From L to R: 65 West Broadway, Greenwich West, and 30 Warren (Cape Advisors)
The superhero developers at Cape Advisors are bullish on Lower Manhattan real estate with three luxury ground-up condos in various stages of development. Even with the uncertainty surrounding the pandemic, downtown's richness of conveniences, expanse of high-quality urbanity, in addition to access to countless institutions make the huddle of historic neighborhoods near the tip of the island ideal for weathering the storm. All three of Cape Advisors' endeavors offer contemporary albeit comfortable approaches to high-end urban living, employing forward-thinking designers to tackle challenging building sites within a dense fabric.
30 Warren's completed facade (Max Touhey via M18)
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(Model interior images via Corcoran Sunshine)
via Corcoran Sunshine
Furthest along and just opened for occupancy is 30 Warren Street, a unique 12-story condominium in Tribeca, designed by New York- and Paris -based Post-Office Architects (POA). The boutique building's 23 homes offer multiple exposures, bespoke detailing, and ample amenities wrapped in a brooding ribbed concrete façade seen nowhere else in the city. A recent visit shows that construction is finally complete, with the first closings having commenced this past September. To the benefit of us mere passersby, we are happy to see the finished product matches the renderings in that a young tree has been planted on the building's sizeable second-floor setback.
Given the soft market, prices on remaining availabilities have adjusted accordingly. Six active listings, priced from $1.8M to $5.7M, blend to an average of $2,004/ft2 - down nearly 10% from initial pricing.
Francoise Raynaud (l) in sales gallery of Greenwich West (r; all images via Loci Anima)
Greenwich West model home (Corcoran)
Not far behind, and also commenced closings is Greenwich West, a robust 27-story tower in Hudson Square that presents an interesting marriage between the classic New York apartment house, downtown understatement, and French sophistication. It's sited on a recently-rezoned parcel in a light manufacturing area one block in from the Hudson River and a short walk from Google's coming high-tech entrepot. Understanding the general hostility towards luxury high-rise towers (especially here downtown), and recognizing the growing importance of connecting to the local community, Cape Advisors with co-developer Strategic Capital partnered with the nearby Children’s Museum of the Arts to program and design the children’s playroom as well as grant buyers a year-long membership to the museum. Moreso, an intimate café is planned to anchor the ground-floor retail space, to further its goal of being a thoughtful neighbor both aesthetically and programmatically.
Like 30 Warren, Greenwich West's design sought Parisian inspiration, employing Paris-based design architect Loci Anima and interior designer Sebastien Segers Architecte. Conceived to provide comfortably chic residences with outstanding river and skyline views, its studio to three-bedroom homes are set for immediate occupancy with remaining apartments starting from $1.6 million.
Rendering of 65 West Broadway posted on the construction fence
In its nascent stage, 75 West Broadway is next up to bat and faces steeper headwinds as the desirability of urban markets is being questioned by short-term thinktanks, as well as cities' chronic high prices and modest living spaces have some locals considering other options in this work-from-home era. Nevertheless, after securing a $52 million construction loan in 2017, Cape Advisors in partnership with Forum Absolute Capital Partners is moving forward on a 120-foot-tall ground-up condo at 75 West Broadway (61 Warren Street). The team swiftly razed a blockfront of six pre-war buildings in 2015 to make way for the $120 million, 57,000-square-foot venture just north of the World Trade Center and steps from Whole Foods.
The building is being fashioned by the homegrown contextualists at BKSK Architects who designed the Artisan Lofts and The Fischer Mills Condominiums nearby. A recent visit to the site reveals its foundation mat is finally complete. Situated alongside hundred-year-old-buildings, the team had to proceed gingerly during the excavation of its deep foundations. Until the superstructure rises, the adjacent buildings are braced with steel to prevent them from shifting or god forbid, collapse.
The developers paid top-dollar for the assemblage so it is expected the homes will need to sell at top-of-the-market prices. According to The Real Deal, the new building will have 15,000 square feet of ground-floor retail and 23 condos spread across 42,000-square feet. The apartments will have ceiling heights of ten to 12 feet and range in size from 855 square feet to 3,360 square feet, says the publication. Many units will come with private terraces and shared bells-and-whistles are to include a common terrace on the second floor and an 18-car parking garage.
According to our sales data records, median closing prices in Tribeca has fallen in recent months to slightly below $2,000 a foot. However, the neighborhood remains the priciest and arguably the most coveted urban market in the country, and the median closing price for new development condos fetch much higher than the overall median.
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