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Tribeca's Zinc Proves Tough Sell Second Time Around

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Though it's an example of gauche new construction in a neighborhood of immaculately-preserved landmarks, and the Canal Street location is perhaps not the most desired, we still have to ask: Tribeca, why doth thou forsake the Zinc Building? The leftover penthouse in the 21-unit building is celebrating its 10th month on the market (still asking $5.5M), and a pair of re-sellers (the first?) in the building are having a very tough time trading their light and air for the cold, hard stuff.

The empty apartment seen immediately above is #3A, a 3BR, 3BA, 1,862-square-foot unit that closed in July for $2.45 million. According to StreetEasy it was re-listed two weeks later for $2.895 million, but after a couple of price cuts and (we assume) mounting bills for the investor that snapped it up, the new asking price is $2.35 million. To which we say...isn't "Thou Shalt Make Money On All Tribeca Real Estate Transactions" in the Ten Commandments or something?

The furnished apartment seen in the photo gallery is another 3BR, 3BA unit in the same line, #5A. The listing spins a somewhat different tale, however: "Sellers relocating." In this economic climate we'll take the odds that it's not a happy sort of relocation. The apartment also closed in July, for $2.4 million, and was re-listed in November, so we'll call it "lightly lived in." The asking price then was $2.6 million, but now it's going for $2.45 million and the sellers are obviously motivated to seal a deal. It's not surprising, but oh, how it hurts: The era of the quick Tribeca flip is over.
· Listing: 475 Greenwich Street #3A [Corcoran]
· Listing: 475 Greenwich Street #5A [Stribling]
· Zinc Building coverage [Curbed]