20 Exchange Place Trades for $152M

NEW YORK CITY-A lot of developers are stealing the mindset of the film, “Field of Dreams,” as yet another deal to convert Lower Manhattan office into residential use is announced. The 800,000-sf 20 Exchange Pl. was traded for $152 million to a joint venture comprised of Nathan Berman, Yaron Bruckner and Eastbridge NV. The bottom of tower will continue to be used for office space, while floors 16 through 57 will be converted to residential.

The law firm of Herrick, Feinstein LLP put the deal together with senior debt financing provided by Column Financial Inc., which is a division of CS First Boston. Senior mezzanine financing was provided by an affiliate of SL Green and junior mezzanine financing was provided by Prudential Real Estate Investors. “The Herrick team closed one of the most complicated financing deals that I’ve seen in my 36 years in the business,” notes Andy Singer, of Singer & Bassuk, which brokered the financing. Tenants at 57-story 20 Exchange Pl., which is located in the heart of the financial district, include the New York Transit Authority.