The magnificent Art Deco lobby of 100 Barclay is protected by New York’s Landmarks Commission.
Eric Laignel
A New York-based real estate developer is responding to an unsettled time with an option rarely found in Manhattan’s luxury housing: would-be condominium buyers can try out their new home by renting it before committing to a purchase.
“This is a way to solve the issues of uncertainty today,” says Jordan Brill, partner with Magnum Real Estate. “Rent-to-own is often used by developers who have too much inventory and need buyers; it is not needed to sell high-end homes in Manhattan’s desirable neighborhoods. My partners and I are bucking the trend with this. But we feel that, in these unprecedented times, we want our buyers to have options and to feel comfortable.”
The rent-to-own program is being offered for the residences at 100 Barclay Street, part of the Verizon Building. A spectacular, landmarked, block-long building often described as the world’s first Art Deco skyscraper, it was called the Barclay-Vesey Building when it was built in 1927, designed by famed architect Ralph Walker to serve as the headquarters of the American Telephone Company. Located in lower Manhattan, the building was heavily damaged during the attacks of September 11, 2001 and again when Hurricane Sandy flooded much of the area. Magnum Real Estate restored the historic elements of the building while updating its systems and dividing it into three sections. Today, retail establishments occupy the lowest levels, Verizon offices are housed between the second and tenth floor and luxury condominiums fill the top 20 floors of the 32-story building.
The building’s tower exhibits beautiful Art Deco styling
Ty Cole
“After Hurricane Sandy, we moved the mechanicals to the top level,” Brill says. “We worked closely with the Landmark Commission to ensure that the historic building would not be compromised while we modernized it.”
100 Barclay is located in Tribeca, a syllabic abbreviation of “Triangle Below Canal Street.” Bordering the Financial District and SoHo, Tribeca is a hip and desirable area where cobblestone streets are lined with trendy boutiques and restaurants. Family-friendly and walkable, the neighborhood is rich with historic architectural and green with parks.
The building boasts one of the most striking lobbies in New York, with colorful murals by artist Hugo R.B. Newman that depict the history of communication, from carrier pigeons to early telephones.
A would-be condominium buyer exercising the rent-to-own option during the first six months of rental has 75% of the rent paid credited towards the purchase price; after six months, that percentage drops to 50%, which expires after the renter has been living in the unit for 12 months. Available rentals today include a 3,656 square foot, four bedroom, four and one-half bath unit on the 20th floor for $36,000 per month. Units for sale include a three bedroom, three bath apartment with a private terrace for $4,485,000 and a 2,712 square foot home with a private terrace and a den for $6,795,000. The most expensive units in the building sell for $34,000,000.
“This is a family-oriented building,” Brill says, “With more amenities than any other building in Tribeca, including outdoor terraces, lounges, fitness centers, a lap pool, entertainment areas and all the services.”