75 Wall sold for $185m.Real estate investment firm, the Hakimian Organization, in a joint venture with Peykar Brothers Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. , purchased 75 Wall Street last week from JP Morgan Chase for $185 million. With nearly all of its leases scheduled to expire within the next year--JP Morgan Chase's included--the 36-story, 660,000 s/f office building is a prime residential conversion candidate. Having priced that potential into its winning bid, the Hakimian Organization plans to make the top two thirds of the property home to luxury condominiums as soon as the space is vacant next year. The firm's vice president, Rex Hakimian, said the building was a natural conversion because it has "light on all four sides, high ceilings, incredible views and ideal floor plates." Hakimian said the firm is currently exploring the possibility of bringing a hotel into the bottom portion, a use made intriguing in·trigue n. 1. a. A secret or underhand scheme; a plot. b. The practice of or involvement in such schemes. 2. A clandestine love affair. v. by the recent surge in demand for hotel rooms downtown. "We have already been contacted by a number of hotel operators, major names in the industry," Hakimian said. "The hotel industry has become such a hot sector and there really are no hotels in the surrounding sur·round tr.v. sur·round·ed, sur·round·ing, sur·rounds 1. To extend on all sides of simultaneously; encircle. 2. To enclose or confine on all sides so as to bar escape or outside communication. n. area. It's something that we're considering." Another option is to maintain the lower floors as class A office space, a move that also has a rationale given the ongoing resurgence re·sur·gence n. 1. A continuing after interruption; a renewal. 2. A restoration to use, acceptance, activity, or vigor; a revival. of the downtown office market. "A lot of office space has been lost to conversions, so that can only help demand for good space," Hakimian said. The firm is also gearing up to convert another recent acquisition, 636 Eleventh In music or music theory an eleventh is the note eleven scale degrees from the root of a chord and also the interval between the root and the eleventh. Since there are only seven degrees in a diatonic scale the eleventh degree is the same as the subdominant and the interval Avenue, an office property that the Hakimian Organization purchased in April from a partnership between American Real Estate Management and investors, Mitch The name Mitch can mean:
"We purchased a building 690 Greenwich Street when the west village wasn't even close to what it is now," Hakimian said. "We feel that Lower Manhattan Lower Manhattan is the southernmost part of the island of Manhattan, the main island and center of business and government of the City of New York. Lower Manhattan is generally defined as the area delineated on the north by Chambers Street, on the west by the Hudson River (North and the West Side both offer the same kind of potential." |
|
||||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion