Posted Mar 11, 2014, 1:52 AM
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Join Date: Jul 2001
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http://www.crainsnewyork.com/article...-princely-260m
Downtown lot hits market at a princely $260M
At $700 per buildable square foot, the price would mark a new high for a residential development site in lower Manhattan, shattering the current record set just eight months ago by 17%.
Daniel Geiger
March 10, 2014
Quote:
A father and son team that purchased an empty parking garage just south of the World Trade Center has put the site on the market for $260 million, five times what they paid for it just three years ago.
Fred Ohebshalom and his son Richard acquired 111 Washington St., three blocks south of the WTC site, three years ago by buying the distressed mortgage on the property from lender New York Community Bank. The price was a figure close to the $50 million loan’s face amount, according to reports. Eventually, the pair took control of the property when it was in foreclosure.
The pair then spent an undisclosed amount snapping up nearly 200,000 square feet of air rights from several surrounding properties, 102-104, 106 and 108 Greenwich Street and 105 and 109 Washington Street. All together with those extra air rights, about 362,000 square feet of residential or mixed use space can now be built on the site, which is at the corner of Washington and Carlisle streets.
Bob Knakal, chairman of the sales brokerage Massey Knakal Realty Service, has been hired by the Ohebshaloms to market the property and handle the sale.
“We certainly expect to set a pricing record for the neighborhood,” Mr. Knakal said. “We anticipate interest from around the city, around the country and around the world.”
If the property garners $260 million, it would translate into more than $700 per square foot, 17% more than a previous record for a residential development site in lower Manhattan set just eight months ago. That deal was for 101 Murray St., which developers Steven Witkoff, Howard Lorber and Fisher Brothers bought in July 2013, paying about $223 million. That site can accommodate slightly more space than 111 Washington St., 370,000 square feet, making its price per buildable square foot around $600.
“In the past six months to a year, the price of development sites has significantly appreciated all over the city,” Mr. Knakal said.
He noted that a developer could build either rental or condo space or a mix of both at the site along with retail in the property’s base. The development could also be home to a hotel, he said.
The Ohebshaloms could not immediately be reached for comment.
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