The source tells GlobeSt.com that the seller is Jakobson Properties, a locally based longtime owner and operator. "They are selling to take advantage of market fundamentals."
The bid deadline for the sale is March 5 at 3 pm. Locally based Eastern Consolidated senior director Robert Ortiz and senior associate Paul Nigido are partnering with senior associates Michael Forrest and David Shorenstein of Marcus Millichap in the sale of the property, which could potentially be converted to a condominium, corporate residences, a hotel, or offices.
"Apart from the conversion options, the retail tenant at the base of the 60-unit building is renting under market," Ortiz explains. "Since that lease is due to expire in a year, there's near-term upside potential for new owner."
Originally built in 1929 as a fireproof warehouse building, 110 Greenwich St., also known as 2 Carlisle St., features 14-foot ceilings and natural light due to its corner location. The pre-war property was converted in 1997 to a luxury apartment building and has been well maintained ever since.
According to Ortiz, in a prepared statement, "the building benefits from a 421g tax-exemption expiring in 2015. Situated in close proximity to the Number 1, 4, 5, R and W lines, this is an exceptional opportunity to acquire a stable, free-market rental apartment building in a strategic Downtown location."
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, 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.
