Est4te Four Picks Up Tribeca Office Condo for $135M
As New York REIT liquidates its 4.4 million square feet of office and retail properties, it has sold an office condo at 50 Varick Street between Laight and Beach Streets in Tribeca for $135 million.
Milan-based developer Est4te Four bought the 150,000-square-foot unit, a spokesman for a brokerage involved in the deal told Commercial Observer. The Italian firm oversaw the renovation of the industrial space into a commercial photo and film studio in 2012. London-based Spring Studios currently occupies the unit, which encompasses the fifth through seventh floors of the eight-story former Verizon building. Est4te Four originally purchased the condo from Verizon for $12 million in 2010, and then proceeded to flip it, as part of a two-condo package, to Joseph Sitt‘s Thor Equities for $83 million in April 2013. NYRT picked up the two condos for $90.8 million three months later, in July 2013.
Adam Spies, Doug Harmon, Kevin Donner and Adam Doneger of Cushman & Wakefield represented NYRT in the sale, which was first reported in The Real Deal.
The REIT took in $49.1 million from the sale and paid down $78.1 million in debt, according to a press release from the firm. The property was part of the collateral for a $760 million loan.
The sale at 50 Varick is the first that the trust has announced since it began the process of liquidating its assets in December 2016. The company decided to unload 19 properties last year in the midst of shareholder disputes and lackluster stock prices.
Est4te Four didn’t immediately return a request for comment, and it hasn’t publicly revealed any plans for the property. In April, Est4te Four sold its massive Red Hook industrial assemblage for $110 million, as CO reported at the time.