Tribeca’s prices jump eight-fold in 20 years

October 09, 2013 10:40AM

Tribeca has had quite an evolution over the last two decades. The average price for a condominium or co-op apartment in the trendy neighborhood has jumped from $182 per square foot in 1993 to $1,569 per square foot in 2013, over an eight-fold increase, according to data from appraisal firm Miller Samuel.

The evolution from factory stronghold to celebrity roost began in the 1970s, brokers, developers and designers told the New York Post. By then, the city began offering tax benefits such as the J-51 program for those willing to convert industrial buildings and warehouses into residences.

“You had these floor plates that lent themselves to larger, open plan loft living,” Zach Vella of VE Equities, told the Post. “It gave you the flexibility to do what you wanted without restrictions … they’re 5,000- to 10,000-square-foot floorplates.” VE Equities is currently building two ground-up condos in the area at 21 North Moore Street and 290 West Street, as The Real Deal reported.

Another appeal of the neighborhood is its eclectic architecture, Morris Adjmi — who is designing a number of projects in the area including 403 Greenwich StreetAnd 83 Walker Street – told the newspaper. “It’s somewhere between the industrial and classical world,” Adjmi said. “People see that as being authentic and real.” [NYP]Hiten Samtani