Cushman & Wakefield announced the sale and financing of One Whitehall Street, a 366,209 s/f full-block mixed-use office building in the Financial District.
The final sale price was $181.5 million. LoanCore Capital provided $167 million in acquisition financing, which includes future funding.
The glass and steel tower was developed by Rudin Management in 1962 between Bridge and Stone streets and renovated in 1989.
According to the New York Post’s Lois Weiss, it was sold by cousins Bill and Eric Rudin to settle estate taxes for the late Jack Rudin, the family patriarch who died in 2016.
Weiss reported that buyers are brothers Jacob and Joe Chetrit and cousins Michael and John.
A Cushman & Wakefield team of Doug Harmon, Adam Spies, Josh King, Adam Doneger, Marcella Fasullo and Kevin Donner marketed the building on behalf of the seller, while Gideon Gil, Alex Lapidus, Zachary Kraft and Maya Steinberger also of Cushman & Wakefield, handled the financing on behalf of the buyer.
“This was a rare and exceptional downtown offering and a strategic purchase for the private family buyer,” said Harmon.
One Whitehall Street is a 21-story mixed-use office building designed by Emery Roth & Sons. The building is 100% occupied, with notable tenants including the US Post Office, Duane Reade, the Regional Plan Association and Topps.
“This transaction represented a compelling financing opportunity for lenders, given the sponsor’s profile and track record operating Manhattan office properties,” said Gideon Gil, Executive Managing Director, Capital Markets.
“Lenders were able to understand the intrinsic upside of investing in the property, due to the flourishing downtown office market and the fact that this is the first time the property has traded since its inception. After an extensive marketing process, LoanCore Capital put forth an efficient financing package that catered to the sponsor’s immediate business plan.”
Sitting across the street from the low-rise US Custom House, One Whitehall has unobstructed views of the New York Harbor and Battery Park. The building is already equipped with smart building technology and has open space fit for the creation of outdoor terraces.