Posted by Leonard Steinberg on March 31, 2011

Residential real estate sales in Downtown New York  soared in the month of March, and as the first quarter of 2011 draws to a close, it is clearly evident that the market has recovered strongly from a year ago, and even from the last quarter of 2010. This week an interesting sale occured:  the signing of a contract on the top five floors at 471 Washington Street, a building situated directly on Canal Street, once considered New York poison, location-wise, with its excessive traffic and activity, mostly headed towards the Holland Tunnel. This almost $ 20 million sale (just under $ 3,000/sf) for the penthouse located at the northern end of Tribeca with a swimming pool and rather wonderful, protected views towards the Hudson River represents the third mega sale on Canal Street in recent years.

The first two were at 1 York, another building that is essentially located on Canal Street: one was a combination of several apartments with the set back terrace (not the penthouse) bought by Michael Hirtenstein a few years ago that are still being renovated into a mega-mansion style apartment also including a swimming pool. Last year the 1 York penthouse sold for around $ 23 million, the record for Canal Street…..so far.

So what else lies in the future of Canal Street? Will these apartments hold their value? Will they soar in value? Only time will tell. Canal Street certainly benefits by its proximity to Tribeca and Soho. These sales are certainly a potent message on the power of a protected, big view……something all these apartments feature…..regardless of traffic, noise or perception.