Northern Tribeca outpaces southern part in residential sales

Even as luxury condominiums flood southern Tribeca, the portion of the once-gritty neighborhood north of Moore Street is outpacing the neighborhood’s southern portion in terms of real estate prices, reported the Wall Street Journal.

The median price of a condo in northern Tribeca is $3.3 million, or $1,472 per square foot, according to data from Streeteasy.com. In southern Tribeca the median price is only $2.8 million. The Tribeca allure lies in the lack of tourist foot traffic and a quiet, undiscovered feeling that suits young families, the Journal said.

Northern Tribeca’s denizens want the “rough edges” of recently converted industrial space, but also amenities like swimming pools. Developments like 250 West Street, River Lofts at 416 Washington Street and the Sugar Warehouse at 79 Laight Street flirt with decadence while incorporating flourishes from the neighborhood’s industrial past. And in a district that has been designated historic by the Landmarks Preservation Commission since 1992, there is no risk of the neighborhood’s bohemian feel being lost any time soon.

“You can never build a glass tower, which is great. There’s a mutual respect for all of the buildings and all of their light and air and views,” said Wendy Maitland, a managing director at Town Residential, which has listings in the area. [WSJ]