Joseph Sitt’s Thor Equities has bought out Andrew Heiberger’s Buttonwood Development’s share of the commercial space in the Manhattan condominium building Greenwich Club Residences for $12.5 million, according to the Real Deal.
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The two firms had been 50/50 partners in the asset.
Valued at $25 million, the space is located in 88 Greenwich Street, a 37 story residential building in Manhattan’s financial district. It was built in 1929 in the art deco style as an office building and is currently called the 88 Greenwich Club Residences.
The commercial space takes up 50, 000 square feet on 88 Greenwich’s first two floors. That comes to 1/9 of the building’s 450, 000 total square feet.
This includes over 50 feet of frontage on Greenwich Street, 82 feet of frontage on Rector Street, and 100 feet of frontage on Washington Street.
Thor’s website boasts that it is, “located in the heart of New York’s dynamic new Downtown, this property offers users the opportunity to occupy space in one of the most sought after markets in Manhattan. Unprecedented growth in the commercial, retail, and hospitality sectors has accompanied the booming residential market. The best is yet to come!”
Sitt and Heiberger had acquired the entire building in 2005 for $200 million, which had been converted into a rental apartment building from an office building in 2000. They then proceeded to convert the property once again, this time into a condominium property with 452 residences, which were designed by Ismael Leyva architects and have all been sold.
Heiberger said of the residences that “Under Buttonwood and Thor’s stewardship, Greenwich Club Residences was one of the true indisputable success stories of its time, ” and that Buttonwood would use the funds it received from the sale as part of its continuing search for what he called “large-scale luxury development opportunities.”
Sitt and Heiberger are also partners in a third real estate firm, Town Residential. Back in March the two men had a rapprochement when they settled a long and ugly dispute over Town in which Heilberger had been deposed as CEO. It began in January when Sitt refused to renew Heilberger’s contract as CEO because, as he claimed, Heilberger had not achieved the goals that they had agreed to when the two first started their partnership in 2011.
His sister, Lisa Heiberger, was reinstated at the firm.