Home to City Hall Restaurant Sells for $18.5M

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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.

SEE ALSO: Q3 State of the Market Report: A Q&A With Eastern Consolidated’s Peter Hauspurg
Outside View of City Hall Restaurant at 131 Duane Street
Outside View of City Hall Restaurant at 131 Duane Street

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.