Home to City Hall Restaurant Sells for $18.5M
Al Barbarino Feb. 10, 2014, 12:10 p.m.
Eastern Consolidated has arranged the sale of a five-story, 25,000-square-foot mixed-use building at 131 Duane Street in Tribeca for $18.5 million.
The property, marketed as one of the last remaining cast-iron loft buildings in Tribeca, features eight residential units on floors two through five, atop a ground floor and lower level retail space occupied by City Hall Restaurant.
“There are very few large cast-iron loft buildings in Tribeca that have not yet been converted to co-op or condominium,” said Eastern Consolidated’s Marion Jones, who represented the seller with Ben Tapper, in a statement. “The building is one of the last of its kind.”
Six of the eight residential units in the building are rent stabilized, with an average rent of less than $700 per month for apartments that are over 2,000 square feet, giving the new owner significant upside potential, which was reflected in the original asking price of $21 million.
“Finding the right buyer proved challenging given the limited current income that the property is generating, requiring a buyer to come with a larger than normal percentage of cash,” Mr. Tapper said, in a statement. “However, given the dearth of available product, especially 75 foot wide cast-iron loft building in Tribeca, we knew this was a desirable asset.”
The seller of the property, Duane Street Realty LLC, bought the building for just $2.2 million in 1998, previous reports show.