Tribeca Condo Earning its Worth

Brokers WeeklyJune 18, 2014

It may be hard to remember now, but there was a time when few believed condo prices in Tribeca would ever reach $2,000 per s/f.

 

As late as 2009, frozen credit markets and the specter of a looming recession gave little reason for optimism.

 

The Israeli developer, Izaki Group Investments (IGI), was one of the first firms to enter the market in the anxious post-meltdown days, and its bet is now paying off. 

 

IGI's 92-unit condo conversion at 93 Worth is almost fully sold, with only a $7.35 million penthouse and a $1.9 million one-bedroom remaining on the market. It seems only a matter of time before those units will be gone, too. CORE's Doron Zwickel, who handles sales at the building and helped with the planning, told Brokers Weekly that he is showing the penthouse about six times a week -- an impressive frequency at this price level. 

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