News: Brokerage

Carrega, Oelsner, Kingsley and Meister of Grubb & Ellis broker $49.7 million sale; Represented seller World Wide Holdings; Buyer of 93 Worth St. is Izaki Group

According to Grubb & Ellis Co., members of its Investment Services group represented World Wide Holdings in the sale of 93 Worth St., a 165,000 s/f office building in the TriBeCa neighborhood, to Izaki Group Investments USA (IGI-USA). Total consideration was $49.7 million. Vincent Carrega, executive VP, Yoav Oelsner, executive VP, Charles Kingsley, executive VP, and Jason Meister, associate, represented World Wide Holdings. The property is expected to become a residential condo building following renovations and restorations. Plans call for the building to offer 96 units and a number of amenities. "This office building was positioned as a redevelopment opportunity throughout the sale process, and with the need for residential condominiums in New York City's Tribeca area to support growing demand, the sale was a great fit for the buyer and seller," said Oelsner. "Adding to its attractiveness for residential repositioning, the building is located in an area surrounded by a wide variety of amenities for future tenants." "IGI-USA saw the sale of this building as the perfect canvass for a condominium redevelopment. In a market with a dearth of new condo projects and a TriBeCa location, 93 Worth St. was an incredibly appealing opportunity for the company," said Oelsner. "We expect that by the time IGI completes the repositioning of this asset, it will be one of the most desirable condominium conversion projects to hit the market in some time." Constructed in 1924 and 1925, 93 Worth St. encompasses 12 stories situated atop more than 9,400 s/f of retail space. The property is located near Foley Square, the Federal Courthouse, New York Law School, the County Clerk of New York's office and other municipal and educational institutions. The building is also near the Broadway Corridor, which offers numerous shopping and dining options, as well as convenient access to public transit.
MORE FROM Brokerage

United Properties Corp. adds 380,354 s/f of Midwest retail to portfolio - reaching over 10 million s/f

East Meadow, NY United Properties Corp. has completed two significant retail acquisitions totaling $34.3 million across Ohio and Iowa. The portfolio has crossed 10 million s/f, boosted by 380,354 s/f of premier commercial shopping center space acquired in these purchases.
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
New York’s streets are full again, and the retail numbers prove it - by Noam Aziz

New York’s streets are full again, and the retail numbers prove it - by Noam Aziz

Walk down any New York block this year and you can feel it. The sidewalks are crowded, the storefronts are lit, and the energy that defines this city is back at full volume.
Hunt CRE question and answer: Choosing a real estate agent - by David Hunt

Hunt CRE question and answer: Choosing a real estate agent - by David Hunt

First, we will only work with one agent exclusively. The primary reason is that we want that agent to legally represent our client’s interests. In New York State, a real estate agent has a fiduciary
Hunt commercial real estate question and answer: Fortune 500 wisdom - by David Hunt

Hunt commercial real estate question and answer: Fortune 500 wisdom - by David Hunt

Yes, there are lessons to be learned from the largest companies in America when comes to managing your real estate. But the decision to buy or lease real estate may not be one of
The art of investing in real estate - by Thomas Donovan

The art of investing in real estate - by Thomas Donovan

Real estate investing is as much an art as it is a skill. No one can time the market, or the factors that drive it, perfectly. Location, zoning, size, transportation, and neighborhood density give you a baseline for