After securing a $52 million construction loan earlier this year, Cape Advisors is moving forward on a ground-up Tribeca condo at 61 Warren Street (aka 75 West Broadway). The Tribeca-based development and investment firm swiftly razed a blockfront of pre-war buildings to make way for the $120 million, 57,000-square-foot venture. The building will be fashioned by BKSK Architects, who designed the nearby Artisan Lofts and the Fischer Mills Condominiums.
Last year, Cape Advisors published a small rendering of the new development on their website showing a contextual 12-floor building with a strong streetwall and setbacks above the fifth floor. A new illustration now posted on the construction site shows a building of similar proportions but with more brick and less sheen.
In this article:
Rendering previously posted on Cape Advisors' website
Cape Advisors along with private equity firm Forum Absolute Equity Partners picked up the six-building assemblage for a hefty $50 million (more than $1,000 a foot) in 2015. Crain’s New York says the four-figure transaction “underscores the eagerness among builders to deliver luxury housing in the city’s most exclusive neighborhoods. “ Crain’s goes on to say, “Developers who acquire land at such high sums have to sell the apartments they build for top dollar—at least $3,000 per square foot or more—to make a profit.”
According to our sales data records, median closing prices in Tribeca have fallen in recent months to $2,000 a foot. However, the median closings for new development condos fetch much higher prices.
According to our sales data records, median closing prices in Tribeca have fallen in recent months to $2,000 a foot. However, the median closings for new development condos fetch much higher prices.
According to Eater, the pre-existing buildings held eight restaurants and bars: Raccoon Lodge, Mariachi's, Banh Mi, Mangez Avec Moi, Saleya, Palermo Pizza, New York Dolls, and Cricketer's Arms. Also gone is a mural on Palermo Pizza’s storefront that commemorated the heroes of 9/11.
Per 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 would 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 common perks include a shared terrace on the second floor and an 18-car garage.
In September, The Real Deal reported that Cape Advisors and private equity firm Forum Absolute Equity Partners secured a $52 million construction loan from Bank of the Ozarks. The financing was brokered by Eastern Consolidated’s Adam Hakim and James Murad, according to the paper. Cape recently sold a majority stake in its 27-story Hudson Square residential project at 110 Charlton Street and is also busy building a 12-story condo two blocks away at 30 Warren Street.
From the northwest corner of Warren and West Broadway (CityRealty)
Construction progress as of early December
(CityRealty)
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New Developments Editor
Ondel Hylton
Ondel is a lifelong New Yorker and comprehensive assessor of the city's dynamic urban landscape.
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