TriBeCa is a very popular neighborhood. If you are looking into acquiring an investment property, you have to first of all think: Condo (Co-op's will most likely have rules preventing you from renting the apartment out immediately, or sometimes at all). To be able to answer your question correctly I would need to know a little it more about your time frame, budget, experience and expectations.
There are many great streets in TriBeCa, but it is not necessarily the street that "has a good return", but a specific unit in a specific building. You will have to think about things like renovations, amenities, closeness to transportation (the right subway), school district etc
Are you an all cash buyer, or will you have a mortgage with monthly payments? You will have to look at the maintenance cost for each specific unit, as well as the comparable rents to see what your projected return could be.
Just to give you some recent numbers: the median asking price for an apartment in TriBeCa (Condo and Co-ops) is $2,997,500. ( That is a median price per ftÂ² of $1,515/sf). As you know Tribeca have a lot of lofts and the median size for any apartment for sale today is 2,000 ftÂ². As for rents, a quick search shows that the median price per ftÂ² for apartments offered for rents in TriBeCa today is $70/ft.
I mostly work with buyers - from TriBeCa to West Chelsea, and I'd be happy to give you some advice.
All the best,
While I do agree with the both of the answers below, I believe the agents forgot to mention that there are two new construction buildings, (101 Warren and 200 Chambers) that are on the southern part of Tribeca. 101 Warren is on top of a Whole Foods which does raise its value. The main reason you would want to purchase at the bottom part of Tribeca is because of the new Fulton street station that will be ready in 2014. By 2014 the new Freedom Towers and the Fulton street station will be up bringing the value of the property up by then dramatically. Knowing future information like this is crucial as I myself am a developer as well as a broker so a high capitalization rate is always a concern of mine!
Please let me know if you have any more questions!
646 808 9494
I have worked or lived in Tribeca since 1979 and so much has changed. But, with regards to your question, it's very subjective. However, I have had many people ask me over the years to "only be on North Moore Street." I've got to say the numbers hold up very well on that block.
If you are interested in shopping for a condo as an investment property there I would be more than happy to help you. I have perhaps been in every Tribeca building over the years and know each quite well. In addition, I offer a 10% rebate on my commission to 1st time clients. On a $2 Million property, that could mean $5000-$6000 depending on the commission (seller, of course, pays the commission, and I rebate from what they pay me).
Thanks so much. If you have any questions about Tribeca, I'd also be happy to answer.
Licensed Real Estate Sales Agent
Sr. Vice President
Charles Rutenberg Realty