In August 2017, rising developer Beekman Real Estate Investment Management bought the landmarked 83-85 Worth Street for $21 million. A few days ago, its plans for the building became apparent: Plans were filed to convert the office building to high-end condominiums.
The renovation will bring 3,650 square feet of ground-floor retail space, three full-floor apartments, and two duplex apartments with private roof terraces. Amenities will include a lounge, bike room, package room, laundry room, fitness center with sauna, and storage. The Odeon, Atera, and Tetsu are among the top restaurants on the surrounding blocks.
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Facade details via Beekman Real Estate Investment Management
According to the Tribeca East Historic District designation report, the five-story Italianate building was originally constructed around 1859-60, and the alterations that have since taken place have not done much to change the look of it. Six bays of window openings per story have molded surrounds, flat pediments, and bracketed sills. Further embellishments include a marble cornice and quoins as well as a double-hung wood sash. Occupants have included a necktie manufacturer, a wallet manufacturer, a dry goods dealer, a bar, and, most recently, a martial arts school.
An offering plan for 83-85 Worth Street has not yet been filed, but CityRealty data shows that the conversion takes place in one of New York's most expensive neighborhoods: Tribeca's average condo price is $5.437 million, or an average of $2,138 per square foot. A few doors down, The Worth Building set the standard for Tribeca industrial conversions; current availabilities start at $3.1 million for a two-bedroom loft. Two blocks away, listings at 56 Leonard Street start at $2.195 million for a studio.
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Michelle Merritt
Michelle is a contributing writer and editor for real estate news in New York City
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