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Mega Rental Tribeca Park Seeks Buyer for Condo Conversion

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The Robert A.M. Stern-designed luxury rental building Tribeca Park has come onto the market, and hopes to sell as a condo conversion site fetching over $300 million. The 27-story Related-developed structure in the northern stretch of Battery Park City has nearly 400 units that currently rent from $3,575 for a studio and $4,895 for a one-bedroom with a balcony, the Post reports. The building hosts a slew of amenities, including a 123-car garage, a landscaped roof deck, and an indoor pool. If the building does sell as a conversion site, the new owners would have to honor the building's 80/20 status: while 80 percent of the former rental units could be converted to condos, the building's 20 percent of affordably-priced units would be required to remain rentals.

The 325,365-square-foot development at the corner of Chambers Street and River Terrace seeks to join the slew of similar buildings whose high-end finishes and abundant amenities wooed buyers on their conversion potential. Other rental-to-condo sites in the neighborhood include the nearby 22 River Terrace, whose 324-units are in the midsts of a somewhat complicated conversion, and 225 Rector Place, which was also converted into condos and became 2013's second best-selling building in the city with a whopping 111 units sold.
· Big lease for the Big East [NYP]

225 Rector Place

225 Rector Place, New York, NY 10006