East Tribeca new developments seek top dollar

The formerly industrial neighborhood of East Tribeca has been transformed into a hip enclave commanding top-drawer real estate prices.

Indeed, a 3,751-square-foot penthouse at Franklin Place recently sold for $10 million, or about $2,666 per square foot, the Wall Street Journal reported. The building started sales in June, and now only two of its 53 units remain, according to the newspaper.

Indeed, a number of attractive new developments have risen in the East Tribeca area, or east of West Broadway. Buildings such as 93 Worth Street, 57 Reade Street and of course, the highly-anticipated 56 Leonard are planned in the area.

“In general, there is interest in The Whole Broadway corridor, and there’s a tremendous demand for Tribeca—it has a kind of mythic quality,” Richard Cantor of Cantor-Pecorella, who is marketing Franklin Place, told the Journal.

“I think a lot of people are drawn to the security and serenity of being in a landmark district where you walk out and get a sense of the neighborhood,” Halstead Property’s Richard Orenstein, who is active in the area, told the Journal. [WSJ] –  Hiten Samtani