Truffles Tribeca Is Being Sold
According to the Real Deal, the Truffles Tribeca building at Washington and Desbrosses, currently owned by the Jack Parker Corporation, is being sold for $250 million. The new owner, Related, already has a substantial stake in Northwest Tribeca, having a hand in developing the two buildings to the north and south of Truffles, 456 Washington and 70 Vestry.
The question, then, is whether Related will convert the 291-unit rental complex to condos. From the Real Deal:
Truffles Tribeca has a 10-year 421a tax abatement that expires in 2021, and marketing materials [from the seller’s broker] show the building could turn a tidy profit as a rental-to-condominium conversion play. One-bedrooms—the most common unit type in the building—would ask an average $2.2 million, or $3,460 per square foot, marketing materials show. Three-bedrooms would ask an average of $4.3 million, or $3,360 per foot.
If a conversion is to happen, Related will undoubtedly consider combining the smaller apartments into bigger ones. The building’s tenants currently skew young, relative to the rest of Tribeca, which would change if the apartments get larger (and more expensive).
N.B. I don’t have a more recent photo of Truffles than the one above from 2013 (four years after the building opened).