clock menu more-arrow no yes mobile

Filed under:

TribecaSpace Twist: Buyers Can Back Out?

The long and troubled story of TribecaSpace?a 70-unit condo conversion at 25 Murray Street near City Hall?has taken a very interesting turn, according to a Curbed tipster. If you recall, occupancy was set for early 2007, but no certificate of occupancy has come down the pipe. Writes our source:

Ongoing problems with Tribeca Space (i.e., inability to obtain a temporary certificte of occupancy) has forced the developer to offer everyone who has signed a purchase contract for a unit in the building the right to rescind his contract. This only occured after the 25 Murray Street Purchasers' Rights Coalition (a group of disgruntled Tribeca Space purchasers) engaged an attorney to represent them before the New York State Attorney General - who then forced the developer to offer the right of rescission. The rescission right is only good through September 21st. Word has it that quite a few people are rescinding since more than a year has passed since closings were scheduled to begin and there's no end in sight for when closings will actually occur.Wow. We searched for more about this on the main TribecaSpace venting outlets. The StreetEasy thread's last update was five days ago, reading, "Projected closings at Tribeca Space now pushed back to late October." The disgruntled buyer's blog does not mention the buyback offer, but there is an epic rant on how the developer is completing the building on the cheap. An excerpt follows.
From the 25 Murray blog:

It seems there may be another reason the units sold at prices that were reasonable. The units with a Church Street exposure (the exposure with the majority of the building's windows) are rental units. RENTALS YOU ASK???? HOW IS THIS POSSIBLE? Apparently the rental units have their own elevator bank past the concierge stand that was blocked off during the sales meetings. The renters will have have access to all the buildings amenities INCLUDING the 3 person (telephone booth) sauna - another place the developer cheaped out.We expect many more chapters in this saga before all is said and done.
· Scenes From a TribecaSpace Sauna [tribecaspace25murray.blogspot.com]
· So, Uh, What's Up at TribecaSpace? [Curbed]
· TribecaSpace [tribecaspace.com]