NEW YORK CITY-One of the last remaining office towers in JohnStreet is becoming a rental building. A high-rise office buildingat 116 John Street situated at the corner of Pearl Street will beconverted into 418 rental apartments.
Metro Loft Management bought the property through a businessagreement with Hacienda Intercontinental Realty. The company hasplans to reconstruct the 35-story, 350,000-square-foot property inphases. The property is nearly 40% leased. Avinash K. MalhotraArchitects will handle the $100-million renovation.For the fullstory, go to New York Times.
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