A former Mitchell-Lama building turned market-rate co-op near the Brooklyn Bridge
Anyone who’s taken a ride over Brooklyn Bridge has traveled within yards of the Southbridge Towers. Whether or not passersby noticed the sprawling co-op complex, however, is a toss up. One of the nine brick-clad buildings nestles right up to the Brooklyn-bound on-ramp, but the full complex is set back from the traffic-jammed off-ramp into Manhattan. It’s a unique location indeed, and the attractions of Downtown Manhattan (South Street Seaport, Wall Street, City Hall) are close by. When it was built in 1971, Southbridge Towers was part of New York State’s Mitchell-Lama program, which meant the co-op’s units were priced significantly below market rate and subject to strict income limits. In 2015 however, Southbridge Towers converted to a private co-op, thereby voiding its prior restrictions and opening the buyer pool. While today’s sellers are able to list their units at market rate, the units are still considered a deal. “It’s one of the best values that you can find in the entire city,” says Christina Kremidas, an associate broker with Douglas Elliman. “It's a bit of a no-frills complex, meaning there’s not an abundance of amenities or service. But you are getting incredibly priced residences and low monthlies that are significantly below the average you would expect to pay in New York City.”
Over 1500 units spread across nine postwar buildings, some with river views
“There are nine buildings in the complex, some highrises and some lowrises,” Kremidas says. “The full site spans several city blocks and runs all the way up Pearl Street.” In fact, a recent visit illustrated the sheer scale of the co-op: A full lap of the complex takes roughly 15 minutes, even at a brisk walking pace. The asymmetrical layout of the buildings creates several courtyards throughout the complex, which Kremidas describes as “beautifully landscaped and maintained.” Over the years, residents have updated their units, resulting in an assortment of floor plans and finishes. Those with a love for original architectural details will not find them here, but the apartments have other desirable qualities. For one, multiple windows within the living room allow for more natural light, and all windows come screened — a rarity in the city, according to Kremidas. East-facing units in the towers along Pearl Street offer river views, making them the most coveted within the complex. “Many of the residences have private balconies, which is a nice perk,” Kremidas adds. While shareholders aren’t able to install in-unit washer/dryers, there is a laundry room in every building, located either at ground level or in the basement.
Studio to two-bedroom residences come at accessible price points
Southbridge Towers only offers studios, one-bedroom and two-bedroom residences, but according to Kremidas, “you also have ample square footage here, much larger than you’d find in newer buildings.” Studios are between 500 to 550 square feet in size and typically cost between $475,000 and $650,000. One-bedroom apartments range from 670 to 750 square feet in size and $650,000 to $850,000 in price. Two-bedroom units measure 800 to 1,050 square feet and typically sell between $850,000 and $1.25 million. As for monthly fees, Kremidas shares that “for a two bedroom, you're looking at monthlies under a thousand dollars, and that’s inclusive of your property taxes, your building maintenance, as well as your utilities, including your electric bill.”
Outside, residents will find a grocery store, landscaped grounds and sports courts
Part of the reason for low monthlies can be found on the ground floor of the complex. “There are several commercial businesses within Southbridge Towers that contribute to the financial health of the complex,” Kremidas says. “Plus, it’s very convenient for residents to have a good amount of businesses right at their doorstep. This includes a Key Food [for groceries], a veterinarian, a dermatologist, multiple restaurants and bars.” There are also two parking garages on-site. Both are operated by Icon, a third-party company that offers residents steep discounts on leased spaces, according to Kremidas. While there’s no concierge service, each building has its own security guard attending the lobby, and there is an on-site management office. “Unlike most buildings where you feel like you can't get in touch with your management company, this management office is directly in the complex,” Kremidas adds. “Residents can walk right in and discuss their needs.” One additional interior amenity is a basic gathering space at the ground level of one of the buildings, outfitted with tables and chairs. “It’s not like a swanky looking lounge with couches and nice details. It’s more like a rec center. There’s also a yoga room located right off of it.” In addition to the landscaped grounds, residents will find a colorfully painted basketball court, two playgrounds and brand new pickleball courts.
Downtown amenities are highly concentrated and within walking distance
While the Brooklyn Bridge hugs Southbridge Towers to the north, there are myriad attractions east, west and south. “The Financial District is one of the fastest growing residential areas in New York City,” Kremidas says. “It was previously known for being very commercial. Now, it houses some of the nicest residential buildings in the city, so there’s a plethora of neighborhood amenities.” Right across from Pearl Street, Seaport is a micro-neighborhood whose cobbled streets are lined with hip restaurants and charming businesses like a bookstore, ice cream parlor, candle shop and an arts gallery. Along the riverfront “there’s Pier 17, which has a rooftop music venue, and several beautifully designed, high-end restaurants,” Kremidas says. “One of the notable attractions is the Tin Building, which was done by Chef Jean-Georges and contains a gourmet market and excellent restaurants like a brasserie, an Asian style speakeasy and a plant-based restaurant.” The area right outside has become a popular spot for locals with dogs, and the East River Greenway provides paths for runners and bikers. Walking to the south, Wall Street is roughly 10 minutes away, while Battery Park is less than 20 minutes away. It also takes around 10 minutes on foot to reach the shops and restaurants at the Oculus, World Trade Center and Brookfield Place. For government workers and lawyers, numerous municipal buildings are located just a few blocks north of the complex.
Trains, buses, ferries and highways offer a multitude of travel options
The rest of the city (and even New Jersey) is extremely accessible from this area. “You are very close to Fulton Center, which has practically every subway that you could need, as well as the Path train that gets you into Jersey very easily,” Kremidas says. Eight trains are concentrated at the Fulton Center transit hub, six minutes away, but many of them have entrances closer to the co-op. An express bus operates right along Pearl Street, and local routes are available to the west. “One of the greatest features is that you're very close to the Wall Street ferry terminal,” Kremidas adds. And for drivers, it’s extremely convenient to access the Brooklyn Bridge and FDR Drive.
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Quantarium
Current List Price
Sold Price
Area Factors
Low Crime
Crime Score®
4/ 10
Very Bikeable
Bike Score®
88/ 100
Walker's Paradise
Walk Score®
100/ 100
Rider's Paradise
Transit Score®
100/ 100
Sources: WhatIsMyCrimeRisk.com, Walk Score
Sources: WhatIsMyCrimeRisk.com, Walk Score
WhatIsMyCrimeRisk.com, Powered by CAP Index provides objective, accurate, and consistent data to help measure, compare, and mitigate crime risks. Walk Score® measures the walkability of any address. Transit Score® measures access to public transit. Bike Score® measures the bikeability of any address.
Sound Score® measures the noise level of any address. Environmental risk data is provided by First Street Foundation® and is designed to approximate risk and not intended to include all possible scenarios.
Parks in this Area
Titanic Memorial Park
1 min walk
Trails
DeLury Square
2 min walk
Trails
Imagination Playground
3 min walk
Playground
Drumgoole Plaza
4 min walk
Trails
Parking Lot
James Madison Plaza
5 min walk
Picnic Area
Trails
Mannahatta Park
6 min walk
City Hall Park
7 min walk
Picnic Area
Trails
Parking Lot
Alfred E Smith Playground
8 min walk
Basketball
Volleyball
Playground
East River Esplanade - Catherine St
9 min walk
Picnic Area
Trails
River
Schools
Source:
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