Published On: Thu, May 15th, 2014

Eastern Consolidated Markets Sale Of the Tribeca Film Festival’s Building, Looking For $105 Million

The long time home of the Tribeca Film Festival, a multi-purpose converted warehouse in Tribeca, is for sale.

Tribeca Film Festival

David Schechtman of Eastern Consolidated is handling the sale of Tribeca’s 13-17 Laight Street, home to the Tribeca Film Festival. The 80, 000 square foot building’s current owners are seeking $105 million for the property which they acquired for only $56 million just eighteen months ago, according to a report in The Real Deal.

Founded in 2002 by Jane Rosenthal, Robert De Niro and Craig Hatkoff as a response to the 9/11 attacks, The Tribeca Film Festival was initially intended to help revive the Tribeca neighborhood in Manhattan. The festival declares its mission to be “to enable the international film community and the general public to experience the power of film by redefining the film festival experience.”

A veteran television and movie producer who worked for the CBS television network, Jane Rosenthal grew up in Providence Rhode Island. She has produced a number of movies with Mr. De Niro including Analyze This, Meet The Parents and Flawless.

Rosentahl co founded Tribeca Enterprises, owners of the film festival, with her husband Craig Hatkoff. In March of this year they sold 50% of the company to Madison Square Garden.

Constructed in 1900 as a warehouse, the building has six stories and is a mixed use property currently owned by the investment advisory firm Whitestar Advisors and the development firm VE Equities which is headed by Zach Vella and Justin Ehrlich.

Whoever buys the property can be expected to convert it into a residential building. A few of its current commercial leases will be up in the next two years. There are already nine residential rental units on its upper floors and the building comes with air rights so the new owners will be able to expand it upward. Whitestar had originally planned to expand the property and turn it into condominiums, but never did.

The neighborhood has become one of Manhattan’s most expensive and a home to many a celebrity. The most recent new residential development there sold condominiums for a reported $3, 000 per square foot.

Located in lower Manhattan, Tirbeca’s name comes from an acronym for triangle below Canal Street. The neighborhood is known for its parks and trendy restaurants and has been home to many celebrities, including Robert De Niro, Scarlet Johansson, Jon Stewart and Jennifer Connelly. It is also home to New York Law School, Metropolitan College of New York and the Tribeca Grand Hotel.

The question movie fans will be asking is, of course, where will the Tribeca Film Festival go if the building is turned into a fully residential one.

A lawyer and executive managing director at Eastern Consolidated, David Schechtman runs its loans, sales and turn around group, which focuses on the sale of First Mortgages, Participations, Mezzanine Loans, Real Property and arranges Equity Placement linked to financial distress or restructuring. He holds a law degree form Yeshiva University’s Benjamin Cardozo School of Law and has completed more than $3.4 billion in transactions for Eastern.

Eastern Consolidated handles the leasing of commercial properties and brokers large real estate deals. Founded in 1981, it is a full-service real estate investment firm, headquartered in New York City.

 

Read more about: , , , , , , , , , , ,

Wordpress site Developed by Fixing WordPress Problems