Vanbarton Group is continuing its office conversion activity in Manhattan. This time the real estate investment firm has struck a deal to purchase a site at 1011 First Avenue for more than $100 million and plans to turn it into a residential housing building, as reported by Bloomberg, citing sources familiar with the situation.
The property currently serves as the Archdiocese of New York headquarters and stands 20 stories.
The move comes weeks after Vanbarton made another purchase in Manhattan for a downtown office tower, called 77 Water St., according to a separate report from Bloomberg. Under the $95 million deal, the plan is to convert the property into 600 apartment units. The transaction is expected to close before the of the year. There was no timetable provided for the potential closing of the 1011 First Avenue office property.
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