Posted Mar 21, 2011, 2:33 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 56,888
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http://www.crainsnewyork.com/article/201...thing+Real+Estate+-+CrainsNewYork.com%29
March 20, 2011
By Adrianne Pasquarelli
Quote:
...Investors are also banking on lower Manhattan's long-term potential. Earlier this month, investor and philanthropist Michael Steinhardt and his business partner, Allan Fried, paid $65 million for two former American Stock Exchange buildings, at 86 Trinity Place and 22 Thames St.
The pair plan to develop the properties into a hotel with as many as 174 rooms, as well as a multilevel complex with 70,000 to 100,000 square feet of retail space.
Mr. Fried expects to open the development within two years. “We have several tenants that have expressed preliminary interest,” he said, adding that he is looking for midrange to high-end food and apparel stores.
Retailers eyeing downtown—which include Toys “R” Us and Apple, according to brokers—currently have just a few large spaces to choose from. The 31,000-square-foot former Borders space at 100 Broadway is available, while the landlord of 195 Broadway is moving tenants around to maximize space, brokers said.
“Everyone is betting on the future,” said Mr. Tricarico of Cushman.
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