Floor plans showcase a very open living-dining area of about feet. The duplex one-bedroom is an exception as it has about 370 feet for the living-dining area, not including its rec room/office. The large kitchen opens out into the living-dining area creating a “great room.” Bedrooms are over sized as well.
These lofts have all of the unique features and design finishes that buyers would expect in this multi-million dollar price range. Kitchens have platinum hoods, granite and stainless steel counter tops. The Walnut cabinets and island are highlighted by an Ash wood coffered ceiling and floor to ceiling windows. Subzero refrigerators and wine coolers, Wolf cook tops and double ovens and Miele dishwashers complete the package.

Bathrooms are also windowed and designed with designer finishes that should sufficiently meet the expectations of most buyers. The master bathrooms have travertine tile floors and walls, rain and body spray shower heads and European artisan handcrafted glass tile shower floors. Radiant heat flooring, six-foot double sized soaking tub, maple vanity with glass top, double sinks and Toto and Kohler put the “lux” in luxury. The other bathrooms were also finished with travertine tile floors and walls, and maple or zebra wood cabinetry, granite counter tops and vessel sinks.  Miele washer-dryer system included in the units as well.

Amenities

Initially, there weren’t any plans for a private doorman for this residence. But after complaints from would-be buyers and real estate critics, there will now be a part-time doorman in addition to the virtual doorman system which includes the fiber optic communication box. The loft apartments are accessed by private keyed elevators which let out directly onto the apartments. Also featured in each unit are the Lutron system, used to control the lighting and window treatments by remote, and Sonos stereo system. There is also a common courtyard space which many of the units have a view of and a possible common roof deck. (The penthouse private rooftop deck square footage somehow fluctuates between 950-2000 SF. We think there may be plans for a common rooftop area).

Area

The Pearline Soap Factory building is located at the northern tip of Tribeca, steps from Soho and Chinatown. It is also not far from a strip of restaurants and shops found on West Broadway and Hudson. Being so close to Laight Street, this development is also not far from the Holland Tunnel and the West Side Highway providing easy access to drivers heading to New Jersey or north of Tribeca. It also provides a decent amount of traffic and noise, mostly from nearby Leight Street.  Buyers who drive will be pleased to know that there are several parking garages nearby, including one on Laight Street.

Public transportation requires a bit of walking as the nearest major street, Laight Street, loops around the Holland Tunnel. This requires at minimum a ten minute walk to the nearest train station. However there are several train stations and bus stops all within walking distance of this development. Some are just closer than others. Washington is a fairly quiet street, tucked away from Tribeca’s budding night life, but providing easy access to Hudson River Park and the waterfront along the Hudson River. Hudson River Park offers many amenities to its visitors including green ways for biking, jogging, skating and walking. Also offered are miniature golf, tennis courts, a skate park, and boating among others. There are also plans for a new pier nearby; Pier 57 is scheduled to open in the near future.

Tribeca, the neighborhood has become a very trendy area, with long-time and newer residents forming a neighborhood that welcomes professionals, families and celebrities alike. City living at its hippest, it features some of the most innovative art exhibitions and unique dining spots like Nobu and the Chanterelle. It is also developing a shopping district with big chain stores moving in like Whole Food Market, Barnes & Noble among others. Old favorites, Century 21 and J&R Music World are also staples in the area. Independent boutiques and shops are also a main stay in this area. Needless to say, there’s something for everyone in Tribeca.

Investment Potential

The Pearline Soap Factory has been on sale since January 2008 and has plans for occupancy in Summer, 2008. The area in terms of sales has been doing fairly well considering the real estate climate. While most buyers may be put off by the ambitious price range for these residences, overall we found these lofts to be a decent investment. This is primarily because of the area’s recent development, its proximity to Hudson River Park, and the lofts space and quality of construction. It isn’t every day that buyers can find large spacious units with ample lighting, over-sized windows and water views, at least not in New York City.The Pearline’s fiercest competition at this point is its next-door neighbor, the Glass Condominium. And while the Glass Condominium offers spacious residences with SolaRail balconies, it might be very difficult to compete with the Pearline Lofts if only for the size and designer amenities that the Pearline Lofts offer buyers. If price isn’t a concern, the Pearline Lofts would probably win hands down.

Our favorite units at the Pearline Lofts, were the penthouse and the upper floor units. The lower floor duplexes were also intriguing to us and would probably work best for a person who does work or creates art from home. Overall, we think these unique residences offer an interesting investment opportunity.  We give a B+ for investment potential.