Compass, Elliman wrestle for supremacy in Tribeca

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Well-established as one of New York’s most desirable neighborhoods, Tribeca has become as famous for its high-priced homes as the celebrities who tend to inhabit them.

Buyers spent a combined $1.8 billion on condos, co-ops and townhouses in the trendy enclave last year at an average price of nearly $4.5 million, among the highest of any neighborhood citywide.

Accounting for an outsized 5.5 percent of all Manhattan residential sales volume, Tribeca represents a prime cut of the borough’s luxury housing market, and success there can have a big effect on a firm’s bottom line.

To measure that success, The Real Deal tapped into the dataset of 58,000 deals from 2022 in our citywide brokerage ranking, looking specifically at sales in the famed triangle below Canal Street.

The top two firms were closely matched in terms of both overall volume and deal count, together accounting for half of all volume last year. Compass took the top spot on the strength of nearly $467 million across 97 deals, narrowly beating out Douglas Elliman’s $455 million on 99 transactions.

The Corcoran Group was a distant third, with just over $277 million in volume across 53 deals. Brown Harris Stevens closed 27 deals worth a combined $81 million and Sotheby’s International Realty rounded out the top five with $71.5 million in volume across 13 deals.

An honorable mention goes to eighth-ranked Coleman Real Estate Group which made the top 10 on the strength of a single listing: a full-floor unit at 25 North Moore Street that sold for $21.7 million.

Another standout was Official, which scored a top-10 spot despite only coming into existence last June when Tal and Oren Alexander left Elliman to start their own firm with venture-backed proptech startup Side.

Condos unsurprisingly accounted for the vast majority of brokerages’ business in Tribeca, accounting for over $1.6 billion, or 88 percent of total volume. 

More than 85 percent of the 410 deals recorded in Tribeca last year were resales. A small number of sponsor condo sales (48) did not impact the order of the ranking, as the top two firms were the only ones with significant new development activity, though it did pad Elliman’s lead over Corcoran. 

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Top-ranked Compass had just under $71 million in new development volume across 10 deals, and second-place Elliman closed 30 sponsor sales for nearly $147 million.

For inquiries about how to obtain the underlying data set referenced in this story, email research@therealdeal.com.