The Real Deal New York

Real estate pros not concerned about impact of school rezoning on Tribeca property values

October 18, 2011 03:45PM

From left: P.S 3 in Greenwich Village and P.S. 234 in Tribeca

Real estate professionals are not worried that the planned rezoning of
Lower Manhattan schools will have an impact on Tribeca real estate
values, DNAinfo reported.

The District 2 Community Education Council, a body mostly comprised of Manhattan parents serving as volunteers, might suggest changes to the zoning plan before voting on a final version of the proposal in December. The proposal also suggests changes to schools in Battery Park City and the Financial District.

Even though some children will have to go to P.S. 3 in Greenwich
Village, rather than the closer P.S. 234 in Tribeca, “I don’t think there will be
a significant difference,” said Bruce Ehrmann, executive vice
president at Stribling & Associates, who has lived in Tribeca for 23
years. 

“Tribeca is a hugely desirable location,” Ehrmann continued. “There’s
still Hudson River Park. There’s still the openness of Tribeca, the
expansiveness of the streets. There are still the restaurants.”

Some residents have expressed concerns about the plan’s effect on real
estate values.”Who would want to move to north Tribeca knowing they
would be kicked out of their neighborhood to go to school?” Wendy
Driscoll, who has two young children and lives at Greenwich and Hubert
streets, posed at a public hearing earlier this month.

Another broker, who spoke on the condition of anonymity, said he did not
expect much of an impact.

“P.S. 3 is just as desirable,” the broker said. “The property values in the Village are sky-high, just like
Tribeca.”

A third broker said property values had not declined during previous
school rezonings. “It’s not as though P.S. 234 is the only terrific
choice,” the broker said. He added that many families had traveled
north of Canal Street to bring children to private schools, or gifted
programs, and that not everyone moved to north Tribeca because of the
schools. [DNAinfo]


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