Trirag LLC pays $21M to architect Thierry Despont for property in Tribeca

Trirag LLC paid architect Thierry Despont’s 10 Harrison Street LLC $20.5 million for 10 Harrison Street in Tribeca. The deal closed on September 12, 2019, and was recorded on September 20, 2019. The transaction consists of 1 parcel, including the tax class miscellaneous loft (L9). The property is 14,646 square feet. The parcel(s) have total development potential of 14,646 square feet.
The average sale price per square foot is $1,516.
The estimated cap rate is 1.3%
Despont signed a 5-year lease as tenant, which was recorded on the same day as the sale.

Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 major renovation applications including a certificate of occupancy change (A1) filed with a total estimated value of $106,840. There was one renovation/alteration project (A2) applied for with a total estimated value of $699,400.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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