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Anthony Noto - Reporter, New York Business Journal | 30 November 2018

Tribeca apartment building sells for $260 million

Tribeca, considered New York City's most expensive neighborhood, just saw one of its apartment buildings go for $260 million.

The new owner of the 291-unit Truffles Tribeca building is Related Companies.

The New York City-based firm purchased the building with financing from JPMorgan’s asset management arm and German lender LBBW (h/t The Real Deal). Both lenders provided $160 million in debt.

The purchase price works out to about $860,000 per unit.

Related has closed on nearly $1 billion in financing through 2018 and early 2019, the report continued, citing a firm spokesperson. The second fund is now 85 percent committed with the Truffles Tribeca deal.

Truffles Tribeca is located at 34 Desbrosses Street. It first opened in 2009.

Last year, we sourced data from PropertyShark to show how Tribeca is "entrenched" as the most expensive neighborhood in New York City — despite a 16 percent year-over-year price drop.

Median prices in Tribeca usually exceed $3.4 million.

The downwards trending prices come as a result of the sudden price boom of 2017’s first and second quarters — fueled by the high number of sales in new-to-market luxury and ultra-luxury developments.

Meanwhile, the next high-priced condo sale could come from the Garment District. Sales in that neighborhood have skyrocketed with a 61 percent year-over-year increase.

Overall, there have been very few price spikes and steep drops year-over-year. The Garment District — defined as the area west of Fifth Avenue, below 42nd Street and as far south as the Fashion Institute of Technology — bucked the trend, as did the Flatiron District, which saw a 66 percent drop.

See article here