Red Pine Capital Partners Pays $7 M. for Financial District Condo
Red Pine Capital Partners has paid roughly $7 million for a commercial condominium at The Cocoa Exchange building at One Wall Street Court in the Financial District, the firm announced today.
The condo, at the intersection of Wall Street and Beaver Street in the Financial District, is comprised of 7,100 rentable square feet, including a ground-floor, mezzanine and lower level.
“The Financial District evidenced great strength and resilience after Hurricane Sandy,” said Red Pine Capital Partners’ Michael Federman, in a statement. “The opening of One World Trade and the Fulton Station should only increase that strength.”
The sole tenant of the retail condominium is Japanese fusion cuisine and sushi restaurant Haru, which features two private rooms, mezzanine dining that overlooks the Shinto temple-inspired design of the main space, sushi and cocktail bars, and full delivery and catering services.
The deal marks the second commercial condominium acquisition in the Financial District for Mr. Federman and Red Pine Capital Partners. The firm acquired a retail condo at 111 Fulton Street in 2010, in partnership with The Klein Group. That property is leased to Chipotle Mexican Grill.
The Cocoa Exchange was formerly known as The Beaver Building, which is one of several nineteenth and early twentieth-century flatiron-shaped buildings in lower Manhattan.
Between 1931 to 1972, one of the building’s primary tenants was the New York Cocoa Exchange, the world’s first and foremost cocoa futures market. In 2006, the Exchange was converted into a full-service, boutique residential condominium with 15 floors, 126 apartments and two commercial units.
James Ventura and Glen Kunofsky of Marcus & Millichap represented the seller in the transaction and Lorico Real Estate Investment Services represented Red Pine Capital Partners.