"I took dozens of people through it," he explains. Those interested in the 150,140-sf office had a number of obstacles to overcome. First, the building was only 70% occupied. "A lot of investors were nervous about the market," Anton notes. Then, there were investors interested in the site for a possible residential conversion. "But there were existing tenants so you couldn't do the project for a number of years," he adds. And then the fatal blow to any possible residential conversion was handed down when the city announced changes to its zoning code for the area. "It fell out of the residential zone," Anton says.

However, when a viable deal came down the pike, the deal was completed in a matter of weeks. Anton and fellow senior director Ron Solarz, working with financial analyst Paul Nigido, served as the exclusive brokers on the deal for the fee simple interest in the nine-story site. The building is located at the corner of Leroy Street in the Hudson Square Office District of Lower Manhattan, which, Anton points out, is rapidly becoming a mixed-use residential/office district.

"We may have set a record for site inspections for this exclusive, given the fact that so many investors, users, and residential converters wanted to tour the building during the last year and half," he notes.

A deal for the eventual purchaser was structured by Brian Ezratty, vice chairman of Eastern. The purchaser had an immediate need for a 1031 tax free exchange and the sale had to close by January 5. The deal was completed with just three days to spare. While in contract, the purchaser was able to get approval to assume the securitized mortgage encumbering the property.

Peter R. Batten acted as counsel for the seller, while Nat Tannen repped the purchaser, a local investment client of the firms.

Instant Insights /

609 Greenwich Trades in 1031 Exchange

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