Why Are 3+ Bedroom Tribeca Lofts in Such Demand?

Why Are 3+ Bedroom Tribeca Lofts in Such Demand? Tribeca Lofts - N Moore Street - New York (Photo By Tony Sargent)

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.

Today, with a safer, cleaner, bike friendly and more affluent Manhattan-not to mention all that Tribeca has to offer in terms of its new pier at N. Moore Street, the Hudson River Park as well as New York’s many cultural and entertainment options, a lot of families are choosing to stay in the city and move into bigger apartments or townhouses. Inventory is very low as a result and median prices have shown upward pressure in the first three quarters of 2011. I believe as the World Trade Center area continues to develop, there will be additional demand and upward price pressure on these type of Tribeca lofts down the road.

Looking to buy or sell in Tribeca? Contact me. I’ve been advising Tribeca clients since 1999.

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