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Buyers are scooping up units at Related Companies’ Tribeca Green, a conversion in Battery Park capitalizing on existing tenants and accessible prices for a steady stream of sales.
The 265-unit building was declared effective last week, according to a spokesperson for the development. Around four months after sales launched, Tribeca Green has secured 73 signed contracts with asking prices totaling $100 million — about a quarter of its $375 million projected sellout.
Despite 210 Warren Street’s sales progress, the conversion isn’t an “apples-to-apples comparison” to other new construction projects, due to discounted asking prices available to current tenants in the building, Marketproof CEO and co-founder Kael Goodman said.
“We don’t know where the buyers are coming from, inside or outside,” Goodman said, though he added “that in no way diminishes their success.”
Corcoran Sunshine, which heads sales at the building, said about a dozen existing tenants have signed contracts to purchase their units. Tenants were offered a 20 percent discount on the asking prices offered to other buyers, according to the building’s offering plan.
Closings are expected to begin in June.
More than half of the building’s units have been converted, with an initial wave of buyers coming from the neighborhood, according to Yejin Berman, Corcoran Sunshine’s managing director at Tribeca Green.
“There’s a lot of neighborhood loyalists,” Berman said.
The property’s effective status comes as the new development pipeline in the city continues to dry. Only two projects with more than 140 units have submitted offering plans to the attorney general, while just 51 developments of that size are in the sponsorship phase, according to data from Marketproof.
“The pipeline is very, very small on the large end,” Goodman said. “The market is really skewed right now toward smaller projects of less than 30 units.”
Apartments in the converted Tribeca building range from studios to four bedrooms, with the priciest unit listed for under $4 million.
The pricing for units on the water in Tribeca places the property in “a real sweet spot,” Corcoran CEO Pam Liebman said.
Related purchased 210 Warren Street in 2004 and developed it as a rental property, Related’s vice president, Andrew Orchulli, said. The developer started planning the conversion to a co-op in 2018, as demand rose for for-sale product in the neighborhood.
The renovation included an enhanced amenities package and some updates to the exterior, Orchulli said. The added amenities are largely family-related features, like a teen room with a gaming and lounge space, children’s playroom and terrace with barbecue stations and lounge areas under a pergola.
Corcoran Sunshine also heads sales at another conversion in the neighborhood, The Solaire at 20 River Terrace. Developed by Albanese Organization and Northwestern Mutual, the 290-unit conversion notched the highest number of contracts signed last year.
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