Neighborhood Overview

Tribeca (Triangle Below Canal) is one of Manhattan's most expensive residential neighborhoods. Former industrial warehouses have been converted into luxury lofts, attracting families and high-net-worth residents. The neighborhood is known for the Tribeca Film Festival, excellent restaurants, and proximity to the Financial District.

Common Property Types

Converted warehouse lofts, new luxury condos and condo conversions, historic commercial buildings, and some remaining manufacturing uses. Average apartment sizes are among the largest in Manhattan.

Typical Building Ages

Warehouse buildings from the 1860s-1920s form the bulk of the stock. Conversions accelerated in the 1980s-2000s. New luxury construction from the 2010s-2020s, including 56 Leonard Street (2016).

Common Violations

Construction violations related to high-end renovations, facade and structural issues in older warehouse buildings, violations from residential conversions, and elevator maintenance in buildings with freight elevators converted to passenger use.

Property Tax Information

Very high assessed values reflecting the luxury residential market. New condos face full market-rate assessments. Converted loft buildings may have complex tax situations depending on their C of O classification. Some properties retain 421-a exemptions from earlier conversions.

Zoning Information

Mix of C6-2A, C6-4, M1-5, and R7-2 zoning. Tribeca North and South Historic Districts provide LPC oversight. Recent developments have utilized air rights transfers and community facility bonus provisions.