Overview

It’s amazing that condo projects are able to differentiate themselves given how many have hit the market in the past 24 months. This is particularly true in Tribeca where many of the condo projects consist of converting old commercial buildings into modern loft spaces. 143 Reade is no exception. Fortunately, they brought on one of our favorite design firms, Roman & Williams, to help make this project extra special. BKSK Architects are on the project as well helping to transform the old building while maintaining and improving upon its original detailing. Tribeca Associates is developing the Artisan Lofts which is headed up by prinicpals Bill Brodsky and Elliott Ingerman.

Units and Pricing

The interior design plans are fabulous. Each unit comes with walnut flooring and 11 to 12 foot ceilings. The living room area includes many oversized windows revealing views of the river. The living spaces are further accentuated by classic loft-style cement columns. The kitchen is proudly displayed on the website as ‘hand-made.’ The cabinetry consists of oil-rubbed walnut framed in blackened steel. The counters are solid walnut butcher block and include granite trivets and walnut and black-powder coated backsplashes. You can see from the renderings these will be unique kitchens with incredible attention to detail. The bathrooms are quite customized as well with hand-glazed porcelain tile by Ann Sacks. Every aspect of the residences from the floor to the ceiling reflects the innovative and unique style of Roman and Williams. At the time of writing there are four vacant residences left in the Artisan Lofts as displayed on the Corcoran website. There is a 2-bed/2.5-bath unit coming in at 1, 860 square priced at $2.895M. The maintenance charges with taxes are roughly $2, 300/month or about $1.25 per square foot. There are also two 3-beds listed between $4M-$5M and a massive penthouse with multiple exposures list at $11M. The overall pricing for the building averages about $1, 600 per foot, not far from the average for Tribeca loft space.

Amenities

The Artisan Lofts have a long list of amenities to complement the luxurious residences. Because of the buildings size they are able to offer multiple amenities without pushing the monthly carrying costs too high. There is a 24-hour doorman in the lobby as well as an art gallery that will have a rotating exhibition of artists being displayed in galleries worldwide. The Artisan Lofts will also have the Skylit Wellness Center which includes an extensive fitness center with weights and cardio machines as well as a massage and yoga room. Seeking to accommodate family residents, there is a Children’s Imagination Center in the building specifically designed by the Church Street School for Music and Art. This will include a theater stage as well as play spaces for children and toddlers in the building. Lastly, there will is a nicely landscaped Artisan Roof Garden where residents can enjoy views of Tribeca and relax.

Investment Potential

With the amount of style and creativity displayed by these residences and the building in general, we think it’ll be a hit for a while. The title “Artisan Lofts” is certainly fitting of the team who designed the project and quite possibly the people who will purchase them. We’re clearly mindful of the cloudy economic environment affecting the investment value of pricey conversions like this one, but it turns out these high priced residences have been fairly resilient so far. The pricing on the project is aggressive but not arbitrary like some others with prestigious architect/developer teams. We rate the project a B+ and congratulate the team on smooth sales.

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This entry was posted on Thursday, August 7th, 2008 at 1:08 pm and is filed under Artisan Lofts - 143 Reade Street. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.