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Great NYC Neighborhoods: Living Large in TriBeCa

JULY 2, 2012

Moving to a prime Manhattan neighborhood usually means sacrificing space, River Loft Condos at 92 Laight Street but new developments in TriBeCa are drawing buyers for whom big-city life means a big apartment.

TriBeCa has long been a hot neighborhood for entertainment A-listers and finance titans and their families. Due to its industrial past - the neighborhood is home to a large historic district - apartments are often spacious. Soaring ceilings, open rooms and tall windows in converted factory lofts set the tone, and new developments have followed suit.

Though TriBeCa is a top choice for many buyers, it can be difficult to find an apartment: A defining characteristic of the neighborhood is its limited inventory. Historic converted buildings such as River Lofts at 92 Laight Street and new developments including V33 at 33 Vestry Street have attracted buyers unwilling to skimp on square footage, and they have no plans to move.

A new wave of developments and conversions promises to be a great opportunity to buy in TriBeCa; developers have made sure there’s enough living space to please the size-obsessed and loft-enamored. At 250 West Street, a full-block landmarked converted warehouse overlooking the Hudson, the building’s 106 apartments are already more than 75% sold. Sold-out 471 Washington Street, built in 2010, contains only 12 large, modern lofts, including a 7,200-square-foot penthouse. A number of new buildings in the works promise plenty of living space as well: An 11-story residence at 11 North Moore Street will contain only 22 apartments; 290 West Street will offer 13 apartments; plans for a new condominium at 71 Laight Street include 34 loft-style residences that range in size from 1,900 to 5,400 square feet.

Sources: NYPost, WSJ