NEW YORK CITY-As investors continue to flock to Lower Manhattan, Cassidy Turley is marketing four commercial condominiums within Setai Wall Street at 40 Broad St. in the Financial District, GlobeSt.com has learned. “There is a lot of activity,” says David Lebenstein, senior managing director and principal at the brokerage, who is offering roughly 70,000 square feet on floors four through seven inside the class A building. Asking prices start at $375 per square foot—a price that he describes as a “bargain” compared to other Manhattan submarkets.
“If you look at the pricing, it is significantly more favorably priced than buying a commercial condominium in Midtown, which could range $550 to $750 a foot,” he says, noting that the units are attracting a whole host of potential users thus far. “It’s been a real mix. There has been foreign buyers, law firms, some nonprofits,” he adds.
Last year, floors four through seven inside the 33-story building were acquired by a joint venture of CTNY Investors, LLC, Declaration Management & Research LLC and Cassidy Turley shareholders from Waterbridge Capital for a rumored $10 million, according to Real Capital Analytics. The mixed-use building also consists of 159 residential units on floors 8-33 above, owned separately by Zamir Equities.
Lebenstein says the tower features separate entrances, lobby and elevators between its commercial and residential units, and ground floor retail such as the Setai Spa and the SHO Shaun Hergatt. The building – located between Beaver Street and Exchange Place – is two blocks from the New York Stock Exchange, and offers close proximity to new developments at the World Trade Center and Fulton Street subway station.
“Between everything going on at the World Trade Center, Conde Nast coming downtown, the 9/11 Museum opening, the Stock Exchange, being near Tiffany’s and Hermes, it is all that good stuff,” he says.
Lebenstein is marketing the units along with Cassidy Turley colleagues Stephen Bellwood and Edward Kent.
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