The fact that commercial real estate deals in New York City often reach hundreds of millions of dollars is no surprise at this point. With each passing year, real estate transactions in and around the Big Apple never cease to amaze.
One of the most talked about transactions of the year will be the purchase of the 13-story Tribeca building by the Peebles Corp., and Elad Group for $160 million. The building, located at 108 Leonard St., has been owned by New York City since 1967.
The Peebles Corp., and Elad Group have big plans for the 115-year-old property, as they hope to turn the property into a five-star hotel while also selling condominiums. When all is said and done, the restoration project is expected to cost approximately $400 million.
For many years, New York City has used the building as the home of a variety of city agencies, as well as the Criminal Summons Court.
After the city moves its employees out of the building, the restoration project is expected to begin. This should happen sometime during next spring or summer. While there is nothing written in stone just yet, it is expected to open in 2016. Upon completion, there will be as many as 140 condo units, as well as 75 luxury hotel suites.
These types of commercial real estate deals are common throughout the United States, particularly in large metropolitan areas like New York City. However, these types of deals require the knowledge and experience of a qualified real estate attorney to ensure the interests of his or her client are protected.
Source: cpexecutive.com, "Peebles, Elad Buy NYC Landmark Building for $160M" Gail Kalinoski, Dec. 18, 2013