25 Murray Street

Did you find out anything on this? Contemplating buying a unit myself and I think it's still a good deal despite all the issues. Let me know if you find anything.

Units are on the market since more than 2 yesrs ago and they've just recently increased the price. It doesn't look such as a good deal to me at current prices.

I would consider at or less than $1000 per sq ft a good deal.

Tribeca Space is NOT a good deal for the following reasons:

1. Developer has been convicted of fraud by the New York Attorney General
2. Developer will manage the building for at least 3 years after it opens
3. It's a half-rental, half-condo development - which is a big reason why the condos are "affordable" - and renters will be sharing common areas with the owners
4. Cheap retail and fast food will fill up the commercial spaces on the ground floor and make it a real eye-sore (not to mention a nose-sore) - and owners will have no say what goes in there since developer will continue to own retail spaces
5. Kitchens and bathrooms are of cheap rental quality (since entire building was originally going to be rental)
6. No washers and dryers in apartments
7. Sub-standard HVAC systems in apartments
8. Noisy (ang ugly) HVAC system on Church Street side rooof that will be a problem for those facing Church Street
9. Many "2-bedroom" units are not real 2-bedrooms since windows are not visible or accessible (you can only get to them by climbing over the ceiling of the public hallway - no kidding) - this may be a reason why no TCO is being issued and units that were sold as "2-bedrooms" may have to be re-classified as 1-bedrooms - presumably the developer would be forced to give those purchasers a discount or a right to rescind their purchase contracts
10. Word has it that there are structural issues with the 5 old buildings that were cobbled together to create Tribeca Space - this might very well be true and another reason why the building can't get a TCO
11. Word has it that there's an inadequate sprinkler system installed throughout the building - maybe another reason why it can't get a TCO
12. The building is just plain ugly and the fake stucco on its exterior already needs to be repaired and repainted.
13. Corcoran Marketing has done nothing but deceive people about the building since it first started marketing it (they originally told everyone that occupancy would be in Fall 2006)
14. The fake fireplace in its lobby
15. The massive special assessments that will be levied on the owners post-closing to fix everything that wasn't done properly the first time

Heed my advice and STAY AWAY!!!

ERN, how do you know the HVAC systems in the units are so noisy? have you actually heard them turned on? have you also heard the rental building HVAC unit on Church street operating? i am not calling into question your hearing ; ) i am simply curious to understand from where your concerns stem (are you being told this, or did you experience it). i ask as i have also recently viewed 6B which is at eye level with the rental building HVAC, but it was not on, nor was the unit's HVAC, so I can only guess at the noise level.

otherwise, if you read the board, NYCHK's post above is merited. aside from some of the people posting that are in unique positions to put their money in and wait, have no children, or reason to close and move in anytime soon, this building provides questionable "value" per ft2, even for tribeca, for those hoping the TCO will be obtained quickly. for those other individuals, there are positive changes coming to the area giving a lot of reason to speculate on this property, esp. as a home investment for the next 5-8 years. the four seasons is going in one block south at 99 church...but if you think the HVAC is loud, wait until Larry Silverstein starts breaking ground on his 66 stories that will house the Four Seasons, include 175 luxury hotel rooms and 143 condos. if you can tolerate the construction, however, that should eventually attract more than just fast food and cheap retail to the bottom floors of tribeca space. plus, let's face it, rising rentals in tribeca are forcing cheap retail and ma-n-pops elsewhere (sadly)...just look at chambers, warren, murray, between w broadway & church to see for yourself...half these businesses are going elsewhere, but it's not guaranteeing who will move in. i can see where one can think that a nearby four seasons along with the freedom tower and new wtc buildings will positively change this area in the next 5-10 years. so, it's speculative. Larry Silverstein has a much better track record in NYC than the Tribeca Mews developer (Harold Thurman, the Tribeca Mews & Thurcon Properties principal, along with his son, Brad)...but, if they get their act together, obtain the TCO in '08 and tax-abatement, buyers at 25 Murray should be fine with the investment in their condos, but will likely deal with continued noise and construction beyond the HVACs.

NYCHK - do you know where I can obtain information on the developer being convicted of fraud? I can't seem to find it anywhere online. Not sure if that info is available?

Just to let you know, I've been in that building multiple times...there are sprinkler systems in each apt and while the renters next door do share the same lobby, they don't have rights to the common space. TCO couldn't be obtained b/c of air rights issues w/the building next door which they have finally obtained so they said TCO will be obtained by June, which can be stipulated in the contract with current buyers. The HVAC was not quiet when they turned it on for me, but it wasn't crazy loud. I'd like to hear if someone has done some investigation on this. thanks

bonita250 - look at the post above. the developer is Harold Thurman. He is principle of Tribeca Mews and Thurcon Properties. google "harold thurman thurcon". i'll save you the time. check this out: http://www.law.cornell.edu/nyctap/I92_0129.htm

were you TOLD the TCO is now being obtained in June? where did you get this info? i was just there last week and they were saying March.

I looked at this place in December of 2006 and was "told" the TCO was coming im March of 2007. Avoid it like the plague.
Another factor that NYHK's exhaustive list forgot . . . the entrance is across the street from the back door into the REMIX lounge . . . site of many a B&T brawl and a stabbing last month. The back of the building faces the 20/20 club. . . prepare to be up all night with street noise -- especially if you are on a low floor.

I live down the block on the 12th floor and regularly got "secondhand" club noise.

make that "lived" down the block . . .

Runway - thanks for sending that link!

I was told that the TCO is going to be available before June - that's why the developer's ok with having a stipulation in the contract that if tco is not received by june 1st, then we would get the $ back.

A few more comments:

(1) The residents of 99 Church will probably house their staffs in 25 Murray.

(2) Although the renters won't technically be allowed to use Tribeca Space's common spaces, there'll be nothing from stopping them from doing so since there's no separation between the rental building and the condo building - just two different elevator banks - and they'll be using Tribeca Space's lobby, doormen and other staff.

(3) The air rights issue was resolved almost a year ago (check the public filings on the building) - that's not what's holding up the TCO.

(4) The exterior HVAC unit on the Church Street side sounds like a jet engine. There's a good reason why it's not on when they're showing apartments.

The renters do have to pay Tribeca Space for use of lobby. What do you mean by 99 Church will house their staff there?

So what was holding up the TCO? Is that information available anywhere? Would it be in the offering plan?

NYCHK - you seem to know a lot about this building. Can we chat? I'd like to find out everything you know. tx

help!!!!!!!! does anyone knows, whats going on with the building??? I cannot believe that the sponsor still cannot get the Temporary Certificate of Occupancy!! Whats going on??

I was about to ask the same thing. We are also waiting ... we were told March first and haven't heard a thing. Has anyone closed?

Note to those looking to rent in the rental wing of this building: DON'T!!!
I was in an open house the other day, looking at the studios (The M line) and I was there for longer than 5minutes to realize that the METRO PASSES RIGHT UNDERNEATH THIS BUILDING!!! The floor shakes and vibrates, and you can hear the train stopping and then going again... The metal bar in the shower cabin kept vibrating and clinking... It was especially terrible on the second floor, it got more tolerable as I went to the 4th floor but still, I can't imagine going through that 50000 a day!

it looks like people are closing on this now. 6c closed at $1,590,000 (832 psf). anyone have any new info on this building?

Anyone with recent experience with this building have any comments?

Seems like there was a fair amount of controversy with this building, at least until it closed. It has been pretty silent in the forums since. The developer is starting to market the units again after a near 2 year hiatus. Pretty weird layouts and perhaps low/mid end finishes may detract from this place... Location isn't the greatest, but you are close to Whole Foods and all the subway lines. WTC construction, when done, will perhaps help boost the value of this area (since it is not Prime Tribeca).

Saw a few units couple months ago. Can't say it's anywhere near as bad as what I've read about the place. (Though wasn't there long enough to verify or disqualify any subway issues)
Though like 52 thomas, the views suck and the penthouse outdoor space(s) have that beach club cabana wall seperation feel.
And it's hazy but I recall some of the "2nd" bedrooms had weird blocked window walls or soemthing.
Lower floors (2nd) had really nice high brick walls. May want to confirm that shake, rattle, and roll before indulging.

I see, yeah, looks like there are certainly a lot of cautioning points to be had on this place. Any actual owners care to comment?

looking to buy a place at 25 murray, please help in outlining major issues ; also any sense of the new school - Spruce Street school ?

Spruce Street school will open for the Fall 2011 semester! So, did this building get its TCO?