Manhattan House
845 West End Ave
The Aldyn
15 Union Square West
The Rushmore Riverside
515 East 72
Overview & Pricing Information
While there are many loft buildings in Tribeca, Sixty Beach is somewhat different in that it’s a pre-war conversion with a variety of layout options. When sales began on the twenty units in September 2007, Corcoran and conversion-specialist developer Property Markets Group pushed the fact that their building had a range of residence choices. At that time there were loft-style apartments, maisonettes (consisting of two to three floors of living space), and penthouses on the market. Currently, five loft units are still available in the building.
The historic building was gut renovated on the inside and one of its most charming features are ceiling heights which range from 9-24’ depending on the apartment. Units have black walnut wide plank floors and top notch appliances including Valcucine kitchens, Calacatta gold marble and Waterworks fixtures in the bathrooms. Some of the more unique touches include an abundance of closets, double-wide islands and wine coolers in the kitchen.
Unit 5B is a 2,569 foot 3 bedroom/2.5 bath is currently on the market for $3.7 million. At $1,440/foot the unit is priced a bit aggressively but perhaps about right given the incredible finishes and building amenities. The other available units include one 2-bedroom and three other 3-bedrooms, all listed between $3-4M. Some units have private elevator entry and the building has an additional laundry room for larger loads. Plenty of the units get great light and have mutiple exposures. On the flip side, all three bedrooms are side-by-side in somewhat typical loft style. This may not be ideal for the family model which the building suggests with its children’s playroom. One might also notice that the carrying costs including maintenance and taxes run a little on the high side at about $1.50 per square foot. As a conversion, the building doesn’t offer the coveted 421-a tax abatement.
The Corcoran Sunshine marketing team has emphasized that Sixty Beach is the “way a loft in Tribeca should be,” meaning that you’ll get true loft space and ceilings heights combined with a plethora of conveniences at the same time. Among those conveniences will be the fitness center, landscaped roof deck and pet spa. The website doesn’t exactly give renderings—more like children’s book illustrations of the amenities, but I’m sure they will come out nicely.
Location
Like most neighborhoods in Manhattan, there are definite advantages and disadvantages. While Beach Street is a tiny cobblestone street in a desirable pocket of Tribeca, it is unfortunately within sight of the too-busy Holland Tunnel. This makes neighboring Hudson Street noisy at parts of the day and potentially dangerous crossing terrain for children. Anybody who has watched this traffic build up during rush hour can tell you just how unpleasant it is.
A definite benefit to this location is being in close proximity to multiple subway lines and a host of trendy restaurants, cafes and boutiques (including one of the coolest pet stores ever The Pet Bar South on West Broadway). It’s directly across the street from The Montessori School of Manhattan and a combination barber shop/shoe repair place (which is great because you can never remember where they are when you need one). Also, nearby Piers 25 and 26 are currently going through a revitalization by the city, which will bring improved facilities including a new boathouse and restaurant, a mini golf course, playground, beach volleyball pits, and a large lawn for relaxing by the Hudson River.
Investment Potential
While you have the benefits of new construction on the inside, apartments here also feature a restored pre-war façade, giving residents what many see as the best of both worlds. With that said, and the range of amenities in place, we think the building represents a safe investment over a five year time horizon. The more unique multi-level maisonette and penthouse units represent possibly the best investment value in the building. The Tribeca location is certainly a plus although this specific part of Tribeca could be argued as good or bad. All things considered we give it a B for investment potential.
