Down From The (Tribeca) Summit: Tribeca Luxury Condo Conversion Cuts Prices

The Summit in TribecaWe've written before about Tribeca Summit at the New Construction Manhattan blog. The pre-war luxury condo conversion at 415 Greenwich Street in Tribeca has -- despite its exceptional promise and striking pre-war looks -- had a rough go of it in terms of squabbling developers and other brand-tarnishing Manhattan real estate mishaps. While the apartments for sale at Tribeca Summit remain very attractive in their own right and the property remains among the most appealing condo listings in Tribeca, the soft market and hard-to-watch developer squabbles dictated that something had to give. And so it has: Curbed reports that list prices on condos at Tribeca Summit have come down some 20 percent of late. What does this mean?Relative to Tribeca Summit, not very much at all, except that apartments there are now somewhat less expensive. As noted in our earlier post on Tribeca Summit, the luxury condo at 415 Greenwich Street continued selling units even during the worst days of its management-related image issues, and luxury pre-war condos are going to sell pretty well in any market. But price chops happen, and Tribeca Summit's management bumbles -- while doing nothing to make the condos for sale at Tribeca Summit any less appealing per se -- probably dictated that something like this was coming. As with Battery Park City's beloved Riverhouse, which has continued to sell condos despite its own management disputes (and also cut prices on its apartments for sale), Tribeca Summit might just be one of those NYC condos that can cut prices without losing any of its value. Oxymoronic? No one ever said Manhattan real estate made perfect sense, especially when a prime Tribeca location and pre-war condominiums are involved. Some things are just more powerful than logic.

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