The Cary Building

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The single best quality of TriBeCa and much of lower manhattan are the cast iron buildings of the late 1800’s and 1900’s. I came across the Cary building on 105 Chambers street and stopped in my tracks when I saw the beautiful pre-war details on this corner property. There are several Dept of Buildings permits posted on the door but the interior seems gutted. TriBeCa is exploding with the most luxurious residential gut renovations there are, and I thought this might be the perfect site analysis. What I found was that this building was sold as part of a portfolio to Jeffrey Lam of The Lam Group in 2011. There are 2 penthouse residential units, and a number of retail condos along Chambers and Church Streets. The rest of the building seems to be empty and am wondering if they are holding out for a full residential turnover after the expiration of the office leases.Β  The building, a total of 32,000/SF sold for $22 Million, that’s about $687 per square foot.

In case you were wondering (I was), Tribeca residential apartments sell for over $1200/SF.

Here’s the link to the Real Estate Weekly story on the sale:

http://www.rew-online.com/2011/11/30/laboz-offloads-40-million-in-manhattan-property/

 

 

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