Search
 

Jack Parker Corp. Leases 500,000-SF Downtown Mega-Parcel

NEW YORK CITY-The 102-year lease on a major chunk of TriBeCa real estate is valued at more than $25 million. Currently a warehouse district, the area is earmarked for residential and retail development.

By Glen Thompson | Updated on May 02, 2002

NEW YORK CITY-In what is being called one of the largest contiguous land transactions in New York City history, the Jack Parker Corp. has signed a 102-year lease on a 500,000-sf parcel in Lower Manhattan’s TriBeCa neighborhood. The owner is the Ponte family, a major downtown landowner.

Jack Parker Corp., also a significant city property holder and owner of the Parker Meridian Hotel, leased the land for a figure somewhere north of $25 million, according to Andrew Gerringer, who represented Parker in the deal. Gerringer is an executive vice president with Insignia Douglas Elliman and director of the firm’s Development Marketing Group. Joseph Mirasola of Lee O’Dell Real Estate initially brokered for the Ponte family but passed away before the deal was signed.

The property is bounded by Watts Street on the north, Debrosses Street on the south, Washington Street on the East and West Street on the west. Currently a warehouse district, Parker plans to begin redeveloping the space in short order. “The property is in an area that is currently zoned for manufacturing, which is not the highest and best use,” Gerringer tells GlobeSt.com. “Subject to due diligence and securing a necessary variance from the city, development may start as early as next fall on a major mixed-use project, most likely residential rental buildings with ground-floor retail space.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.