Tribeca spawns three condo comebacks

TRD New York /
May.May 10, 2011 03:37 AM
From left: 33 Vestry Street, 471 Washington Street and One North Moore Street

For those still doubting the luxury sales market’s recovery in New York City, and particularly downtown, three boutique Tribeca condos that stalled during the downturn offer some additional evidence. According to the Wall Street Journal, all three buildings — 33 Vestry Street, 471 Washington Street and One North Moore Street — have now nearly sold out, with many of those sales taking place within the last few months. At 33 Vestry, also known as V33, the seventh and last remaining apartment, a $14.95 million penthouse, went into contract late last month. The building initially hit the market in 2007, but in its reincarnation, was strikingly more popular, drawing multiple bidders for each of its last three sales, according to Wendy Maitland of Town Residential, who helped broker the deals. Meanwhile, 471 Washington and One North Moore, both originally conceived of by architect and developed Peter Moore but acquired by the Vella Group last year, both came online in March. There’s now only one unit not yet in contract at the 12-unit 471 Washington; ditto at the six-unit One North Moore, though the last unit there, a triplex penthouse, is set to be purchased by the developer. “It was an awful moment in the market,” Moore said of his decision to unload the projects last year. “I am startled how quickly the market has healed.” [WSJ]


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