Lipa Lieberman of eastern Consolidated will be handling the $140 million sale of a Manhattan office building belonging to the Brooklyn based Weiss Family, according to a report in The Real Deal.
The 20 story building is located at 40-42 Exchange Place on the corner of William Street in the heart of New York’s financial district. It holds 251, 700 square feet of space. It has 13, 000 square feet of retail space, currently configured as six units which are 100% occupied and anchored by De Janeiro women’s clothing store, which has six locations throughout Manhattan. Other retail tenants include Rosetta Wines, Blimpie Subs, The Irish Punt restaurant & pub, Omega Shoe Repair and Dovid’s Kosher Newstand located in the William Street lobby.
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Offices are located from floors 2 to 20. They are currently 88% occupied with 65 tenants. The majority of tenants occupy smaller spaces measuring roughly 2, 300 square feet of average space and offer tenants the opportunity to combine spaces/floors into larger floorplans. Roughly 1/3 of the office tenants contain buyout or demolition clauses in their leases.
From the listing on Eastern’s website: “40-42 Exchange Place presents investors with the opportunity to acquire an income-producing office and retail asset which offers substantial near-term upside potential by updating, modernizing and repositioning both the retail and office components. Developers will also be attracted to the Property’s future potential to be converted to either residential or hotel use as Downtown continues its resurgence as a 24-hour mixed use neighborhood where billions are being invested in infrastructure, transportation hubs, major retail and entertainment complexes while maintaining its “Wall Street” cache as a world-class business district for the global financial services and technology industries.”
The Weiss family has owned the property for 25 years.
