Tribeca: Chic Neighborhood in Downtown Manhattan

Photo Credit: Andras Rablocsky

Photo Credit: Andras Rablocsky

Overview

Located in the Lower Manhattan, TriBeCa got its name from a syllabic abbreviation from "Triangle Below Canal Street". The neighborhood presents "a combination of industrial sensibility and simple sophistication". In the mid-19th century the area was a commercial center with large numbers of loft buildings. The picture started to change in the 1960s and 1970s when Tribeca's industrial base had all vanished, and the abundance of empty commercial space attracted many painters, photographers, and sculptors to the area. Since the 1980s, large scale conversion of the area has transformed Tribeca into an upscale residential area. By the early 21st century, Tribeca became one of Manhattan's most fashionable and desirable neighborhoods.

photo credit: Compass

photo credit: Compass

Community

According to the Observer, "Tribeca has become the neighborhood of choice for those who have the means to live wherever they want". Area's chic reputation, relaxed atmosphere and proximity and easy commute to the Financial District attracts young professionals.

photo credit: Compass

photo credit: Compass

The area offers a variety of the entertainment options, while still remains quite and not overcrowded. In Tribeca, you’ll hardly ever encounter jammed streets or crowds of people. 

photo credit: compass

photo credit: compass

Residents enjoy going for a relaxing walk along the charming cobblestone streets or a bike ride along the Hudson River. For fitness lovers, the area offers upscale fitness and lifestyle chains.

Things to do and places to visit

On the streets of Tribeca you will find the variety of art galleries, boutique shops, bars, and restaurants. There is a plenty of options for casual dining, including local's favorite brunch place - Bubby's. The area has some of the world famous restaurants, including Bouley and Cut, New York by Wolfgung Puck.

Photo credit:  Urbandaddy

Photo credit: Urbandaddy

Laughing Man, Hugh Jackman's cafe, offers the full range of traditional espresso drinks. There you'll find the flat white, drip coffee, tea latte drinks, hot chocolate, and much more. Profits are donated to charity. The space is tiny, but stylish. The brand's signature coffee beans and grounds, teas and hot chocolate are also available for purchase on the Laughing Man website.

photo credit: pinterest

photo credit: pinterest

Frenchette is the new restaurant opening in Tribeca in the beginning of April. The culinary partnership of Riad Nasr and Lee Hanson is opening their own place after cooking together for 25 years. The dining experience is inspired by Paris’s flourishing bistronomy movement and a modern approach to dining. At first, the place will serve only dinner, though they have plans to serve morning till midnight.  Designed in a Parisian-looking blend of Modernism and Art Deco, the restaurant offers a nice bar and two dinning areas.

Photo: Melissa Hom

Photo: Melissa Hom

An upscale Manhattan neighborhood has become home to many celebrities and the Tribeca Film Festival. Since 2002 the festival presents a diverse selection of independent films and has become a recognized outlet for the filmmakers in all genres . According to the NYC official guide, the 2018 program "will feature films of all stripes: crowd-pleasing blockbusters-to-be, provocative documentaries, foreign films, shorts and a cornucopia of panel discussions and lectures. There are also sections of the festival devoted to TV and online programming and experiential works, including virtual reality and multimedia projects."

photo credit: lavocedinewyork.com

photo credit: lavocedinewyork.com

Real Estate Market

Photo Credit: Compass

Photo Credit: Compass

The neighborhood is considered one of the most expensive in Manhattan. There are many high-rise luxury buildings in Tribeca that offer gorgeous waterfront views. The units in Tribeca are big and spacious, but residents pay a high price for square-footage. Pre-war walk-ups can be more affordable, though they too are more expensive than in other areas.

Photo credit: Compass

Photo credit: Compass

The Compass website recently showed 348 properties listed for sale. Per data compiled by the Compass Market App, the median price for a studio in Tribeca is $975,000; one-bedroom - $1,725,000; two-bedroom - $2,850,000; three-bedroom- $6,495,000. 

As for rentals, prices for a studio range from $2,395 to $8,500 a month; one-bedrooms from $2,650 to $7,450; two-bedrooms start from $3,000 and range to $20,000. Three-bedrooms start from $6,750.