Over the last few decades, Tribeca has evolved to become one of the most sought-after neighborhoods in New York City. Formerly an industrial center during the 1970s, Tribeca is now considered a hub for the arts. As a result, many of its residents work in the creative industries.
Aside from being a home to New York’s art crowd, Tribeca is also synonymous with modern luxury and understated sophistication: its old, oversized warehouses and buildings converted into high-end condos, lofts, and luxury apartments.
An urban oasis in every sense, Tribeca is home to some of the most secluded and private properties in all of New York. Thus, making it the ideal neighborhood for those who want privacy without letting go of urban conveniences.
What’s inside:
- Tribeca: A Brief History
- Things to know about Tribeca
- Location
- Population
- Tribeca: The home of understated luxury
- Tribeca: The real estate market
- Should you buy a Tribeca luxury apartment or buy shares of a co-op?
- What are the most iconic luxury apartment buildings in Tribeca?
- When is the best time to buy properties in Tribeca?
- Do you need a realtor to buy properties in Tribeca?
- What makes Tribeca a great place to live in?
- Tribeca is home to many top-quality schools
- Tribeca is home to a phenomenal dining scene
- Tribeca is a shopper’s paradise
- Tribeca is home to exciting and diverse cultural landmarks
- Invest in a Tribeca luxury apartment Tribeca:
A Brief History
Much like the rest of New York, Tribeca started as farmland during the 1630s until the early 1700s. Then, during the early 1800s, the land that would eventually become Tribeca was turned into a residential settlement. Then, thanks to the efforts of Trinity Church, they received the established ground as part of a grant from Queen Anne.
A little over half a century later, in the mid 19th century, the area was transformed into a bustling commercial district, with many stores, warehouses, and loft buildings dotting its cobblestone streets.
The area underwent further development in the 1910s. The beginning of the New York City Subway’s IRT Broadway – Seventh Avenue Line and the widening of Varick Street resulted in better access to the area for both vehicles and people.
By the 1960s, Tribeca began an urban renewal plan, which sought to demolish many of its old buildings with the intent of building high-rise residential towers, office buildings, and schools.
The conversion of warehouse buildings and industrial lofts began during this period: residential units and artists’ studios permeated throughout. As a result, artists’ collectives began to refer to the area as the “Triangle Below Canal Street” — a phrase that eventually got shortened into the now-famous moniker Tribeca.
For the next three decades, the Tribeca area would be home to some of Manhattan’s most creative citizens. However, non-residents were still allowed a peek at their lives and work through activities like the Tribeca Open Artist Studio Tour.
Tribeca was among the neighborhoods that suffered from the September 11, 2001, terrorist attacks. Thankfully, with the help of government grants and partnerships with private corporations, the area could bounce back and quickly re-establish itself as a hotspot for culture, high society, and entertainment.
Things to know about Tribeca
One of Manhattan’s most fashionable and desirable neighborhoods, Tribeca is famous for its luxury apartments and their well-heeled residents, as well as its wide selection of art galleries, boutique shops, and upscale restaurants and bars.
Location
Tribeca, New York, is located in Lower Manhattan. It is bordered on the north by SoHo, on the east by Chinatown, and the Civic Center, on the south by the Financial District, and on the west by the Hudson River.
Tribeca is a neighborhood with a lovely industrial-meets-classic feel; it is part of Manhattan Community District 1. It has 10007 and 10013 as its primary zip codes. Accessible even for those without cars, Tribeca boasts an efficient public transport system, with the neighborhood served by the A/C/E and 1/2/3 trains and several bus lines.
While there are only a few dedicated bike lanes in the neighborhood, Tribeca does have a beautiful continuous greenway along the Hudson, which makes for a fast and picturesque ride for bikers.
Population
Tucked away from busy downtown Manhattan, Tribeca offers its residents a unique blend of tranquility, urban sophistication, and effortless cool.
Tribeca is a relatively young and affluent neighborhood, with its residents having a median age of 35 and a median annual household income of $218,088 — one of the highest, if not the highest, in the nation.
With its top-end amenities and features, it’s no surprise that Tribeca is home to some of today’s biggest celebrities and big-name film stars. Tribeca’s most famous residents include pop superstar Mariah Carey, musical power couple Jay-Z and Beyonce, Grammy-winner Taylor Swift, Oscar-winning actress Meryl Streeactor, and director Robert DeNiro.
Tribeca: The home of understated luxury
Unlike the rest of New York, which is dominated by what could be described as overbearing buildings and towering skyscrapers, Tribeca is home to more subdued and modest-sized apartment buildings, outdoor open spaces, and well-maintained converted warehouses.
Moreover, Tribeca is a much more mellow and relaxed neighborhood than the rest of Manhattan, giving its residents a different lifestyle from the hustle and bustle normally associated with a city like New York.
Tribeca: The real estate market
Tribeca’s biggest draw is its spacious, industrial lofts and luxury apartments, either of which can cost an enormous sum of money. For instance, studio units often sell for an average of $1.75 million. In comparison, a more spacious three-bedroom unit can fetch upwards of $5 million. On average, homes in Tribeca sell 153 days after being put on the market.
Should you buy a Tribeca luxury apartment or purchase shares of a co-op?
At present, interested prospective homeowners can buy a luxury apartment in Tribeca with two options. You can purchase either a condominium (condo) or Cooperative (co-op).
While they may share similarities — both involve paying for a place to live inside a shared building, they have several key differences in their ownership structure.
When you buy a condo apartment, that unit is yours. However, when you buy a co-op apartment, you merely purchase a share of the property. Additionally, it gives you a proprietary lease allowing you to live in an apartment within that property.
It is much easier to get approved to buy a condo instead of a co-op because condos have vastly fewer rules, regulations, and policies. Long-term real estate investors should heed this advice.
What are the most iconic luxury apartment buildings in Tribeca?
Most luxury lofts and apartments in Tribeca result from building use conversions and total gut renovations from old warehouses and industrial buildings. Conversely, most new residential towers result from new construction. These two options are some of the most sought-after luxury apartments in Manhattan.
Luxury home buyers and investors should consider the following buildings:
- 50 Murray Street – Originally erected in 1964 as an office building and converted about four decades later by Meltzer/Mandl Architects to an apartment building, 50 Murray offers full-service luxury residential units. It is known for its Mid-Century Modern interiors and its sweeping views of Manhattan.
- Barclay Tower: A reasonably new addition to the Tribeca skyline, Barclay Tower is famous for its stunning and elegant luxury apartment units. They all have modern amenities, perfect for the most discerning of residents.
- The American Thread Building: Built in 1893 as the Wool Exchange Building, this 11-story building was one of the first industrial structures in Tribeca to be subjected to residential conversions. Located between Beach and York Streets, this building has many converted loft apartments.
- 140 Franklin Street: Designed in 1897 by Albert Wagner, this Romanesque Revival building, initially built for a wrapping paper manufacturer, has been converted into a 14-apartment residential building. Conveniently located right in the heart of Tribeca, this building is close to some of the area’s many restaurants and shops, making it a very desirable location for buyers.
- Mohawk Atelier Building: This Romanesque Revival structure was built in the 19th century and converted into a residential building in 2009. Here you will find some of the most spacious apartments in Tribeca. Additionally, this building is located centrally to all the hot spots.
- The Hubert – A relatively new construction, The Hubert boasts two mansion-width townhouses, three sprawling maisonettes, and 28 loft-style apartments.
- 93 Worth Street: Rising 18 stories in the Tribeca skyline, 93 Worth is a pre-war industrial building that has been re-imagined as a space for luxury loft living. Aside from offering a mix of spacious studios and four-bedroom residences, 93 Worth also offers amenities such as a 24-hour concierge, a state-of-the-art fitness center, a children’s playroom, a dog washing station, private storage, and a roof deck with panoramic views of Lower Manhattan.
Is Tribeca a great place to live?
Tribeca’s relaxed atmosphere, stunning architecture, and luxurious lifestyle give its residents a different and exclusive living experience. Below are some other reasons that make Tribeca one of the best places to live:
In addition, Tribeca is home to many top-quality schools.
Families will be delighted to know that Tribeca is home to some of New York City’s most exceptional public schools.
Here are some of the best elementary schools in the neighborhood include:
PS 234 or The Independence School, whose curriculum focuses on interdisciplinary studies.
PS 89, or The Liberty School, which emphasizes social studies.
PS 150 or the Tribeca Learning Center is known for its rigorous math and science programs.
These are education institutions of excellence, and the students of these schools get above-average proficiency ratings in state tests.
Tribeca is also home to some of the best high schools in the city, most of which have specialized programs for their students.
These schools include the highly competitive:
Stuyvesant High School, a Nobel laureate-producing school that only takes in 800 first-year students every year,
School of the Future High School, which focuses on nontraditional instruction methods.
Tribeca is home to a phenomenal dining scene.
For instance, those in the mood for a high-end and modern take on traditional Korean fare can drop by Jungsik in Harrison Street. Want to enjoy a traditional Italian meal? Visit Locanda Verde, which serves classic favorites like pappardelle, duck arrosto, and paccheri.
Those who wish to enjoy a casual weekend brunch can do so at Gotan, which serves salads and sandwiches with a decidedly modern take. Case in point: their tuna avocado poached egg salad and roasted chicken sandwich, which are both must-try items.
For classic Americans, head over to The Odeon! A Tribeca staple since 1980, The Odeon was a favored haunt for iconic artists like Basquiat and Warhol. Menu items are appetizing and familiar, and given the location, the prices are reasonable.
Tribeca is a shopper’s paradise.
Tribeca’s cobblestone streets house some of the hippest and chic stores and boutiques in all of New York, all of which offer residents and visitors a unique shopping experience.
One of the most popular shopping destinations in Tribeca is La Garconne. A minimalist, loft-inspired store located at 465 Greenwich Street, La Garconne specializes in elegant and understated pieces from designers and brands such as Barbour, Black Crane, Comme des Garcons, Harris Wharf London, and The Row.
Another go-to shop in Tribeca is Shinola. Tucked in Franklin Street, this upscale retailer specializes primarily in American-made timepieces and leather goods and curated gift items — including luxury bicycles!
Those looking for independent sellers and businesses may want to drop by Canal Street Market. Nestled between Broadway and Lafayette Streets, a carefully-curated marketplace that brings together some of Tribeca’s best, such as:
Those looking for independent sellers and businesses may want to drop by Canal Street Market. Located between Broadway and Lafayette Streets, Canal Street Market is a carefully-curated marketplace that brings together some of Tribeca’s best, such as
Beeshaus & Raum NYC
Dandy Farmer Bonsai Shop
American Design Club, Size
Mogutable.
Tribeca is home to exciting and diverse cultural landmarks.
As a hotbed of art and culture, Tribeca is home to several iconic landmarks. One such attraction is The Mysterious Bookshop. Established on Friday 13, 1979, The Mysterious Bookshop is an independent bookstore and publisher that specializes in mystery, detective, and spy fiction. It is famous for having the largest collection of Sherlock Holmes titles in the world.
The Roxy Cinema is a small movie house with a history of almost a hundred years. It seats less than 120 people in downtown Manhattan. Housed in the Art Deco-inspired Roxy Hotel, this cinema specializes in independent movies, rare films, and 35mm cult movies.
Invest in a Tribeca luxury apartment now
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It’s time that you experienced the laid-back and luxurious lifestyle that living in Tribeca offers. If you need expert advice from an agent specializing in the luxury real estate market, get in touch with Angel Recalde. Dubbed “The New York City Luxury Real Estate Guy,” Angel can help you get your very own Tribeca luxury apartment at a winning price. Ready to get started in your home buying journey? Call Angel at 917.239.9987 or send him an email at angelrecalde1(at)gmail(dotted)com.