25 Park Place sold for a little more than $374 per sf. The cap rate of the deal was 5.1%, according to Massey Knakal executives. Currently, floors two through four are vacant.
Located just north of the World Trade Center site, on the north side of Park Place between Broadway and Church Street, the 26,705-sf building is slated to be designated a historic site.
"Buildings on the outer fringe of TriBeCa continue to entice buyers at high prices," says Massey Knakal broker Paul Smadbeck, "The location is ideally situated to take advantage of the continuing conversion frenzy within walking distance to the largest urban development project in the United States."
Massey Knakal and Rod Kritsberg of A & I Broadway Realty brokered this transaction. Massey Knakal's Smadbeck and Michael and Peter DeCheser exclusively represented the seller.
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