Property at 110-112 Greenwich Street Flips for $52.9M
A mixed-use property at 110-112 Greenwich Street in Lower Manhattan changed hands for $52.9 million last week.
First reported by The Wall Street Journal, the building was purchased by Hersel Torkian of the Torkian Group from 110 Greenwich Street Associates. The property includes 66,530 square feet of space with 60 apartment units and corner retail space. An additional 30,000 square feet is available for development rights.
Eastern Consolidated’s Peter Hauspurg, David Schectman, Lipa Liberman and Abie Kassin, in conjunction with Cresa New York’s Mark Jaccom and Elyse Schindler-Candella represented both Hersel Torkian and 110 Greenwich Street Associates.
“This premier property is one of the best redevelopment opportunities in the Lower Manhattan investment market,” said Mr. Hauspurg in a prepared statement. “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.”
The property, built in 1929 and formerly a printing house, sits one block south of the World Trade Center complex and in close proximity to Wall Street and the World Financial Center. It was last sold in 1997.
While the property can be redeveloped, Mr. Torkian has no set plans for the building at this time.