Wall Street financial district, New York City. Shutterstock.
NEW YORK CITY- Gaedeke Group, a privately owned commercial real estate investment firm, has acquired 44 Wall St. advised by George Comfort & Sons, Inc., a real estate investment management firm, for $200 million. The property located between the intersection of Wall and William streets in Downtown Manhattan, totals 350,000 square feet. George Comfort is set to become the operator.
In addition, Finback Real Estate, a New York-based advisory firm servicing institutional investors and owners of private real estate assets, had assisted Gaedeke Group on the acquisition.
Built in 1927, 44 Wall St. stands 24-stories tall and is amid the ongoing transformation of Downtown Manhattan into a technology and creative hub. The property underwent enhancements in 2016, which included a lobby renovation. Approximately $24 million went to the building's renovation to modernize the structure, which at the time of execution was 80 percent occupied and today is 84 percent occupied.
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Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
