(Read more on the multifamily market.)
NEW YORK CITY-A conversion and development site at 136 Church St. in Manhattan's Tribeca neighborhood goes for $30.5 million. A source tells GlobeSt.com that the buyer was Henry Feld of Millenium and the seller was Melvin Heller of locally based Heller Properties.
"The seller knew it was the right time to get this on the market because conversion and development sites are still hot, which is obvious by the price tag," a source close to the transaction tells GlobeSt.com. "The buyer plans to take full advantage in the future of the approved plans to build three additional stories."
The seven-story plus mezzanine, 50-by-100 foot property is located on the southwest corner of Church and Warren streets. Also known as 37-39 Warren St., it contains 16 residential units and approximately 37,343 sf. Massey Knakal Realty Services represented Heller.
The proposed building for the site has been designed by SLCE Architects, an internationally acclaimed firm. The design includes two- and three-bedroom, two-bathroom apartments on the existing floors and three penthouse additions.
The retail space at the site is fully leased to paint seller Janovic through 2012. Aside from Janovic, the property was delivered vacant. It sold for $816.75 per sf to the Long Island-based developer. "The market's appetite for conversion and development sites shows no let-up," says Massey Knakal broker Michael DeCheser, who exclusively represented the seller with chairman Robert Knakal.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
