Tribeca Property

As more premium buildings are introduced into the rental supply, rental prices continue to rise.  Overall the Manhattan apartment rents climbed 5.5 percent in 2007.  Tribeca is no different as new high rises such as 200 Chambers introduced additional units into the rental market. 

A Tribeca studio rents for an average of $2,790 for approximately 575 square feet.  One bedrooms currently on the market are averaging $5,400 with a median of $4,500 for approximately 1200 square feet.  Two bedrooms  were transacting between $7,000 and $7,500 for approximately 1600 square feet.  Lastly, three bedrooms were commanding the highest premium averaging the highest price per square foot at $69 resulting in average asking rents of $12,900 for approximately 2500 square feet.

Average rental prices are expected to rise further as new developments such as 101 Warren start to close and enter the rental inventory.  New properties with doorman charge an average of 34% more for rent than older buildings with doorman.