The investors don't have a particular preference about what the property will become Mechanic says. “They're open. I think they'll be talking to different people and seeing what makes the most sense.”

Bloomberg, the building's largest tenant, renewed its lease for its 372,382-square-foot disaster recovery site last spring, according to the Post. However, most of the building now sits vacant, with nearly 750,000 square feet up for lease, it was reported.

There are also 290,000 square feet of air rights, which could tip the scales toward the development of an as-of-right hotel, more modern offices or for apartments with a zoning change. More commonly known as the St. John's Terminal Building, 550 Washington straddles the trendy shopping and dining areas of SoHo and the Meatpacking District.

The structure spans more than three-city-blocks and is known for having Manhattan's largest floors, a feature conducive to modern office space, notes the New York Observer. Built in 1933, it served as a terminal where goods could be carted to and from at one time and was the original terminus of the Highline.

However, the building was converted into office space decades ago, the paper says. It has been owned since the 1960s by Eugene Grant, a now 92-year-old investor who reportedly courted investors for many years and then regularly turned them away, the Observer reports.

Grant finally turned over his shares in the property due to tax rate concerns, the Post says.