Successful Sale of 67 Vestry Street in TriBeCa, Manhattan
Bob Knakal and his team successfully arranged the sale of 67 Vestry Street, a 9-story elevator loft building located in the heart of TriBeCa. The property, which offered conversion potential and long-term redevelopment upside, sold for $55,500,000 on December 15, 2017.
With over 61,000 square feet and 26 residential units, the building was one of the neighborhood’s few remaining opportunities for repositioning at scale. The buyer, Elliott Aronson of Illiad Realty, saw potential in its layout, structure, and irreplaceable location near the Hudson River waterfront.
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Sale Details
The sale of 67 Vestry Street closed for $55.5 million, or approximately $906.12 per square foot.
- Buyer: Elliott Aronson, Illiad Realty
- Seller: Aby Rosen
- Asset Class: Conversion, Multifamily – Elevator
- Total Units: 26
- Total SF: 61,250
- Lot Size: 7,710 SF
- Stories: 9
- Sale Date: December 15, 2017
Property Details
Located at 67 Vestry Street, New York, NY 10013, the building sits between West Street and Washington Street, just steps from the Hudson River waterfront and Pier 25. Known for its cast-iron charm and historic character, the building originally served industrial purposes before being repositioned for residential use.
This TriBeCa gem falls within a highly desirable residential corridor, surrounded by top-tier dining, retail, and cultural landmarks. The property's large lot size and spacious building footprint make it uniquely suited for boutique luxury condos.
- Year Built: Early 20th century (converted in 2017)
- Stories: 9 floors with elevator access
- Lot Dimensions: 7,710 SF
- Total Rentable SF: 61,250 SF
- Units: 26 large loft-style condos
- Zoning: Mixed-use residential
- Historic Character: Retains original façade and large industrial windows
Market Strategy and Positioning
By 2017, TriBeCa had firmly established itself as one of the most affluent and sought-after neighborhoods in Manhattan. The market was characterized by a surge in boutique condo conversions targeting discerning buyers. 67 Vestry Street was ideally positioned for this trend, offering pre-existing structural features—high ceilings, open floor plans, and waterfront views—that aligned with luxury condo demand.
This transaction was executed with foresight, capitalizing on TriBeCa’s scarce supply of full-building conversions and growing appetite for branded, historic loft residences.
Neighborhood Overview
TriBeCa is synonymous with luxury living, landmark architecture, and cultural prestige. Its cobblestone streets and industrial-to-residential conversions have created a dynamic residential atmosphere rooted in character and exclusivity.
- Hudson River Park & Pier 25, ideal for recreation and leisure
- Tribeca Grill, Bubby’s, and other acclaimed dining spots
- Walker’s and Greenwich Street Wine & Spirits, iconic neighborhood institutions
- Proximity to SoHo and Financial District, offering high accessibility and lifestyle convenience
Conclusion
The $55.5 million sale of 67 Vestry Street is a prime example of how strategic repositioning in a luxury market can unlock tremendous value. With a coveted TriBeCa location, architectural charm, and high-end development potential, the building exemplifies the continued strength of the downtown Manhattan condo market. This sale not only reflects market momentum but also the strategic insight of both the seller and buyer in maximizing the asset’s long-term potential.
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Frequently Asked Questions
What type of property is 67 Vestry Street?
It is a 9-story elevator building originally built as a loft and later converted into a 26-unit residential condominium.
How much did the property sell for?
The building sold for $55,500,000, equating to approximately $906 per square foot.
Why is 67 Vestry Street considered a valuable investment?
Its unique architectural features, TriBeCa location, and high-end condo conversion potential made it a rare opportunity in a premier residential market.
