457 Washington Street – Single Family Mansion to Overhaul 120-Year-Old Tribeca Building

In the wake of recently filed plans, a Tribeca corner is poised to look very different. The 5,600-square-foot brick and terra cotta building at 457 Washington Street was erected in 1886. Since then, it has served as a tenement, hotel, residential building, and home to a ground-floor diner. When local restaurateurs and investors Jacques and Samuel Capsouto put the building on the market in 2015, its current incarnation contained three full-floor units, one office, a two-car garage, and 1,120 square feet of air rights. 6sqft mentioned the possibility of turning it into a grand, single-family home, and permits have been filed to do just that.

According to Acris, an entity known as 142 Watts LLC bought the building in January 2018 for $9 million, nearly 17% below the original listing of $10.9 million. Plans identify the owner as Cathleen Ihasz, whose private investment company Lazar Ventures is active in real estate. An early listing advised buyers to “bring your architect,” and that’s what they’re doing: The applicant of record, William Green Architecture, is known for its design of the Lazar Hotel and conversion of a 19th-century Greenwich Village triplex. Conceptual renderings released by Citi Habitats offer a hint as to what the new house might look like, but neither is likely to be built.

Five blocks away, a mega-mansion at 11 Hubert Street hopes to prove that there is a market for single-family townhouses in Tribeca. It is acclaimed architect Maya Lin’s first residential project and “the biggest suburban-style mansion the city has ever seen,” according to the New York Post. Planned amenities and features include, but are by no means limited to, indoor Olympic pool, spa area, basketball/squash court, screening room, double-height four-car garage, double-height living room with fireplace, his and hers master suites, and private outdoor space. It was listed for $35 million in February 2017.

In its earliest days, the neighborhood around 457 Washington Street was largely residential with St. John’s Church and St. John’s Park nearby. According to Daytonian in Manhattan, “Cornelius Vanderbilt purchased the park and built a railroad on the site. And there went the neighborhood” in a more commercial direction. But New York real estate moves in cycles, and residences are making their way back to the streets once devoted to warehouses and production companies. Neighbors include a condominium at 449 Washington Street, a co-op at 451 Washington Street, and luxury rentals 456 Washington Street and Truffles Tribeca.
Source: City Realty