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Amid Manhattan’s booming real estate market, some buildings have risen faster in value than others.
101 Warren Street would be a prime example.
When the marketing team for the luxury high-rise development announced its sellout for over $650 million in August 2010, they heralded it as the “largest and most successful condominium offering in the history of downtown Manhattan.”
But it appears that sale prices in 101 Warren have continued to climb – at a much faster rate than those of the surrounding neighborhood, and some of its saavy investors are starting to cash in.
An analysis of six recent sales in the residential tower during May and June reveals that their sale prices were, on average, 49% higher than what they were originally purchased for from the developer.
Sale prices across Tribeca & Soho, meanwhile, have risen 30% over that same time period on average, according to a comparative review of data on MillerSamuel.com.
While people are attracted to Tribeca for its classical, industrial charm, we increasingly continue to see buyers looking for amenity-rich buildings. While many of the neighborhood’s new developments fit that bill, many buyers are looking for something they can move into immediately without the long wait while the building is completed.
In addition to the skyscraping views that most of Tribeca’s older buildings don’t afford, 101 Warren features a spa, a Bloomberg Financial Lounge and board room, attended parking, and – most notably – a private forest of Austrian pines.
The biggest winner: a 3-bedroom, 2,200 square foot unit on the 28th floor that sold for $6.15 million in June. It was originally purchased for $3.4 million in December 2009.
This is a regularly occurring feature from The Tribeca/Soho Real Estate Report, by The Tribeca Team’s Jacob Fine. Contact him today if you would like to be added to his mailing list.
