56 leonard Street -desirable location?

It's not 'prime' TriBeCa, but is pretty darn close.

Description is of a 60 story building, so it will become its own magnet. Proper TriBeCa likely wouldn't allow a building of that height.

The area has a Chinatown or "Civic Center" feel. Not at all Tribeca. But agree with greensdale that it will create its own draw. Another luxe condo is planned for 346 Broadway - right around the corner.

It is west of church. So certainly prime. Close to subway. Close to TriBeCa grand. Apts look beautiful but not sure I am a fan of this type of architecture.

>It is west of church. So certainly prime. Close to subway. Close to TriBeCa grand. Apts look beautiful but not sure I am a fan of this type of architecture

Architecture from the outside, or how it manifests itself inside the apartment?

another post from huntersburg.

why are you hiding?

aren't you proud?

Eyesore alert! What a monstrosity on the outside. And on the inside -- the now-obligatory and trendy but inadequately-sized "great room" so you can pay a fortune to live in what amounts to a wigwam. I saw one floor plan with a windowless space labeled "bedroom gallery" -- that is, no windows in the space but someone will stick their child in there and use it as an illegal bedroom. It is beyond how some folks will line up to pay for this dreck but perhaps I am just feeling more than ordinarily curmudgeonly this morning. And I am forgetting, of course, that it was designed by prize-winning architects, so it must be good.

My take on these great rooms is that they are proportionately small scale given the size of the apartments. When you subtract the kitchen and island and the large architectural columns, the usable living/dining space is not generous at all.

Great news for ps 234. It is only 30% oversubscribed right now.

malthus, not that i am a likely buyer but people who will buy in this building will not care about public schools.

300: You would think that young families paying $3000 psf would be very amenable to public schools. Unless you are thinking that when the entire neighborhood is under water when the third 100 year storm hits this decade, that everyone will be home schooling.

apt23, Do you mean that families paying $3000 per sq ft must be stretched financially? My take is that most people who pay $3000 per sq ft have plenty of money remaining to burn. Hence no consideration of public school. Otherwise, no one will buy on CPS.

>300: You would think that young families paying $3000 psf would be very amenable to public schools. Unless you are thinking that when the entire neighborhood is under water when the third 100 year storm hits this decade, that everyone will be home schooling.

The lady is off her rocker. Now the brand new 60 story building will be under water. The end of the world in apartment 23!

Why on God’s green earth are these units closing north of $3k per sqft?

View, light and high-end finishes. Building a high-rise is time consuming and expensive. There are very few condos in Tribeca less than $1600 per square ft.

300, I would take issue with "very few" -- I am active in Tribeca currently, and I would say there are values to be had, and that even $1300/sf is not impossible. However, 56 Leonard is sui generis -- one could argue that it's a bank vault as much as it is a habitat.

ali r.
{downtown broker}

I should have added fully renovated unless you are on or close to Broadway.

And this would be one of the “few”. I think pretty good value if you want a large 2 bedroom.
https://streeteasy.com/building/diamond-duane/2e

Which is the neighborhood which has buildings like this one where the difference between the the bottom and the top in terms of $/SF isn't double?

Lots of problems with this building leaking.

No just leaking. If I am remembering correctly there was at least one lawsuit about how flooring was incorrectly installed and promised in-unit amenities were missing.

300_mercer---that place on Duane looks great for that price

Personally I like it a lot, price is fair, but most people would want a third bedroom for that square footage. It is a lack of full exposure at the back which is killing it. Also this building does not have the nice facade many loft building in Tribeca have.

There's also a restaurant on the first floor.

It looks like resales have stalled a bit here:
12 on the market,
4 in contract
8 taken off the market this year (2019)
and only 1 closing so far (and at an 18% loss from 2 years ago)

Every buyer is looking at the 18 percent down sale and sellers may not be willing to take that discount yet as what they have is superior and they didn’t overpay. Meanwhile, new developments closer to the water have plenty of supply.

It's just a very choppy market right now. If you have the right property at the right price you're seeing a lot of activity with multiple bids in some cases (two townhouses we bid on recently in Brooklyn).

That said, there are plenty of other units that are just dead in the water. We're staying busy on the buy side including an accepted offer on a townhouse in Brooklyn along with a couple of other recent transactions.

With our own listings we've seen things slow down quite a bit. Currently one of them is about to go into contract. I'm getting a lot of price reduced emails from brokers, with many looking like very solid and attractive deals.

Just priced a loft in SoHo for someone, not a lot of recent transactions to go on. We have a new condo listing in Brooklyn for a 3-bedroom 3-bath with outdoor space, under $1000 square foot. Very interested to see how our first open house goes today.

We saw some strengthening in the market in the last Urban digs update. But based on the thin transaction volume, I've got to imagine many brokers are facing some serious slow times.

Based on the current state of the economy, low interest rates I thought we would have seen a stronger spring market. That doesn't appear to be happening...yet.

Keith Burkhardt
TBG

Digs statistics have not improved further in the last three weeks but have not gone down either. Without being on the ground like you, I see some firming in prices of a couple of new developments in prime locations - essentially much smaller discounts vs late 2018 in $5-7mm 3 bedroom $2500 per sq ft category.

For what it is worth, rental discounts have reduced.
https://www.mansionglobal.com/articles/manhattan-landlords-offer-fewer-deals-as-rental-market-tightens-201963?link=TD_nypost_articles.7c7e0f416376f79f&utm_source=nypost_articles.7c7e0f416376f79f&utm_campaign=circular&utm_medium=MANSIONGLOBAL