Tribeca Office Building Commands $90M
- Oct 10, 2016
New York—The Vanbarton Group has acquired the former home of the Tribeca Film Festival, an 82,500-square-foot corner loft building in New York City’s Tribeca neighborhood, from a partnership between VE Equities and WhiteStar Advisors for $90 million.
Eastern Consolidated arranged the sale of 13-17 Laight St., and Ezratty procured the buyer.
“This is an exciting opportunity in the heart of Tribeca,” Roberto Ortiz, Eastern Consolidated senior director & principal, said in a prepared statement. “The property was delivered vacant and the buyers are planning to convert it into a high-end office building.”
The property, also known as 52-58 Varick St. and 20-24 St. John’s Lane, offers 140 feet of frontage on Laight Street, 99 feet of frontage on Varick Street, and 99 feet of frontage on St. John’s Lane. A pre-war elevator building, it features 12-foot ceiling heights, open interior floor plans, and exceptional light and exposure with dramatic cityscape views.
The transaction marks the second time Eastern Consolidated has arranged the sale of the property, originally representing both sides when VE Equities and WhiteStar Advisors acquired the property from Mazda Realty Associates LLC in December 2012, for $56 million.
“After a contract on the building fell through last summer, we brought in a new offer from a great buyer, arranged a new contract in August, and closed the deal in less than 60 days,” said Brian Ezratty, Eastern Consolidated vice chairman & principal.
The building is located just steps from the A, C, E & 1 lines and Holland Tunnel.