.avif)
Successful Sale of 161 Duane Street in Tribeca, Manhattan
Bob Knakal successfully closed the sale of 161 Duane Street, a boutique retail condominium located in the prestigious Tribeca neighborhood of Manhattan.
The property, sold for $1,300,000, reflects the continued appeal of well-located commercial spaces in historically rich submarkets. Bob Knakal’s team, known for their precision and market knowledge, played a pivotal role in facilitating this successful transaction.
Conversion Properties - For the complete list click here Conversion Properties
Sale Details
The sale of 161 Duane Street closed on May 21, 2003 for a total price of $1,300,000, translating to $325.81 per square foot based on 3,990 buildable square feet.
- Buyer: Joseph Pell Lombardi & Associates Architects
- Seller: David Bouley (Bouley Mohawk)
- Seller Type: Retailer
- Asset Class: Commercial, Retail
- Property Size: 3,990 SF
- Sale Price per SF: $325.81
- Sale Date: May 21, 2003
This discreet transaction highlights:
- The strategic purchase of a commercial condominium by an architect with an affinity for preservation.
- The timeless appeal of Tribeca’s boutique retail offerings.
- The strength of Downtown Manhattan’s commercial asset market in early 2000s.
Property Details
Situated on the coveted Duane Street between Hudson and Greenwich Streets, 161 Duane Street lies at the heart of Historic Tribeca—one of Manhattan’s most desirable enclaves for luxury living and curated retail. Known for its cobblestone charm and cast-iron architecture, the building captures the spirit of adaptive reuse in a high-demand retail corridor.
Property Address: 161 Duane Street, New York, NY 10013
Investment Highlights:
- Year Built: Originally constructed prior to 2003 (historic character retained)
- Stories: Information not disclosed, typical of low-rise Tribeca buildings
- Zoning: Commercial/Retail use in historic district overlay
- Square Footage: 3,990 SF commercial space with flexible retail configurations
While specific lot size and story count were not disclosed, the building’s street-facing retail position and character-rich facade contribute significantly to its long-term value.
Market Strategy and Positioning
Tribeca’s commercial market continues to command premium pricing due to its limited inventory, high-income demographics, and preserved architectural integrity.
This sale reflects how small-format retail in historically significant buildings remains a priority for discerning buyers—particularly those in the architecture, design, and luxury goods sectors.
The buyer’s background in architectural preservation made this property an ideal fit. With minimal repositioning needed, the space is expected to be activated quickly for retail or office use in line with the neighborhood’s evolving demand.
Neighborhood Overview
Tribeca, short for “Triangle Below Canal Street,” is one of Manhattan’s most historic and upscale neighborhoods. Once home to warehouses and industry, the area has transformed into a cultural and culinary destination without losing its architectural soul.
- Highly Desirable Location: Known for its cobblestone streets, historic facades, and peaceful atmosphere, Tribeca attracts affluent residents and boutique businesses alike.
- Proximity to Attractions: The building is within walking distance of the Tribeca Film Center, Hudson River Park, and celebrated dining destinations like Bouley and Bubby’s.
- Architectural Significance: Duane Street is lined with cast-iron buildings, many of which have been converted into luxury residences and commercial lofts.
- Stable Real Estate Values: A low supply of commercial condos in Tribeca has led to consistent appreciation in value and strong resale potential.
Conclusion
The acquisition of 161 Duane Street represents a successful match between a strategically located retail asset and a buyer with deep roots in architecture and preservation.
Bob Knakal’s team provided market intelligence and transaction guidance to ensure the buyer secured a property well-aligned with their long-term goals. This sale further underscores the continued demand for character-driven commercial assets in Tribeca.
Learn More About New York Real Estate
Explore our exclusive online magazine to discover remarkable New York real estate deals and Success Stories from the city and surrounding areas.
Frequently Asked Questions
Q1: What type of property is 161 Duane Street?
It is a commercial retail condominium located in a historic cast-iron building in Tribeca. The property totals 3,990 square feet and was purchased by an architectural firm.
Q2: Why was this building attractive to the buyer?
The building’s historical character, Tribeca location, and flexible retail layout made it ideal for a buyer interested in preservation and design-forward projects.
Q3: Is the property located in a historic district?
Yes, 161 Duane Street is located within the Tribeca Historic District, known for its architectural significance and strict preservation guidelines.
Q4: What was the price per square foot of the sale?
The property was sold for approximately $325.81 per square foot, based on 3,990 buildable square feet.
Q5: What can this space be used for?
Given its zoning and location, the property can serve as a boutique retail space, a design studio, or a private office with street-level presence.
