Great room inside 391 Broadway (All photos via Douglas Elliman)
The refreshingly gritty stretch of Broadway, between Canal and Worth streets, has had a slow go upscaling to complement the Tribeca blocks to the west. Change has picked up in recent years however, as empty storefronts become filled, new buildings take shape (some attractive, some not), and characterful pre-wars get their proper buffing. Falling into the latter category is 391 Broadway, a five-floor commercial loft building between Walker and White streets that has been converted into four full-floor residences. Last month, the first two condo listings hit the market. They are a 2,040 ft² two-bedroom with an ask of $3.519 million and a duplex, 2,981 ft² four-bedroom priced at $5.1 million.
The cast-iron facade and lofty ceiling at 391 Broadway
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The full offering has two- to four-bedroom residences, most with their own outdoor space. Each can be accessed directly through a keyed elevator and all feature high ceilings, gas fireplaces, wide-plank red oak flooring and restored double hung Sapele Mahogany windows. Units also come equipped with zoned climate control system and an in-unit washer/dryer.
Kitchens have a marble island complemented by custom cabinetry and a full suite of appliances from Sub-zero and Wolfe. Airy great rooms well suited for entertaining and dining measure more than 20 feet wide and overlook Broadway. Bedrooms face a private courtyard, are 18 feet long have his and her closets. The en-suite master bath has slab marble floors with radiant heating, marble walls, a free-standing soaking tub, an oversized walk-in shower, and Porcelanosa fixtures.
Master bedroom
391 Broadway's two availabilities come in at an average price per square foot of $1,717, well below Tribeca's current condo closing average of $2,186 price/ft2. The project was brought to market by the Keystone Group, an acquisition and development company formed by Erez Itzhaki. The architect of the conversion is Tuller/McNealus/Feld who orchestrated the city approval of a setback rooftop addition to the five-story building.
Other condo projects under development or recently finished nearby include Cast Iron House at 361 Broadway, 6 Cortlandt Alley, Toll Brothers' 91 Leonard, and the conversion of the old New York Life Insurance Building at 108 Leonard. More recently, HAP Investments filed plans to build a 40-unit condominium at 65 Franklin Street at the southeast corner of Broadway.
Google Earth aerial showing location of 391 Broadway and other nearby condo developments (CityRealty)
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