Avison Young’s New York City office has been engaged to identify a long-term net lessee for 250 Church Street, also known as 101 Franklin Street, in TriBeCa.
The 205,600 s/f, Class A, 16-story tower, is situated on the entire westerly block-front on Church Street between Franklin and Leonard streets. It is anticipated that the new long-term net lessee will be required by ownership to redevelop the property into a cutting-edge Class A office building, a first class residential rental building or a boutique hotel.
The building is currently occupied by the NYC Department of Human Resources but the tenant will be relocating and vacating the building in August 2017.
The Avison Young Investment Sales team, comprising Principals, Vincent Carrega, Jon Epstein, Neil Helman and Charles Kingsley will manage the assignment to procure a net lessee on behalf of ownership.
“The 250 Church Street property is unquestionably an amazing opportunity. The quality of the space, excellent layout and location right in the heart of one of the most sought-after Manhattan neighborhoods, known for its trend-setting restaurants and boutiques, makes this a highly desirable redevelopment project,” said Kinglsey.
“It offers what is the equivalent of a blank canvas, where the property can ultimately be transformed and brought up to current day standards or beyond.
“The team is excited that we have been engaged to lead the disposition effort on such a unique opportunity in such a great neighborhood.”
250 Church Street features well-sized floor plates and high ceilins, as well as windows on four sides with skyline views.
The property has over 300 feet of retail frontage, 15-plus foot ceiling heights on grade and a retail cellar boasting 11 foot ceilings.