Why is Tribeca a must-see for buyers over $3 million?
Tribeca is a great location for both renting and owning. It is arguably the best location in Manhattan… But what makes Tribeca so special in Manhattan?
Easy access to 1/2/3/A/C/E subway lines
High-end, low-key residential area
Good quality homes with high ceilings
Quiet in the middle of nowhere
Nice area for walking
Good restaurants and supermarkets
When we look at the New York housing price list, one thing we notice is that very few Manhattan neighborhoods make it in the top 20.
Why is that? The main reason is that Manhattan’s housing prices are not clearly delineated by area. Often, there are small, inexpensive buildings with 1500 monthly rents, or even government subsidized housing, right next to a multi-million dollar mansions. In other words, Manhattan’s environment is very un-uniform and very dynamic. Not only does it vary from street to street, but even the 5-minute walk from the same street can be very different.
This means that the areas of Manhattan that are ranked in the top 20 in New York are all very consistent in terms of average home prices, and Tribeca is in that position in Manhattan, where homes in the $3-5 million range are very common and may even be the starting point of the neighborhood. This means that there are no land mines in Tribeca and the chances of future land mines are extremely low.
Tribeca has all the best of Manhattan, but is a relatively residential, slower paced, quiet location in Manhattan, which is why Tribeca’s prices are significantly higher than other areas.
Tribeca is located in southwest Manhattan, initially in the triangle south of Canal Street known as Triangle Below Canal, but later on, as housing prices in this area continued to climb, more and more of the area expanded into Tribeca.
The most valuable homes in Tribeca are located on the northwest side of the triangle, as these luxury homes have water views and are located in the most residential and least touristy part of Manhattan, with less traffic.
The more the east side of the city, the cheaper the housing prices are, and the south side has been developing quite well recently, but there is still a bit of a distance between the northwest side and the most elite side.
As you can see from the map, Vestry, Desbrosses, and Watts on the northwest side are green even during daytime traffic on weekdays, which means that traffic does not pass through these streets.
Even on the other streets, the color is mostly orange, while the rest of Manhattan is basically dark red.
It is important to note that the Holland Tunnel is to the north of Tribeca, so you need to avoid the main artery of Canal when choosing a location.
The average price of houses in Tribeca is much higher than other areas, and it is always in the top three of Manhattan’s stable prices.
Because Manhattan used to have many factories, and Tribeca is no exception, Tribeca has seen many factory conversions of ultra-high-end homes over the past 30 years.
These homes are all very large openings with high ceilings.
Meryl Streep, for example, lived at 92 Laight for a long time and only recently released his own penthouse.
Others include Jake Gyllenhaal, Justin Timberlake and Jessica Biel, Harry Styles, Meg Ryan, Blake Lively and Ryan Reynolds, all of whom have chosen 443 Greenwich.
Tom Brady, Gisele Bundchen and Formula One racing driver Lewis Hamilton were all at 70 Vestry.
Tribeca is arguably the area of choice for the most successful people in New York.
Tribeca is not crowded, even when walking outside during the day. Because Tribeca is a very mature residential area with waterfront access, you can walk along the Hudson River and enjoy many unique cafes, restaurants, bars, and various types of entertainment and shopping, such as art galleries and Brooksfield Premium Shopping Center.
The Most Attractive Reason
Tribeca is one of the few places that offers a low-key, yet high quality of life, and the surrounding area is fairly consistent, without too many external factors affecting the living environment. We often see many restaurants along the street in Manhattan with people sitting outside, but Tribeca is one of the few places where you can really enjoy the food without being distracted by the chaos of Manhattan and the noise of people and traffic.
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