Real Estate Weekly
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Stalled development hits market in FiDi

Eastern Consolidated has been selected as the exclusive agent to market 45 John Street in the Financial District, a stalled office to residential conversion project that is around 75 percent complete.

The fee simple interest in the 14-story, 102,000 s/f property will be auctioned off at the U.S. Bankruptcy Court on December 2 with the minimum bid starting at $73.6 million, and will be delivered free and clear of all liens.

Originally planned as a luxury residential condominium project, construction on 45 John Street stopped in 2009 because of the financial crisis.

Peter Carillo, senior director and principal of Eastern Consolidated, is heading the firm’s team, which will include Stuart Gross, executive managing director and principal, Adelaide Polsinelli, senior managing director and principal, Ben Tapper, senior director and principal, Gabriel Saffioti, director and Chris Matousek, director of Financial Services at Eastern, will be the analyst on the assignment.

“This property is ideal for a developer seeking to become part of the exciting renaissance taking place in Lower Manhattan,” Carillo said.

“In the time since construction first started on this project in 2007, the Financial District has undergone dramatic economic and demographic changes. As a result, nearby condominiums are selling for over $1,500 per square foot with a significant premium for larger units, apartments are renting for $70 per square foot, and retail space is leasing for $150 per square foot and rising rapidly.”

Carillo noted that household income in Lower Manhattan averages $205,000 and the population is expected to rise to over 77,000 in 2016, further increasing the demand for housing and retail. Nearly 8,500 new units of housing are planned or have come on line between 2012 and 2016, and more than 2 million square feet of new or repositioned retail space will be open or in development by next year.
Additionally, the $1.4 billion state-of-the-art Fulton Transit Center opened a half a block from 45 John Street; One, Four, and Seven World Trade Center are completed; and 12.4 million tourists are visiting the area annually.

The original condominium declaration for 45 John Street called for 84 residential units, including seven penthouses each with private terraces, and 11 foot ceilings heights.

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