This was a very interesting project with lots of complications. The deal bounced around the market for a while. When it got to me – I got it done. The office building was occupied by many tenants and signage contracts. Its location is highly appealing given the exposure and enjoying four frontages and convenient public transportation options. The additional development rights also made the acquisition price very attractive allowing the developer to add several floors in the glass tower) capturing amazing views.
Tribeca NYC office building prior to being redeveloped
I made one phone call to a qualified developer, the right developer. The terms where challenging but the rewards warranted it. The was as-is with no contingencies, multiple tenants and not subject to anything – period. The buyer had to obtain a zoning variance to convert the building into ultra-high-end luxury condominiums
Business, Condo, Conversion, Development, Manhattan, New York City, Office