NEW YORK CITY-Just as the South Street Seaport renovation is getting underway, it appears that the waterside destination has some new competition.
Fortis Property Group has purchased 151-161 Maiden Lane—for $64 million or $257 per buildable-square-foot—a property that can become a mixed-use, 249,242 square foot building, with up to 138,468 square feet available for residential use and the remaining 110,774 square feet for commercial/hotel use or 249,242 square feet for full commercial/hotel use. Additionally, the site features two contiguous lots, has no height restrictions and allows for the construction of a single mixed-use tower or two individual developments.
The property was sold by Maiden Lane Development LLC, which was represented by a Cushman & Wakefield New York capital markets team of EVPs Helen Hwang, Nat Rockett and Steve Kohn; Jared Kelso, managing director; John LiGreci, senior brokerage coordinator, along with Bruce Mosler, chairman of global brokerage and George Giannopoulos, senior associate. It was unclear at press time who represented the buyer.
The transaction marked a great turn around in sales activity and pricing downtown, says Maiden Lane principal and founder Vassilis (Bill) Kefalas. “When we acquired the site at the end of 2010, there was little sale or development activity downtown, but we saw great investment potential. The price is a testament to a reinvigorated lower Manhattan and the unique aspects of the site. This investment exceeded all of our return expectations given the short window that we had to deploy our capital.”?
Adds Cushman's Hwang, “151-161 Maiden Lane is an irreplaceable waterfront location, spanning an entire block just south of the dynamic South Street Seaport redevelopment project that allows a developer to build a substantial mixed-use project with spectacular views.”
Spanning an entire block that is bounded by Maiden Lane, South street, Fletcher street and Front street, 151-161 Maiden Lane is close to Pier 17 at South Street Seaport, where construction is slated to start this fall, as well as the upcoming Fulton Street transportation hub. Since 2002, the neighborhood has seen an influx of residents as more than 11 million square feet of office space was converted to residential. In addition, the rebuilding of the World Trade Center area is slated to include the addition of another new transportation hub, offering greater access to the area for prospective tenants and visitors.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
