Tribeca Mixed-Use Building Sells for $8.5M
By Gus Delaporte April 22, 2014 7:30 amreprints
Claude Castro LLC has acquired 90 Chambers Street in Tribeca from 90 Chambers Street Realty LLC for $8.5 million, Commercial Observer has learned. The building traded for $1.25 million less than its initial asking price in a 1031 exchange.
The property is located between Broadway and Church Street and includes five free market residential units and a ground-level retail unit. One of the building’s four-bedroom apartments last rented for $7,795 last year, according to StreetEasy. The building’s retail unit, which was occupied by Jerry’s Cafe until last September, is currently vacant.
The building was marketed by Adelaide Polsinelli, a senior director at Eastern Consolidated, as a “prime candidate for redevelopment and conversion.” It is expected that the new owner will refurbish the building’s exterior and retenant the retail unit, which is best suited for food use. It is unlikely the building will be converted to condominiums.
The property was initially marketed to users who would acquire the building and occupy the retail unit but the brokers met resistance due to the ongoing construction on Chambers Street. “It’s challenging for a user to buy this and it became hard because few users wanted to invest in a project that was not completely ready to be unveiled,” Ms. Polsinelli said.
Lipa Lieberman, a senior director at Eastern Consolidated, procured the buyer. The seller was represented by Bryan McCrossen and Chris Palmese, attorneys at Donovan LLP. The buyer was represented by Claude Castro of Claude Castro Associates. Mr. Castro’s stake in the deal, if any, could not be immediately verified. He could not immediately be reached for comment.