Investing in New York City
Warren Street Becomes Home to New Luxury Developments
Warren Street is headed for a makeover. Asa neighborhood, Tribeca has rarely ever held a large deal of new and available inventory. However, this area of Lower Manhattan has recently become a bit of a residential hub. As the World Trade Center has been built and revitalized, so too has this region of Tribeca which has received a good deal of economic investment, reinvigorating the business district ofManhattan as a whole. Despite its busy and commercial nature, Warren Street has been primed for a slew of new construction and ultra-luxury condominiums.
Historically, Warren Street was known as one of Manhattan’s grittier streets, famous for cigar lounges and dive bars. However, with its direct proximity to the Financial District, the entire region has seen an influx of wealthy young professionals, inspiring the need for residential construction. An area that used to be characterized by parking lots and vacant spaces is now filled with thousands of new residents in the span of ten short years. The area has seen a large surge in the amount of bars, restaurants, and fitness centers, all benefitting from a wealth of new nearby residences.
The boom in new construction can be traced back to 101 Warren Street, a newly opened luxury condominium only two blocks away from the World Trade Center. 101 Warren will soon be joined by 53 and 55 Warren Street, two more condos that will feature ultra-luxury loft and penthouse stylecondos. With Tribeca’s nature as a neighborhood lacking much in the way of new construction and available residences, Warren Street has become an ideal location for new developments. It is certainly hoped that these condos will support and promote the nearby businesses and overall culture of Warren Street.