Inventory shortage benefits Tribeca Skylofts

TRD New York /
Jun.June 07, 2011 12:50 PM

Tribeca’s inventory shortage has helped salvage the troubled Tribeca Skylofts condominium at 145 Hudson Street, according to the Observer. The 14-story building, purchased in 1996 by developer Stanley Scott, launched sales for 22 condominium units on the top four floors in 2002. But the duplex penthouse was so large it exceeded Landmarks Preservation Commission filings, and had to be reworked, before eventually being bought at a then-record downtown price of $30.5 million by William Duker. However, that construction delayed the sale of a second round of nine condos on the three floors directly below the first round. (The building’s first seven floors consist exclusively of commercial condos.) Buyers deposits were refunded, and the units first returned to the market this spring. The two-, three-, and four-bedroom units, ranging in price from $3.5 million to $7.3 million are now completely sold out at an average price just less than $1,900 per square foot, despite residing in a building without any amenities typical of newer high-end stock. Real estate insiders credited the paucity of available Tribeca inventory. “Given the amount of development in Tribeca over the past decade, it’s amazing the lack of inventory right now,” said Bruce Ehrman, a Stribling & Associates broker who specializes in the neighborhood but was not involved with the project. His colleague, Stribling’s Alexa Lambert marketed the building. “People are just circling and circling and snapping up whatever they can, because there’s not much out there, especially product of this quality.” That theory will be tested shortly, the Observer noted, when Duker’s penthouse returns to the market. It was listed briefly last month for $45 million, and Prudential Douglas Elliman agent Leonard Steinberg said it would return to the market within the next year. [NYO]

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