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Shapolsky finalizes plans for 25 Broad St.

Real estate investor Arthur Shapolsky, who recently contracted to buy the half-million square foot office building across from the New York Stock Exchange at 25 Broad Street, has finalized his plans for the vacant tower that was once home to Paine Webber, Manufacturers Hanover Trust and other Wail Street firms.

Thanks to Shapolsky, the 21-story Beaux Arts structure may soon be home to the people who work at these companies.

Responding to what he terms "the changing needs and character" of the downtown marketplace, Shapolsky plans to set aside at least nine floors in his building for the development of plush condominium apartments targeted at the Wall Street community. And he promises that his apartment prices will be "hard to resist." Considering the incredibly low all cash price he's paying for the building -- $5.8 million or $11 a foot -- Shapolsky feels he can afford to offer his customers outstanding values and still turn a handsome profit.

While New York architect Steve Jacobs of the Jacobs Group, PC, is drawing plans for the residences, Shapolsky has decided to earmark the upper floors of the building for record storage -- another use be believes is ideally suited to the current needs of the financial district.

And last but not least, Shapolsky is looking for the "right" retail tenant or tenants for 68,000 square feet of extraordinary space on the building's ground, second and basement levels The space, formerly occupied by Manufacturers Hanover, contains the orignal ornate bank vaults from the 1890' grand winding marble staircases, 30foot high decorative gold leaf ceiling and much more.
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Title Annotation:real estate investor Arthur Shapolsky plans development of office tower in New York, New York
Publication:Real Estate Weekly
Date:Apr 28, 1993
Previous Article:Lawyers cover the bases in real estate.
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