Ingerman buys 85 West Broadway.The following story is reprinted in full from the December December: see month. 7 issue of Real Estate Weekly, where it ran without a continuation line ... Tribeca Associates purchased 85 West Broadway Broadway, famous thoroughfare in New York City. It extends from Bowling Green near the foot of Manhattan island N to 262d St. in the Bronx. Throughout its length Broadway is chiefly a commercial street. last week, a 2-story office building with ground floor retail that the firm will likely demolish de·mol·ish tr.v. de·mol·ished, de·mol·ish·ing, de·mol·ish·es 1. To tear down completely; raze. 2. To do away with completely; put an end to. 3. and redevelop re·de·vel·op v. re·de·vel·oped, re·de·vel·op·ing, re·de·vel·ops v.tr. 1. To develop (something) again. 2. into a much larger property. The firm's founder Elliott Ingerman would not disclose the exact purchase price but did say that it was between $20 and $30 million. NAI See Network Associates. DG Hart's Stephen Dadourian brokered the sale. Ingerman, who was a managing director at Insignia/ESG for 11 years before he entered into real estate investment in 2001, also wouldn't comment on what kind of development his firm may pursue for the site but indicated that residential, office, hotel space were all considerations. "We have a lot of ideas but I don't want to say anything until we have a definitive plan," Ingerman said. Ingerman gained fame in real estate circles with his $63 million purchase of Penncom Plaza at 132 West 31st Street in late 2003, a 17-story, 425,000 s/f office building that Tribeca Associates eventually sold to a joint venture between C&K Properties and Zamir Equities for $91 million in August 2004. |
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