The Real Deal New York

Cape Advisors files plans for 21-unit Tribeca condo project

Eight-story development located a block away from 30 Warren

April 06, 2016 03:17PM
By Rey Mashayekhi

75 West Broadway

75 West Broadway in Tribeca (inset: Curtis Bashaw)

Condominium developer Cape Advisors is finally moving on plans for the Tribeca assemblage it acquired for $50 million last year, filing permit applications Wednesday with the Department of Buildings that call for an eight-story mixed-use residential building on the site.

The 55,000-square-foot building at 75 West Broadway will hold 21 apartments across more than 45,400 square feet of residential space, with an additional, nearly 9,700 square feet of ground-floor retail.

Amenities at the building, previously reported to hold luxury condos, will include bicycle storage space, a fitness room and a common terrace area for residents, according to the filing.

There will be three apartments on the second floor – two of which will come with private terraces – and four units on each of the third through fifth floors. The sixth floor will hold two units, each also coming with private terraces, while there will be another two apartments on the seventh floor.

The eighth floor of the project will also house two apartments, one of which will come with a private terrace on the building’s rooftop.

Soho-based Cape Advisors picked up the six-parcel development site on West Broadway, between Warren and Murray streets, for $1,000 per square foot last year.

The hefty purchase price means the developer reportedly will have to sell apartments at 75 West Broadway for north of $3,000 per square foot to make a profit – potentially a challenge in what many consider to be a softening luxury condo market in Manhattan.

The site is located only a block away from another Cape Advisors condo development: a 12-story, 23-unit project known as 30 Warren. The firm, led by Curtis Bashaw and Craig Wood, is seeking a total sellout of nearly $100 million at that building.

Neither Cape Advisors nor BKSK Architects, 75 West Broadway’s architect of record, returned requests for comment.

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