Tribeca has a reputation. The mere mention of the neighborhood evokes larger-than-average apartments for sale in Manhattan NYC, premium amenities, vibrant street scenes and a coterie of celebrity residents. In 2015, its postal zip code of 10013, which is shared with parts of SoHo, was rated the second most expensive zip code in the nation.
Tribeca is a neighborhood in New York City’s Lower Manhattan area. It counts as one of the first residential communities developed outside the boundaries of colonial-era New York with the first developments dating back to the 18th century. The neighborhood, known for the some of the toniest real estate for sale in Manhattan, is defined by Canal Street, Broadway, West and Vesey streets. The name itself is a blend of the phrase “triangle below Canal Street” although the boundaries display a trapezoidal shape rather than a triangle. All of Tribeca, formerly written as TriBeCa, falls into the 10013 zip code, including the areas known as Little Italy and Chinatown where the price-per-square-foot for apartments for sale in Manhattan NYC are significantly lower.
Before plush Tribeca Condos and Apartments for Sale became emblematic of Manhattan’s housing market, it was nothing more than a cluster of industrial buildings left unused as the tides turned against cast iron factories,textile and cotton trades as well as large-scale warehousing. By the 1970s, the Department of City Planning sought to revitalize the area through the J-51 program, which offered substantial tax benefits for developers willing to risk their resources to convert industrial buildings into residential apartments for sale in Manhattan NYC. The artists’ community discovered Tribeca’s voluminous loft properties, adding to the luxury cachet of the area and driving the rapid gentrification of the neighborhood.
The World Trade Center site is just south of Tribeca. Its presence contributed to the growth of the neighborhood, bringing employment opportunities, retail and entertainment venues as well as escalating valuations of real estate for sale in Manhattan. Post 9/11, real estate for sale in Manhattan went through a slowdown but have since recovered as property values skyrocketed to record levels.
Transportation and Accessibility
The Tribeca neighborhood ranks very highly in all three metrics of the Walk Score. It is ranked as 12th most walkable neighborhood in New York with a Walk Score of 99, indicating that most daily routines can be completed without needing a car because basic amenities are within walking distance from residential areas. Additionally, public transport is on par with the excellent service provided by New York City’s transport services. This area is serviced by six subway lines, 27 bus lines and a host of taxi and car-share services, giving Tribeca a transit score of 100. On top of this, this area is bike-friendly, ensuring that residents have a convenient alternative to public transport. Bike-sharing services are managed by from Citi Bike.
Competition for admission to New York schools is legendary, and living within the preferred district ensures admission to public schools. Children from pre-kindergarten to 5th grade may attend P.S. 150 or P.S. 234 Independence School, both of which are rated top of the class with low student-teacher ratios. The zoned high school for families considering Tribeca condos for sale is Stuyvesant High, which is known as the most competitive secondary school in the New York City Geographic District #2 in terms of admission requirements. A number of private schools are located near the Tribeca area.
An estimated 17,700 households call Tribeca home. Close to 8,000 of these households are family units, and about 3,700 households include children. The average headcount per household is two persons. According to aggregated census records, the population is in the 30,000s, translating to a 37 percent increase based on 2000 figures. The population is about evenly split along gender lines. The average household income exceeds $200,000 annually, but the median income is closer to $118,000. Household net worth averages out to $1.3 million. The income and asset figures are not uncommon given that about 71 percent of Tribeca residents completed a bachelor’s degree with a substantial number holding advance degrees in their field.
Tribeca is the preferred neighborhood for many celebrities and prominent personalities, but many up-and-coming, career-oriented individuals flock to this area due to its proximity to employment hubs such as the Financial District and the vibrant night life and artists’ hang-outs in the East Village.
The State of Real Estate in Tribeca
Expect real estate for sale in Manhattan to be priced at a premium. Industrial buildings have been converted to residential or mixed use developments at a dizzying pace. The conversion process has been carefully monitored to preserve the spacious feel that has become characteristic of Tribeca condos for sale. While most of Manhattan’s residential properties were limited by space, Tribeca properties were customarily 4,000 to 6,000 square-foot floor plans with soaring ceilings and light-filled open spaces.
Developers that pioneered the conversion of industrial buildings to Tribeca condos for sale embraced the historical features of the structures. Many of the rehabbed projects played up the architectural history of Tribeca by preserving or recreating brick facades or designing the modernized version of cast-iron buildings. The influence of 1800s to 1900s architecture may be obvious in the exterior designs, but make no mistake about this: The interiors of these rehabbed apartments for sale in Manhattan NYC are sleek, contemporary and equipped with state-of-art amenities and technology-driven features.
What to Expect from Tribeca Real Estate
The New York City Landmarks Preservation Commission has designated five historic districts within Tribeca. These areas are Tribeca West, Tribeca South, Tribeca South Extension, Tribeca East and Tribeca North. Strict oversight of development projects ensures that the classical and traditional atmosphere of the neighborhood is maintained even as aging structures are turned into livable and environmentally sustainable spaces.
Loft-style apartments for sale in Manhattan NYC will continue to be sought-after prizes even as prices continue to rise. According to figures from Trulia.com, the median sales price of Tribeca real estate is in the neighborhood of $2.7 million, translating to a price per square foot of about $1,885. About 52 percent of residents are homeowners, and the turnover rate of residents is estimated at 18 percent.
Based on Realtor.com listings, the median listing price for real estate for sale in Manhattan specific to Tribeca is $4.4 million with $50 million recorded as the highest listing price. The median closing price was placed at $3 million.
Advantages of the Tribeca Lifestyle
Tribeca is a preferred location for those that are in the market for prime properties in New York City’s premiere location for residential real estate. There are many advantages to living in Tribeca.
1. Location – Tribeca is centrally located to all the places that matter in Manhattan and surrounding boroughs. It is adjacent to the Financial District, East Village, Battery Park with sweeping views of the Hudson River for developments located along West Street.
2. Accessibility – Aside from excellent connections to surrounding neighborhoods via dependable public transport, Tribeca has convenient access to major thoroughfares such as the Brooklyn Bridge to its southeast and Interstate 78 to the west.
3. Quality of residential inventory – Tribeca condos offer some of the largest square footage for residential housing in New York. These properties are either well-maintained resales or newly constructed units .
4. Availability of basic amenities – Mixed-use developments provide enough options for grocery shopping, dining and relaxing within a short distance from residences. Most daily tasks may be undertaken without using a car.
5. Entertainment without the big crowds – The vibe in Tribeca is laid-back yet cool and hip. While big crowds are unavoidable in places like SoHo and the East Village, Tribeca’s nightlife is rather calm.
6. Excellent schools – This is a non-negotiable detail for many homebuyers. Even if the household does not include school-age children, high-performing schools tend to enhance property values.
7. Solid investment – Tribeca condos for sale are not likely to lose their value over time because of the prime location. Land is scarce in most of Manhattan. Even with new units added to the housing inventory, demand still exceeds available supply and will continue to do so for the foreseeable future, ensuring that the value of your investment in Manhattan real estate will be sustained if not enhanced.
8. Community activities – There is a great sense of community among Tribeca residents fostered by events such as the annual Tribeca Film Festival, the Taste of Tribeca and Fourth of July celebrations.
Unlike its neighbors, Tribeca managed to hold the line when it comes to development projects. It is not overly commercial because national retail chains have not moved in to propagate the shopping mall atmosphere seen in other Manhattan neighborhoods. It has many of the conveniences that residents require in a livable community, including hip and unique restaurants and shops but without overwhelming the neighborhood. With enough parks, green spaces and well-designed buildings, this is the ideal family neighborhood. Most importantly, the higher-than-average square footage of residential units ensure that population density will remain at comfortable levels.
Whether you’re looking for Apartments for Rent in Tribeca or real estate for sale, you’ll fall in love with our options.