Tribeca building ripe for conversion hits market asking $21M

One of Tribeca’s last cast-iron loft buildings that hasn’t been converted to condominiums has hit the market with an asking price of $21 million, The Real Deal has learned.

The owner, Duane Street Realty LLC, bought the building at 131 Duane Street, between Church Street and West Broadway, in 1998 for $2.2 million, public records show.

Ben Tapper and Marion Jones of commercial brokerage Eastern Consolidated are the listing agents for the five-story, 30,000-square foot-property, Jones told TRD.

The building has eight residential units and is home to City Hall restaurant. Of the apartments, two are vacant; the others are rent-stabilized but not subject to the so-called “loft law,” which protects residents in former commercial buildings from unfair rate hikes, Jones said, leaving several conversion possibilities on the table.

“One winning strategy will be to convert over time each floor to a single, full floor unit with private elevator access,” as they become available, she said.

The average asking price per square foot for condos in Tribeca soared 26 percent, reaching $2,073 in the first quarter of this year, compared with $1,640 in the first quarter of 2012, according to data from StreetEasy cited in previous reports.