aquatic mammals to the city’s harbor could signify improvements in coastal water quality and bring a renewed commitment to protecting local wildlife even in urban areas.”
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NYPost also reported that apartments at 450 Washington (Truffles Tribeca) will be hitting the market in the fall. Priced from $1-10M, which sounds like a steal in that location. ($10M barely gets you in the door across the street at 70 Vestry.) Either the apartments will be tiny or Related is seriously cheaping out on construction.
Either way, it’s disappointing and somewhat curious that they didn’t go full ground up in such a prominent location. They could’ve built something spectacular instead of this hodgepodge fixer upper.
https://nypost.com/2022/06/23/related-ups-celeb-friendly-condo-offerings-in-tribeca/
Unless they really gutted it all and started fresh, it is was really cheap and bad construction. I once went to check it out when they were rentals and i was moving from the west village and was shocked about how cheap it all was.. at the time the building was not even that old so it was aging really bad.
my guess is that for those prices, its not high end finishes, but who knows.
These units are bargain priced in part because it is NOT a condominium. 450 Washington is a co-op building on leased land! Any articles that describe 450 Washington as a condominium are wrong and irresponsible. I doubt you will see any articles that admit it is a co-op.
It is a co-op, as per the offering plan on file with the New York State attorney general. (See below.)
That knocks off 30% of the value versus a condominium, because in a co-op, you do not own your apartment outright but rather you own shares in a corporation that owns the building and that are tied to the apartment in which you are a “tenant-shareholder”.
Then there is a further haircut, because this co-op only owns the building and not the land it is built on! Only co-ops and hotels can legally be built on leased land, with few exceptions in state law, usually for government owned land like BPC, Roosevelt Island, etc. The land is leased, which is why this was originally a rental and similarly why 456 Greenwich Street is a hotel.
That knocks off another 20% – 35% off the market value (versus a similar co-op).
This is for a number of reasons. First, one cannot finance a co-op in a land lease building for any longer than the duration of the lease, and the building depreciates in value. Second, and most crucially, If a land lease expires without being successfully renewed, then the land and everything built upon the land reverts back to the landowner. When the lease expires, the co-op usually scrambles to renew at a disadvantageous price, if not tries to buy the land outright.
If you apply the two haircuts, you get a co-op apartment that is half the price of a similar condo in a building that owns the land it is built on.
—————————————————————————–
Plan/Amendment
Plan ID: CP220034 Submitted: 04/29/2022
Name: 450 WASHINGTON STREET OWNERS CORP. Reviewed Date:
Address: 450 WASHINGTON STREET Effective Date:
NEW YORK, NY 10013 Review Attorney: STEPHENS C
Boro/County: MANHATTAN Action:
Location Code: MANHATTAN Units:
Type: COOPERATIVE Initial Price:
Construction: NEW Current Price:
Occupied: RESIDENTIAL Eviction:
Here is a recent example of ground lease troubles for a co-op: “Residents of Billionaires’ Row co-op told to pony up $280M”
https://nypost.com/2022/06/29/residents-of-billionaires-row-co-op-told-to-pony-up-280m/
Anyone hear anything about The Patriot closing?
It has closed. Not sure if it is forever…
New sign n the door. The Patriot is closed for good.
4 New York Plaza is also being converted to residential. More than 3,500 NEW rental apartments are now under development throughout the neighborhood.