Eastern Consolidated and Cresa New York announced in a joint statement this week that they have arranged the $52.9 million sale of 110-112 Greenwich Street in Lower Manhattan. The 66,530 square foot mixed use property was purchased by Hersel Torkian of the BHT Corp. Eastern Consolidated Chairman and CEO Peter Hauspurg, principal and executive managing director David Schechtman, senior director Lipa Lieberman, and associate director Abie Kassin; along with Cresa New York president and managing principal Mark Jaccom and senior advisor Elyse Schindler-Candella, exclusively represented the buyer, as well as the seller, 110 Greenwich Street Associates, in the transaction. Full terms of the deal were not disclosed.
"This premier property is one of the best redevelopment opportunities in the Lower Manhattan investment market," said Peter Hauspurg. "Its strategic location and potential for redevelopment for any number of future uses permitted as-of-right under its current, extremely favorable zoning designation, makes this a great asset for the new owner."
Located on the corner of Carlisle Street one block south of the World Trade Center Memorial and One World Trade Center, the property features 60 free market apartments, corner retail space, and 30,000 square feet of additional development rights. The property also comes with roughly 6,600 square feet of retail space and 30,000 square feet of commercial air rights, according to the Wall Street Journal. The Torkian Group, a development and property management company, said it plans to renovate the lobby, add a fitness center, new elevators and a new heating and cooling system to the building.
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