New York's Cooperative and Condominium Community

Habitat Magazine Business of Management 2021

HABITAT

CO-OP/CONDO BUYERS

WHAT CO-OP/CONDO BUYERS NEED TO KNOW

Back From the Brink of Collapse

Tribeca

Cortland Alley
May 5, 2016

Five years ago, neighbors of the decrepit, boarded-up shell at 327 Broadway were fearful the building might collapse. It was also sagging under nearly $200,000 in unpaid property taxes.

What a difference an economic recovery makes. Today, according to Curbed, the building is known as Six Cortland Alley, in honor of the atmospheric, three-block-long street at the back of the property, and it's about to be reborn as five pricey condo apartments, replete with a glassy penthouse. Snapshots of New York City’s ongoing gentrification don’t get much more revealing than this.

Originally built in 1852 as a corset factory and later serving as a furniture showroom, the building is being converted into condos by Imperial Development Group and Megalith Capital Management. The project’s architect, TRA Studio, had to revise its plan after the original was shot down by the Landmarks Preservation Commission, which has jurisdiction because the building is in the Tribeca Historic District.

One bone of contention was the boxy glass superstructure on the five-story building’s roof, which will house two apartments, including a duplex penthouse. TRA Studio’s re-design won the commission’s approval in 2014. The apartments will be outfitted with reclaimed wood, high-end finishes and fireplaces. The first to hit the market is a 4-bedroom asking just under $7 million.

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