One Whitehall St./ Photo credit: Rudin Management Company
NEW YORK CITY—After hitting the market 45 days ago, the 366,209-square-foot office building at One Whitehall St. has sold for $183 million. A source with knowledge of the deal confirmed the sellers were the Rudin Family and the building's price was approximately $500 per square foot.
The New York Post has reported that Bill and Eric Rudin, who are cousins, sold the property to pay estate taxes for Jack Rudin, who passed away in 2016. The newspaper also stated that the buyers are Jacob, Joe, Michael and John Chetrit.
The Emery Roth & Sons designed building was constructed in 1962. It occupies a full block on Whitehall St. between Bridge and Stone streets in the Financial District. The building is 100% occupied and has protected views of the Hudson River and South Ferry above the 10th floor. Major office tenants include the Topps Company leasing 66,664 square feet, Source Media with 42,460 square feet, Knotel leasing 37,308 square feet and Enterprise Community Partners taking up 20,208 square feet.
Major retail tenants include Duane Reade with an expansive 14,660-square-foot space, as well as USPS and Corkery Wine & Spirits.
Cushman & Wakefield states that Doug Harmon, Adam Spies, Josh King, Adam Doneger, Marcella Fasullo and Kevin Donner negotiated the deal for the sellers. The advisory firm notes that the last office building which sold downtown was One Broadway in November 2018. That building sold for $139.5 million at $763 per square foot. Midtown Equities and Rockwood Capital had purchased it from Stoffel & Partners. The Harmon team also sold that building in November 2018.
According to Cushman & Wakefield's 1H 2019 Office Investment report, the average Downtown price per square foot in 2018 was $668 per square foot.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
