Tribeach will continue to grow by remaining focused on prime properties, by identifying the unique development potential of each, and by leveraging the experience and creativity of our team throughout the life-cycle of the project. Setting the highest standards for its development projects, Tribeach delivers excellent value to end-users as well as significant returns to investors.
SITE ACQUISITION, ASSEMBLY, AND PURCHASE
Tribeach’s site acquisitions to date could be described as complex, even bold. Some required patience and perseverance while others needed quick decision making and fast financing. However, as our record indicates, we have always bought well based on a price to location basis. Our sites have preserved their value and appeal through good economic times or bad, and more often than not, have substantially increased in value as Tribeach has rezoned or developed them.
WAWEL CHOCOLATE FACTORY, KRAKOW, POLAND
Tribeach negotiated the purchase and assemblage of several lots from a prominent chocolate company. Well located across from the newly-built Galleria Kazimierz along the Vistula River, the area is just a 15 minute walk from Market Square. While under contract and before closing, the rezoning process successfully changed the former industrial site to residential with some commercial-retail space at grade. Upon closing, with the assemblage and rezoning in place, Tribeach sold the improved development at multiples of its actual cost. The decision to sell a site in this improved state is part of our overall business plan, permitting profit-taking over a shorter period while reducing risk.
ZONING, CITY PLANNING, AND LANDMARKS
Working together to create bold, imaginative solutions, Tribeach has the facility to envision each project from a broad array of perspectives. The complementary nature of the partnership enables the team to navigate the labyrinth of city agencies such as City Planning (zoning) and the Landmark Preservation Commission with acuity, bringing complex deals swiftly to completion. The company prides itself on its ability to troubleshoot, and welcomes the challenge of addressing all possible options.
19 BEACH STREET, TRIBECA
NEW YORK CITY
This site gave Tribeach not only its name but also a successful start in real estate development. With an option to buy the site subject to rezoning and planning approval, the partners designed and filed for a variance with the New York City Board of Standard and Appeals to change the zoning use from manufacturing to residential and to increase the floor area by 40% (an increase in F.A.R. from 5 to 7). Tribeach sold the development, although its affiliate Fegan Berg Architects completed the design and construction. The success of this project was made possible by negotiating a complex acquisition contract offering the seller the price he was looking for, in exchange for the time to obtain the variance.
25 BOND STREET, NOHO
NEW YORK CITY
An existing 3 level parking garage in a manufacturing district bordering a quaint landmark district was acquired subject to rezoning. This site was rezoned through another BS & A variance, a process with input from the Landmarks and Preservation Commission, City Planning and the local Community Board. The variance granted to Tribeach permitted a mixed-use-building of residential, commercial retail and parking totaling 72,000sf gross area. With approved plans, after closing on the construction financing and completion of the demolition and foundation work, Tribeach accepted an attractive offer to sell the project.