Super-Luxury Condo to Replace Six TriBeCa Buildings

May 8, 2015 — What do you do after purchasing a collection of buildings along West Broadway, between Warren and Murray streets? Knock them down to make way for a super-duper, mega-ultra, luxury condo, of course. According to Crain's, Cape Advisors purchased the "high-end TriBeCa properties for $1,000 per square foot, a price that underscores the eagerness among builders to deliver luxury housing in the city's most exclusive neighborhoods." For those doing the math, it's $50 million total. The new condo will be approximately 46,000 square feet, and Crain's anticipates that, to turn a profit, Cape Advisors will have to sell the apartments for at least — at least — $3,000 per square foot… or more. They'd better hope that there's no pause or drop in the market. As for word on the street, well, not surprisingly many lament the loss of the buildings, which, though dilapidated, some argue could have been renovated. Instead, we lost another bit of Old New York character and charm for the sake of massive shiny glass and steal. One commenter on the Tribeca Citizen blog nails it: "TriBeCa is done. Welcome to the Upper East Side 2.0."