Market Conditions in Tribeca>Question Details

Big Nugget, Both Buyer and Seller in Tribeca, New York, NY

there is only a roughly $100 price per sq foot difference from the upper east to tribeca? why does that not sound right?

Asked by Big Nugget, Tribeca, New York, NY Mon Apr 16, 2012

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Krista Nickols’ answer
This was just addressed in the New York Times. "For the first time since such data have been tracked, the average price for luxury condominiums downtown superseded the uptown average. The trend persisted into this year, with condos priced above $2,000 a square foot averaging nearly $5.9 million downtown in the first quarter [2013], compared with $5.6 million uptown"
0 votes Thank Flag Link Sun Sep 8, 2013
Hi, Big Nugget.
I don't put much stock in the average price per square foot of one neighborhood to another. WIthin any neighborhood, you will see a very huge range. You are comparing the Upper East Side, a very big neighborhood, with Tribeca, a small neighborhood. Within the Upper East side, the prices are higher near Lexington Ave. and go down as you go east. Other factors are whether you are comparing co-ops to co-ops and condos to condos, or comparing condos to co-ops which you can't do. Different product. Furthermore, much depends upon the type of building, the amenities of the building, the condition of the apt, the floor it is on, the views, etc. Neighborhood averages are not useful when comparing one property to another, which may vary greatly.

Best,
Jenet Levy
Halstead Property, LLC
jlevy@halstead.com
1 vote Thank Flag Link Mon Apr 16, 2012
Each building has it's own "floor" price-wise, with many factors involved, just like Anna said.
Comparable sales and the active's trend should give you a good idea if you are hitting a ball park on your price. When the market shifts, best to look at both actives and solds...

Hope this helps,

Irina Karan
CDPE – Certified Distressed Property Expert
IrinaKaran@gmail.com
Beachfront Realty, Inc.
1 vote Thank Flag Link Mon Apr 16, 2012
Keep in mind that square footage costs do vary, and doesn't account for exact location and other considerations, such as property size, condition, etc.; therefore, it's really in your best interest to also review comps, recently closed sold similar properties in the immediate area. Consider working with an agent of your own, he/she will be your best guide.
1 vote Thank Flag Link Mon Apr 16, 2012
they areboth very high demand areas, that would not be very surprising or far from the truth.
0 votes Thank Flag Link Sun May 13, 2012
Thank you all for taking the time to comment!
0 votes Thank Flag Link Wed Apr 18, 2012
Hello Big Nugget,
The price per sq foot is calculated by comparing the same product for example: If you are looking for New Condo, 2 bed between Lexington towards Fifth Ave and between 59 and 72nd Street are very different from other grid that you take in the Upper Eastside. Also some buildings are so prime that the specific bulding has its on value due the high demand on that particular building. Today you can find expensives buildings in Upper Eastside and Tribeca with the same price, but still the Central Park Properties are the must. So when you buy a property you have to compare everything with others at the same area. You are welcome to contact me at anytime 917-378-9673 Vera
0 votes Thank Flag Link Tue Apr 17, 2012
Tribeca considered more prestige then the Upper East Side first, second, it does depend on the building the unit is located, the amenities it's providing, if it's an old or new construction, size and etc. You can experience this price difference on the Upper east side alone considering these factors.
0 votes Thank Flag Link Mon Apr 16, 2012
Upper East Side is very good value right now and prices have come down more in Tribeca. What size apartment are you selling ?
0 votes Thank Flag Link Mon Apr 16, 2012
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