"This acquisition reflects our continued confidence in lower Manhattan as a thriving commercial market and residential neighborhood," says Berman, managing member of the joint venture. The building was previously owned by one of Germany's largest real estate funds--Deutsche Gesellschaft Fur Immobilienfonds mBH. The office, which features a new lobby and entrance, is currently advertised at a range of $22 to $30 per sf. Other office tenants include Dresdner, Kleinwort, Benson, Wall Street Transcript and Reynolds Richard Laventure.

In December 2003, law firm Herrick, Feinstein helped a joint venture of Berman and Bruckner obtain Liberty Bond financing toward the $150-million conversion of the adjacent 63 Wall St. The former headquarters of Brown Brothers Harriman & Co. is being transformed into a 475-unit residential building with ground-floor retail space and 70 to 80 parking spaces. Corus Bank also provided a $70-million loan to finance the purchase and renovation that 35-story site.