NEW YORK CITY—The mixed-use 110-112 Greenwich St. building in Lower Manhattan has traded for $52.9 million, according to brokers involved in the deal.
The 66,530-gross-square-foot residential and retail property was acquired by Hersel Torkian of the BHT Corp., according to a joint announcement by Eastern Consolidated and Cresa New York that arranged the transaction. Located on the corner of Carlisle Street one block south of the World Trade Center Memorial and One World Trade Center, the property features 60 free-market apartments, corner retail space, and 30,000 square feet of additional development rights.
Eastern Consolidated Chairman and CEO Peter Hauspurg, principal and executive managing director David Schechtman, senior director Lipa Lieberman, and associate director Abie Kassin; along with Cresa New York president and managing principal Mark Jaccom and senior advisor Elyse Schindler-Candella, exclusively represented the buyer, as well as the seller, 110 Greenwich Street Associates, in the transaction.
“This premier property is one of the best redevelopment opportunities in the Lower Manhattan investment market,” Hauspurg says. “Its strategic location and potential for redevelopment for any number of future uses permitted as-of-right under its current, extremely favorable zoning designation, makes this a great asset for the new owner.”
This is the first time the property has been traded by its long-term ownership since 1997. After the purchase 17 years ago, the current owners converted the property from a printing house to loft apartments, which average approximately 800 rentable square feet and feaure ceiling heights that range from 12 feet to 14 feet.
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