But this latest transaction is actually the culmination of anodyssey for the venerable structure, whose actual address is 24Commerce Street. Years ago it was owned by the Helmsleys, but itwas picked up by GTST, a locally based investment group, for lessthan $500,000 in 1997. GTST spruced up the building, raisedoccupancy from virtually nothing to more than 80% and sold it justover a year later to Read Properties. The sale price was more than$2.2 million.

The property remains at approximately the 80% level in terms ofoccupancy, and Stern Management is said to be actively talking withseveral potential tenants. Further terms of the sale were notdisclosed.

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