Downtown Offerings
March 11, 2014

Woody Heller and Will Silverman

Downtown offerings are starting to multiply. Post colleague Steve Cuozzo reported earlier this week that the office building at 55 Broad is now in contract to sell for $157 million, while we told you the vacant land at 45 Broad is on the market while the Rudin Organization is seeking to redevelop the building next door at 55 Broad.

Now, two residential buildings and a development site are also available as some owners want to take cash off the table for redeployment while others want to jump in with fists filled with dollars for bricks.

The 42-story luxury residential building at Tribeca Pointe, the tallest residential building in Battery Park City, is now being offered and could sell for more than — hold your breath — $300 million.

The 80/20 rental incorporates 340 market rate and rent-stabilized apartments in 285,000 square feet. It towers on the edge of the Hudson River and has commanding views of the entire harbor and downtown area.

Developed by Rockrose, the company has now hired Woody Heller, Will Silverman, Eric Negrin and Daniel Parker of Studley to market it, with an eye on a new owner who could keep it a rental or convert the 80 percenters into a condominium.

Amenities include rooftop spaces, a children’s playroom, a gym and a small deli.

Last year, the nearby all free-market 22 River Terrace with 324 units was also sold for Rockrose for $255 million through Cushman & Wakefield to Centurion Real Estate Partners and Five Mile Capital. Since then, pricing for condos and land have both leaped.

Similarly, just south of the World Trade Center, a former industrial printing building that was later headquarters for Local 32b-j of the Service Employees International Union and converted to 60 large and lofty market-rate rental apartments in 1997, is also being offered for sale for $65 million.

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