NEW YORK CITY—Newmark Holdings and Northwind Group have purchased 40 Exchange Place in Lower Manhattan for $115 million. The seller was Weiss Realty.
The 20-story, 300,000-square-foot office and retail building is located in the Financial District, close to the New York Stock Exchange, the Fulton Street transportation hub and the World Trade Center complex.
The deal originated with Jason Marin, director of Eastern Consolidated, and former Eastern broker Lipa Lieberman, who represented the seller. Lieberman is now with Meridian Investment Sales.
The buyer was represented by Lieberman and former Eastern broker Abie Kassin. The analyst for the deal was Gary Meese, senior director of financial services at Eastern.
Newmark Holdings and Northwind plan a comprehensive capital improvement program for 40 Exchange Place. Ownership will devote significant resources toward improving all tenant spaces and building systems in the property, including a brand new lobby, common areas, elevator cabs, façade restoration, new storefronts, roof, fire alarm, sprinklers, tenant HVAC systems and restrooms.
Says Brian Steinwurtzel, managing director of Newmark Holdings, "40 Exchange is a perfect fit for our business strategy as it provides an opportunity to acquire an excellent but somewhat overlooked property in an outstanding location, execute a total renovation and upgrade, and offer the space for lease at market rates to small-to-mid-size tenants in the market."
Adds Ran Eliasaf, founder and managing partner of Northwind, "We have been tracking this property for a long time as we identified it offers opportunity to create significant value.
Marin asserts, "This office building is a great value-add opportunity in Lower Manhattan, which is undergoing a significant renaissance and has become a thriving, 24/7 live/work/play neighborhood."
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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.
