Capstone Pays $60M for Downtown Property

NEW YORK CITY-Capstone Equities LLC has purchased 156 William St., a 250,000-sf multi-tenant office building located in the Financial District in Downtown Manhattan. The total purchase price was $60 million or $240 per sf. Daniel Ghadamian, a principal at Capstone, tells GlobeSt.com that the deal was financed by Philadelphia-based RAIT Financial Trust.

Joshua Zamir, managing principal with Capstone, explains that it is exciting to close this transaction in such a “difficult financing environment.” Capstone’s Fund I, which invests in underperforming commercial properties, recently invested in the 1.1-million-sf 14 Wall St. in a joint venture with the Carlyle Group. Capstone bought the landmark tower last year and has signed leases for almost 200,000 sf since its purchase including the recent 36,400-sf lease to NYU Medical center. Other recent project investments include 40 Broad St., 132 W. 31st St. and 44 Wall St.

Following the path of Capstone’s property at 14 Wall St., the company plans to build on previous improvements by upgrading 156 William St. to create a luxury office building offering first class tenant services, amenities and security. Capstone has hired architectural firm Gensler Architects and is currently considering designs for a new lobby, building facade, curtain wall and mechanical capital improvements. Ghadamian notes that the company is still analyzing design and budget as of now in regards to improvements, so he couldn’t not determine a construction cost or start date at this time.