Boymelgreen buys 14 Wall for $215m.After a year of sole ownership of 14 Wall Street, Larry Gluck, president of Stellar Management, sold the 37-story l-million s/f property to Leviev Boymelgreen for roughly $215 million. A source involved in the deal indicated that Gluck was eager to cash in on the building's value while the downtown market is still at the height of a conversion craze. "This building is unusual for downtown because it's an extremely prestigious building, but has very flexible floorplates that make it friendly to a conversion," said the source. "It's a first class office building and if it was converted would also be a first class residential tower. There are so many things you can do with it and it will be interesting to see what the new owners choose to do, you could convert parts, the whole thing or leave it alone totally." The new owners have been involved in many high profile conversions including 23 Wall Street/ 15 Broad Street. However, a spokesman for Boymelgreen denied there were any plans to turn 14 Wall's upper regions, which include space that was formerly penthouse apartments
A penthouse apartment or penthouse is a special apartment that is at the top of the building and differentiated from other apartments in the building by owned by JP Morgan Morgan, American family of financiers and philanthropists. Junius Spencer Morgan, 1813–90, b. West Springfield, Mass., prospered at investment banking. , into residential condos. Gabriel Coltea, legal counsel at Boymelgreen said the firm has no plans for an immediate conversion, especially considering the buildings impressive tenant roster, which includes Skidmore, Owings & Merrill, the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. , Morgan Stanley  To comply with Wikipedia's , the introduction of this article needs a complete rewrite. , and Time Warner Telecom Time Warner Telecom NASDAQ: TWTC is headquartered in Littleton, Colorado.The company provides managed network services, specializing in Ethernet and transport data networking, Internet access, local and long distance voice, VoIP and security, to enterprise . "We haven't thought about converting, and we certainly haven't brought in the right people who could tell us how much of the building to convert, say a third or half," Coltea said, indicating that if the building was in fact renovated, it wouldn't be entirely converted into residential apartments. About 25% of the building is currently vacant and Coltea said that bringing new tenants in is the new owner's first priority. "This is a really fantastic building that was well run by Stellar Management, so I don't think we're going to have much trouble," said Coltea. Gluck purchased the property in the mid 90s in a partnership with Goldman Sachs The Goldman Sachs Group, Inc., or simply Goldman Sachs (NYSE: GS) is one of the world's largest global investment banks. Goldman Sachs was founded in 1869, and is headquartered in the Lower Manhattan area of New York City at 85 Broad Street. and then bought them out last year in a deal brokered by Eastdil's Douglas Harmon. Harmon, who is moving at his typical fast pace so far this year, also brokered this sale as well as last month's $93 million sale of SL Green's 180 Madison Avenue Madison Avenue, celebrated street of Manhattan, borough of New York City. It runs from Madison Square (23d St.) to the Madison Bridge over the Harlem River (138th St.). In the 1940s and 50s, some of the major U.S. . |
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