New residential projects in Tribeca see strong sales

A number of new loft and warehouse residences have opened in Tribeca recently, despite the area’s designation as a historic district, which can limit new development, the Wall Street Journal reported. In fact, the historic designation may be helping attract buyers to the neighborhood, as the limited inventory has driven interest, brokers told the Journal.

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Reade57, a luxury condominium with 84 one-, two- and three-bedroom apartments priced between $973,000 and about $3 million opened in November 2011 and is already half sold. And 250 West Street, a warehouse conversion with 106 units, has sold 75 percent of those since sales began late last year.

“When we moved here in 1982 we thought it was the frontier — it sure ain’t the frontier anymore,” historian Oliver Allen, told the Journal. “But TriBeCa is still developing — not like some parts of the city where it’s all done and over with and not much is going to happen after you move there.” [WSJ]

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