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Chetrit and Peebles Snap Up Two City Buildings for $247M

NEW YORK CITY-Developers buy underused office space to create a digital media site and a MXD with residential and retail.

By Rayna Katz | Updated on March 06, 2013

NEW YORK CITY-Living up to a previously made promise, Mayor Michael Bloomberg on Tuesday announced an agreement to sell two city-owned buildings, for nearly $250 million, as part of the administration’s government plan to reduce city government office space by 1.2 million square feet by 2014. The Mayor first announced the intention to sell the properties—49-51 Chambers Street and 346 Broadway—in his 2012 state of the city address.

The Chetrit Group and the Peebles Corp. were selected to purchase 49-51 Chambers St. and 346 Broadway, respectively. Chetrit is set to purchase 49-51 Chambers Street for $89 million. Formerly the Emigrant Industrial Savings Bank, the building is slated to become residential and retail space, the city announced during a press conference.

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