Alan S. Cohen and Adam Maxson’s New York real estate firm ABS Partners has unloaded several lower Manhattan properties for $73 million. The firm had been shopping the location since last November. It had originally expected to get only $66 million for the site which the firm has owned for decades.
The two Tribeca buildings, 353 and 355-357 Broadway, are located between Leonard and Franklin streets. The family owned ABS also sold the air rights above the five story, narrow 359 Broadway, which it is keeping. That location has sentimental value for the firm as it was their first building.
Today the development site is occupied by two rather ugly, two story, graffiti covered, square, brick commercial buildings. No Romance Galleries, Cafe Boca Ciega, and Gelsey Kirkland’s ballet school are all currently located there.
Known as the Pearl Arts buildings, they are situated on top of 10, 965 square feet of space and offers its new owners 132, 780 buildable square feet. They come with a 210 foot height limitation.
ABS Partners Real Estate is a premier New York based real estate services firm delivering landlord and tenant representation. Established by industry leaders with more than a century of collective experience, ABS is dedicated to building lasting real estate and professional partnerships.