DEAL OF THE DAY: 13-Story Luxury Tower Goes on Sale
- Mar 03, 2008
By Anuradha Kher, Online News EditorNew York–A 13-story, 66,530-sq.-ft. luxury residential tower, located at 110 Greenwich St., is on the market for sale through real estate investment services firms Eastern Consolidated based in New York and Marcus and Millichap based in Encino, Calif. The deadline for bids is March 5th at 3pm.Eastern Consolidated Senior Director Robert F. Ortiz and Senior Associate Paul J. Nigido are partnering with Senior Associates Michael Forrest and David Shorenstein of Marcus Millichap in the sale of the property, which could potentially be converted to a condominium, corporate residences, a hotel or offices.“Apart from the conversion options, the retail tenant at the base of the 60-unit building is renting under market. Since that lease is due to expire in a year, there’s near-term upside potential for the new owner,” says Ortiz.Built in 1929 as a fireproof warehouse building, 110 Greenwich Street (also called 2 Carlisle St.) features 14-foot ceilings. The pre-war property was converted to a luxury apartment building in 1997.“The building benefits from a 421g tax-exemption expiring in 2015. Situated in close proximity to 1, 4, 5, R and W subway lines, this is an exceptional opportunity to acquire a stable, free-market rental apartment building in a strategic downtown location,” says Ortiz.