Fisher Brothers and The Witkoff Group have closed on a deal with St. John’s University to buy one of Lower Manhattan’s biggest development sites at 101 Murray Street for $223 million.
The JV partners plan to demolish the building and redevelop the site as a new mixed-use building, incorporating residential and commercial spaces. Design plans have not been announced.
“This is yet another exciting new project for Fisher Brothers and we couldn’t be happier,” said said Winston Fisher, partner, Fisher Brothers.
“Lower Manhattan continues to evolve at a record-setting pace and we are proud to be a part of it, along with The Witkoff Group. We’d also like to thank St. John’s University for being such a great partner in this transaction.”
Steven Witkoff, chairman and CEO of The Witkoff Group, added, “The partnership of Witkoff and Fisher Brothers is helping to redefine Downtown Manhattan, one of the fastest-growing areas in New York City. We believe 101 Murray will be another highly sought-after destination.”
Under the agreement, St. John’s Tobin College of Business School of Risk Management, the Global Studies language programs, and other academic initiatives will continue to use the space through mid-2014.
Vector Group Ltd. is also a partner in the deal.
Cushman & Wakefield represented St. John’s University in the sale, which achieved a record price for the area.
Martha Hirst, COO and Treasurer at St. John’s University, said, “The University takes great pride in our presence in New York City, and the overwhelming success of this transaction allows us to ensure the strength of that presence for generations of St. John’s students to come.”
Located on the northeast corner of Murray and West Streets, 101 Murray Street offers the opportunity to construct a brand new, residential project with a coveted Tribeca address.
The site provides a 31,028 s/f footprint that affords maximum design flexibilities in order to build a residential tower. The underlying zoning provides no height restriction, allowing the developer to maximize ceiling heights.
The site allows for the development of a residential building totaling 310,028 square feet as-of-right, with the potential to increase the development bulk to 372,336 s/f through available floor area bonuses.
A Cushman & Wakefield New York Capital Markets team of Helen Hwang, Nat Rockett, Karen Wiedenmann, Steve Kohn, and Michael Rotchford, represented St. John’s in the transaction.
“101 Murray Street is a development site like no other in Manhattan with the potential to become a truly world-class residence,” said Hwang, an executive vice President.
“We are privileged to have helped St. John’s University successfully realize such an important transaction for its academic mission.”
The University has plans to identify another centrally-located space in Manhattan in time for the start of the 2014-15 academic year to house the Tobin College of Business and other academic initiatives.