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Churchill looks to offload Seaport apartment building for $26M

Churchill Real Estate has tapped a team from Cushman & Wakefield to sell its 23 Peck apartment building in the South Street Seaport District.

Maurice Suede and Daniel Soyak are leading marketing efforts for the property, also known as 257 Water Street. A corner mixed-use building, it consists of two conjoined buildings that total 27,522 s/f with 20 free market residential units and two commercial units. One of the commercial spaces is occupied by MarkJoseph Steakhouse, while the other is currently vacant.

The property sits in a C6-2 zone and features more than 7,000 s/f of unused air rights, allowing for a maximum of 35,313 s/f to be developed. Zoning allows for residential, commercial and facility use. The property includes approved plans for a redevelopment to add additional floors, reconfigure unit layouts and add several outdoor amenity spaces.

“257 Water Street is a great opportunity for an investor to acquire a property with stable and current cash flow today and the ability to improve rents by renovating some of the units,” said Suede. “The building features more than 7,000 square feet of air rights that could be used to add an additional floor to the building. The rental market in New York City has continued to improve with median rents recently exceeding pre-pandemic levels.”

Churchill Real Estate has been focused on its core lending business after securing $2 billion in investment capital from institutional foreign investors this summer.

It’s putting the money to work in it “residential transition lending (RTL) portfolio” often called flip loans by investors who use the money to buy a property, renovate it and then try to quickly resell at a profit.

Based in New York City and Charlotte, N.C., Churchill currently has more than $1.3 billion in assets under management.

23 Peck has been listed at $25.75 million. The company bought it for $24.5 million two years ago.

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