New York–The late-19th century, seven-story loft building at 481-487 Washington Street in Manhattan’s trendy TriBeCa neighborhood has just traded for benchmark pricing, fetching $13 million ($281 per square foot).
Eastern Consolidated Executive Managing Directors Eric M. Anton and Ronald A. Solarz represented the seller, 481 Washington Street Realty Corp., and procured the buyer, 481 Washington Street LLC, in the sale of the 47,600-square-foot property zoned for residential, office and hotel uses.
Eastern Consolidated says the sales price was noteworthy for a still-recovering real estate market.
“The property generated tremendous interest, primarily among developers interested in a residential conversion opportunity, “says Anton who added that Eastern was only in the market with the building for two and a half months.
“Now occupied by a few remaining office tenants, the new owner is considering several options; most likely upgrading the building as a high-end residential rental with an upscale wine bar in a portion of the retail. The area is already home to such high-profile buildings as the Urban Glass House and 505 Greenwich Street, among others,” says Solarz.
Built in 1895 as a store house for the spice trade, the property features 25-inch walls at ground level and immense floor beams. It was once home to the printing and importing industries.