The Real Deal New York

R. A. Cohen asking $1,420 a foot for Tribeca rental

Extra development rights allow for building to rise to seven stories
February 06, 2015 04:55PM

R. A. Cohen & Associates has put a five-story Tribeca rental building on the market for $24 million, or a steep $1,420 per square foot.

The nearly 17,000-square-foot property at 51-53 White Street, between Church Street and Broadway in the Tribeca East Historic District, has more than 6,300 square feet of unused development rights. The new owner could construct two extra floors atop the building upon receiving approval from the Landmarks Preservation Commission.

Cushman & Wakefield’s James Nelson, who is marketing the property, told Crain’s that vacant land in the area is selling for more than $1,000 per square foot.

“You could buy and convert this building for around $1,600 to $1,700 per square foot, which is much less than the $2,500 per square foot and higher for most new condos in TriBeCa these days,” Nelson said. [Crain’s]Mark Maurer