Walking in Tribeca today on N. Moore Street, I noticed this scene outside the Montessori School and it made me smile. Then I thought, is this a big reason why 3-bedroom Tribeca lofts have been in such demand for the last 18 months?
In part, yes. To understand Tribeca inventory we need to go back to the late 1990s when a lot of Tribeca lofts were first being converted en mass for residential use. At that time, many clients (and developers) assumed that they would stay in a loft for 4-5 years and then move on to the suburbs. Developers created big apartments (space was a way of attracting people downtown from uptown, as very few residential services existed in Tribeca at the time); however as there wasn’t a huge demand for 3-bedrooms, a lot of buildings were converted in such a way that 2-Bedroom, 2,000 square foot spaces were common. Read more…