Marin of Eastern Consolidated and former firm broker Lieberman originate $115 million sale of 20-story office building

Manhattan, NY Eastern Consolidated has arranged the sale of 40-42 Exchange Place, a 20-story office building with ground floor retail in Lower Manhattan. The property traded for $115 million. At one point the tallest building in Lower Manhattan, this 20-story, 250,000 s/f property is located at the southeast corner of Exchange Place and William St., one block from Wall St., and was on the market for the first time in 25 years. This well-located corner property includes 18 ft. ceilings on the 1^st floor, 14 ft. ceiling on the 2^nd floor, and has 11 ft. ceilings throughout the rest of the building. The deal originated with Jason Marin, director of Eastern Consolidated, and former Eastern broker Lipa Lieberman, who represented the seller, Weiss Realty. The buyer, Northwind Group which is partnering with Newmark Holdings, was represented by Lieberman and former Eastern broker Abie Kassin. Gary Meese, senior director of financial services, was the analyst for the deal. “This office building is a great value-add opportunity in Lower Manhattan, which is undergoing a significant renaissance and has become a thriving, 24/7 live/work/play neighborhood,” Marin said. Originally built as a neo-Renaissance residential building in 1896, the property was named for Lord’s Court, an open area in the middle of the block originally intended to provide light and air to neighboring buildings. Ultimately converted to office, the building has two primary entrances, one on Exchange Place and one on William St. Entrances from both streets lead to the lobby of the office tower portion of the building. The lobby contains an elevator bank, security desk, a small convenience store and second entrances to some retail spaces. Materials used in the lobby include terrazzo tile floors, marble walls, and a decorative ceiling. The property is located four blocks to the 4, 5 subway at Wall St. and Broadway, one block to the 2, 3 at William and Pine Sts. and one block to the J, Z at Broad St. and Exchange Place.