217-219 West Broadway, New York
Tribeca, New York City
Residential with Ground Floor Retail
29,363 Square Feet
2000
Overview
Located in the headrt of Tribeca, now New York’s most sought after neighborhood, this former New York brownstone site has been expertly redeveloped by EPIC to include a prime retail unit alongside five luxury loft-style apartments with exceptional facilities.
Investment rationale
EPIC purchased 217-219 West Broadway in 2000 whilst El Teddys, a well-known Mexican restaurant, still occupied the building.
Understanding that there was an increasing demand for large high-end apartments for growing families in Tribeca, EPIC saw an opportunity to re-purpose the land so, on the expiration of El Teddys’ lease, the property was vacated and the building demolished.
Asset management opportunities
EPIC appointed highly-regarded Costas Kondylis Architects to construct a luxury residential rental building with floor-through apartments and a duplex penthouse. A retail store was created on the ground floor along with a gym and a basketball court to enhance the lifestyle offering for the residential tenants.
Outcome
The building has consistently operated at over 95% occupancy over the last 10 years and provides a continuous return on investment.
