Art Deco Conversion at 100 Barclay Street: The Good, The Bad, and The Ugly

This 1927 Art Deco office building was recently converted to condominiums and turned out truly fantastic with extensive amenities and incredible craftsmanship. In my opinion it is the best building in the Financial District.

I represented clients who purchased two apartments on the 29th floor. Their contracts were signed in Spring 2015. The building started closings in early 2016 from the top floors, and construction continued as new owners moved in. Elevators were never easy to catch, early residents often had long waits. Many of the amenities took a while to be completed, another pain for residents. Several hallways had ongoing work with dust and noise while people were living in the apartments. These early problems made it difficult to rent apartments. Other top buildings uptown have had similar problems with residents needing to be patient while final renovation is finished. Developers want to close ASAP but lobbies, amenities, hallways, are often not complete.

It is not for every buyer, signing a contract before they can see a finished product, closing on an apartment in a building that is still quite under construction. In the short run, for an owner/resident it can be unpleasant to live with, or for an investor to see immediate rental return. In the long run, buying early into a building like 100 Barclay means getting your pick of layout, views and size at what can be an excellent value.

Anyone can read a news article now and see the finished product and know exactly what they’re buying, and for some that is the way to go. It required vision, when my clients signed their contracts in 2015, but it was possible to see that 100 Barclay would be an incredibly well designed building, with historic and classic New York architectural roots, at the prime crossroads of Wall Street and Tribeca.