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Beck Street Capital Buys 38,000 SF Building for $21M

NEW YORK CITY-The new owner will continue leasing the space, but could potentially turn the five-story building into a hotel.

By Katie Hinderer | Updated on November 07, 2006

NEW YORK CITY-Beck Street Capital bought a 38,000 sf building in Hudson Square for $20.5 million in an off-market transaction. Eastern Consolidated represented Japan-based owner Okanaga USA, arranged the sale and procured the buyer.

The new owner plans to re-lease the space as leases end at current market rates. Office buildings in the area lease around $45 per sf, according to Marcia Yawitz, senior director at Eastern Consolidated, who represented the seller with David Johnson and Alan Miller. The building currently leases below market value. “There is a future possibility that they will utilize the air rights and create a hotel,” Yawitz says. While this is a possibility, there are no immediate plans in the works.

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