If you live in Tribeca and have an eye for real estate, you’ve probably been waiting a long time to see how 67 Vestry will look once the scaffolding comes down. Well wait no longer! While walking up Washington Street earlier today, I peaked west on Vestry and noticed that the scaffolding is finally coming down. Perfect news for my inaugural blog post.
67 Vestry Street is a boutique 13-story pre-war luxury residential condominium located in Tribeca on the corner of Vestry Street and West Street being developed by Iliad Realty Group. The property contains 13 homes and numerous luxury amenities such as 24/7 attended lobby, an indoor pool, fitness room, a game room, and private storage units. BP Architects is the designer and Gachot Studios, who did the interiors at nearby 71 Laight Street, is doing the interiors here. Silverstein Capital Partners provided $110 million in financing according to the condominium offering plan filed with the New York State Real Estate Finance Bureau. The property has a long history as live/work artist loft space and was slated to be redeveloped by Aby Rosen’s RFR Realty until he sold it to Iliad Realty Group back in 2017.
You can see from the above photos that most of the northern facade has been revealed—and it looks great! With the exception of the penthouse addition, about which I’m withholding my full architectural critique until it’s entirely revealed, the building retains its original historic character even though it technically falls outside of the boundaries of the Tribeca North Historic District. This is important as a number of prominent New York City artists once called 67 Vestry their home or studio. That list includes Andy Warhol, John Chamberlain, Jack Beal, and Robert Wilson. ArtCritical has a full rundown with more intriguing history. (And in case you missed it, Cristina Grajales’ gallery at nearby 50 Vestry Street recently had a touching solo exhibition from Robert Wilson.) Additionally, the building was originally designed by F.P. Dinkelberg, who was known for having worked on the Flatiron Building.
It’s exciting to see the scaffolding coming down from the perspective of Hudson River Park as well. In the above photos, if you disregard the ridiculous solar flare that appeared due to my poor photography skills, you can see that a chunk of the top two floors on the western facade have been revealed and the penthouse is also visible. I’d ballpark that roughly half of the scaffolding is down. Notably, we can see the curious intersection between the penthouse at 67 Vestry and the top few floors at neighboring 92 Laight Street, but that doesn’t seem to have given buyers much pause. 67 Vestry PHA is in contract for $45 million and 67 Vestry PHB is in contract for $22.5 million.
450 Washington Street (née Truffles Tribeca) and 67 Vestry are, by my eye, the last two waterfront Tribeca properties that should undergo substantial work, so it’s good news to see both wrapping up.
On the real estate side of things, 67 Vestry appears to be 100% sold out already. StreetEasy lists all 13 units as being in contract, so our readers who were hoping to spend between $8-45 million for a luxury waterfront Tribeca home unfortunately seem to be out of luck. Prices per square foot range from $2,700 for a three bedroom unit to $7,250 for the bigger penthouse.
| Unit | Asking Price | SF | $/SF |
| PHA | $45,000,000 | 6,207 | $7,250 |
| PHB | $22,500,000 | 3,513 | $6,405 |
| Floor 9 | $27,000,000 | 5,794 | $4,660 |
| Floor 8 | $23,850,000 | 5,794 | $4,116 |
| 7-South | $8,500,000 | 2,713 | $3,133 |
| Floor 6 | $24,500,000 | 5,794 | $4,229 |
| 5-North | $10,150,000 | 3,256 | $3,117 |
| 5-South | $7,865,000 | 2,494 | $3,154 |
| 4-North | $9,850,000 | 3,256 | $3,025 |
| 4-South | $8,150,000 | 2,494 | $3,268 |
| 3-South | $7,950,000 | 2,578 | $3,084 |
| TH-North | $10,150,000 | 3,678 | $2,760 |
| TH-South | $9,650,000 | 3,204 | $3,012 |
| Total | $215,115,000 | 50,775 | $4,237 |
An examination of the above table brings up two points. First, this is an extremely expensive building along the lines of the neighborhood celebrity buildings like 70 Vestry directly across the street and 443 Greenwich down the block. Second, what happened to 3-North and 7-North? This is an interesting question. Construction permits state that there are 15 units in total; however, it has been widely reported that there are only 13 units in the project. This discrepancy appears to be related to those two units, 3-North and 7-North, which have individual permits filed for interior work:
A review of the underlying files, in particular the New York State Division of Housing and Community Renewal (DHCR) report, shows that those two units were previously rent stabilized with tenants in place. The developer and those tenants agreed to a tenant relocation plan to ensure the building would be vacant during construction. While I can’t find the relocation plan, it’s likely that those apartments are being renovated separately (in accordance with applicable rent stabilization laws, etc.) and that the two previous tenants will return to those apartments once construction is complete. The condominium offering plan supports the conclusion that those units will remain rent stabilized. Interesting stuff!
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