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Habitat Magazine Business of Management 2021

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CO-OP/CONDO BUYERS

WHAT CO-OP/CONDO BUYERS NEED TO KNOW

They Call This Progress?

Tribeca

Dubious Progress
April 11, 2016

Since December, eight businesses along a one-block stretch of West Broadway have closed because the buildings that house them were sold for $50 million to Cape Advisors, which filed plans last week to turn the plot between Murray and Warren Streets into – you guessed it! – an eight-story luxury condo building.

The buildings were not much to look at, but they were home to the sorts of staples that once made New York unique and attractive and affordable: a pizza joint, a strip club, a dive bar, a British tavern and a Thai restaurant. All gone with the wind.

In their place, Yimby reports, Cape Advisors will erect a building that will house 21 apartments on top of 9,653 square feet of retail space. The new building, designed by BKSK Architects, will also feature a shared terrace on the second floor and an 18-car garage underground. But, alas, no pizza joint or dive bar or strip club.

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