Sylvia Rhone may have grown up in Harlem and made her career managing hip-hop and R&B acts, but the music mogul prefers to come home to a Downtown address at night.
And Tribeca is about as far downtown as a luxury condo-seeker can get. Ms. Rhone just sealed a deal on a three-bedroom, 3.5-bath spread at the warehouse-to-condo conversion 250 West Street, city records show. She was so taken with the place that she dropped $4.32 million on it—a few thousand more than the $4.25 ask—buying the unit from the developer, former Plaza Hotel-owner El Ad.
The Observer took a long, damp walk to 250 West Street last night for the condo conversion’s official debut (its target audience is clearly not the public transportation crowd), but the Hudson, thankfully, kept to itself on the far side of the highway.
It was not so well behaved last October, when Hurricane Sandy flooded the Tribeca building’s basement, delaying not only the move-in date, but the big reveal of three apartments gussied up by Hearst for its interior design showcase. (Some of the mechanicals in the basement had to be replaced.)
New York brokers blustered into 2008 declaring the commercial real estate market immune to the credit crisis that with tornado-like rapacity knocked down prices in the rest of the country. Lehman’s aftermath cracked those rose-colored spectacles.
And all those fantastic leases and sales that titillated, that seemed ever on the verge of closure, turned Read More
There’s a lovely red brick building on the edge of Tribeca that, like a child of divorcing parents, hangs in the balance—belonging neither here, nor there, and utterly empty inside.
Plaza owner El-Ad Properties bought 250 West Street, a 98-year-old building 11 stories tall, from Citigroup in 2006 for $142 million. Bank workers have Read More