Six blocks in Tribeca are set to get almost 500 new apartments

Eight projects are under way on a stretch of Broadway

From left: 346 Broadway, 391 Broadway and 371 Broadway (all photos: PropertyShark)
From left: 346 Broadway, 391 Broadway and 371 Broadway (all photos: PropertyShark)

The stretch of Broadway between Worth and Canal streets in Tribeca is slated to see the construction of 487 new residences, increasing the number of apartments in the six-block area by 50 percent, the Tribeca Citizen reported.

The eight new projects, including seven conversions, are slowly transforming the area from mixed-use to heavily residential.

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One example is 391 Broadway, between Walker and White streets. The five-story building could bring four or five units to the area, according to the Citizen. The property was formerly an office building. Keystone Group told The Real Deal last summer that it is planning on making floor-through lofts here, with keyed elevator access to the units.

Another property is 371 Broadway, also known as 5 Franklin Place, between Franklin and White streets. The 20-story building will bring 53 units, according to the Citizen. The building site, which was long stalled, is now being worked on and is set for a 2014 completion, as previously reported. The Elad Group, which is the new owner of the site, selected ODA Architecture’s Eran Chen to complete the development.

The Peebles Corporation is also working on a $350 million repositioning of 346 Broadway at Leonard Street. The 400,000-square-foot buildings will have residences and potentially some hotel rooms. Though the amount of residential units isn’t available, the firm is shooting for condo prices starting at around $1,500 or $1,600 per square foot, going up to $3,000 per square foot. [Tribeca Citizen]Zachary Kussin