Apples to Oranges: Prewar Loft vs. Flashy New Development

A TrueGotham reader emailed me the following:

Hello- 

A friend just turned me on to your blog and I think it’s terrific. I wondered if you have any thoughts on all the new developments in Tribeca? Specifically, I’m comparing the Tribeca Summit (415 Greenwich) and 101 Warren. I don’t generally like new constructions (as opposed to conversions) but 101 Warren seems really well done. But my husband has
reservations about the location south of Chambers and whether this is truly Tribeca. However it is such an important building, with such high prices and the Whole Foods etc, do you think that the whole axis of Tribeca is going to shift once it is built? I’d love your thoughts on those two buildings and how they match up.

Thanks.

And my response:

The borders of Tribeca stretch from Canal Street south to Vesey Street and from Broadway all the way west to the Hudson River. Chambers is indeed Tribeca as is Warren. Murray Street which is south of Warren is still Tribeca. 101 Warren Street is in my opinion the absolute best development project in the city and no one is paying me to say that. Truly a top notch property with a complete amenity package, gorgeous finishes, unique design and layouts, and a still gentrifying neighborhood. It’s got a lot going for it which is precisely why it’s fetching those big prices. No project compares to it in my opinion.

415 Greenwich is a completely different animal. A 1913 building with beautiful old architecture and more solid construction than modern day developments. Certainly more central Tribeca. Except for the garden (and not a Pine Forest or Boxwood Maze mind you 😀 ), it has no other amenities. The buyer for a project like this is usually not the same as the one who buys at 101 Warren.

You and your husband need to decide what is most important to you regarding amenities, construction, location and price. I think you can tell from my response that I have a preference for 101, and I suspect most of the "new money" Wall Streeters would be more attracted to the
amenities vs. the neo-renaissance appeal.   (On that count I may be wrong…just my experience.)

Hope this helps and please tell all of your friends about True Gotham.

Feel free to send me your questions regarding all matters involving Manhattan residential real estate.  If I can’t answer them, i will find someone who can.