NEW YORK CITY—Northwind Group is in contract to buy 40-42 Exchange Pl.—a 250,000-square-foot office building in Lower Manhattan—for $120 million, according to The Real Deal.
This past October, Weiss Realty put the 20-story property on the market, where projections had it selling for approximately $140 million. The corner building in the Financial District was constructed in 1896 as a residential property and has been owned by the Weiss family for more than 25 years.
Meridian Capital Group's Lipa Lieberman—who previously was at Eastern Consolidated—and Eastern's Jason Marin were marketing the property. The building could potentially be converted into either a hotel or residential condominium.
Northwind's plans were not immediately clear and the firm could not be reached at press time. Eastern Consolidated also couldn't be reached, while a representative for Meridian did not respond to GlobeSt.com's request for comment.
In April, Northwind received approval from the Landmarks Preservation Commission to convert 40 Wooster St., a six-story office building, into residential units. The Midtown East-based investment firm focuses on the Financial District and Soho.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
