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Tribeca Developer Will Decimate Local Businesses for Condos

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Cape Advisors, which sounds like the name of a consulting company for vampires, has purchased a collection of six buildings on West Broadway between Warren and Murray streets in Tribeca, with plans to tear 'em all down and build some luxury condos. As Eater notes, this will result in the loss of a whopping eight restaurants and bars—Raccoon Lodge, Mariachi's, Banh Mi, Mangez Avec Moi, Saleya, Palermo Pizza, New York Dolls, and Cricketer's Arms—which is nothing out of the ordinary for Tribeca but still a lot to lose in one fell swoop. (Prediction: within five years, the most affordable restaurant within walking distance of this new condo building will be that new Denny's that everyone hates.)

The $50 million sale price comes out to $1,000 per square feet, and Crain's points out that "only a handful of development sites have changed hands for four-figure per-square-foot prices." And, right on cue, another Tribeca development site hits the market for $88 million, or $2,000 per square foot. At least that one's just a garage.
· Six TriBeCa buildings will be torn down to make way for a new super-luxury condo [Crain's]
· New Condo Development Will Force Eight Tribeca Bars and Restaurants to Close [Eater]
· Tribeca parking garage hits market for $88M [TRD]
· Cape Advisors coverage [Curbed]