By Dees Stribling, Contributing Editor
New York—The condo development previously known as 19 Park Place has been rechristened as Tribeca Royale Condominium. The property will rise 21 stories near the World Trade Center in Lower Manhattan.
The property, which is being developed by ABN Realty LLC, will include 24 units, including 11 full-floor units on the upper floors, along with a penthouse. The seventh and eighth floors will feature duplexes. With a 25-foot wide façade and double-height lobby, the design maximizes available space throughout the lean structure, according to New York-based Ismael Leyva Architects, who designed the project.
Tribeca Royale will feature such amenities as a gym, residential lounge with a public terrace, and an additional two terraces on the roof for designated units. Each unit includes a circular balcony with glass railing, while the penthouse and 11th-floor residences feature terraces with glass railings. The configuration of the property allows residences to have frontage on both east and west facades.
Work on the property is slated for completion next year. Developers are now eager to get new for-sale product out of the gate in New York, since the market is marked by lower inventory but simultaneously increasing demand. According to Douglas Elliman Real Estate’s latest quarterly report on for-sale Manhattan residential properties, the number of condos listed for sale at the end of the first quarter of 2013 was 4,960 units. That compares with 7,560 units at the end of 1Q12.
Also, units are selling more quickly than they did a year ago, spurred by higher demand. Units sold in the first quarter of 2013, notes Douglas Elliman, spent an average of 132 days on the market. By contrast, it took an average of 152 days for a Manhanttan condo to trade hands in the first quarter of 2012.