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Carter's View

Shahab Karmely is in contract to buy the 7-story, 217,549-square-foot commercial building at 443 Greenwich Street with the intention of eventually converting it to condominium apartments.

The building, which has a prime TriBeCa location just south of Canal Street, is fully occupied and takes up most of the block bounded by Greenwich, Desbrosses and Vestry Streets and a private alleyway with easement to the east. One of its existing commercial tenants is the TriBeCa Film Festival.

The impressive red-brick building has arched windows on all its floors except the top floor. It has a private vehicle entrance through high archways from Desbrosses and Vestry Streets leading to a very large interior courtyard.

The property was offered for sale by Eastern Consolidated on behalf of a private client for about $600 a square foot, which translates to about $120 million, according to Peter Hauspurg, chairman of Eastern Consolidated.

Mr. Karmely and RFR Realty recently were the sponsors of the conversion of the former Christie's East auction house building at 219 East 67th Street to residential condominium apartments. Mr. Karmely is also renovated the office building at 232 Madison Avenue.

A residential conversion of the building, which has two exposed rooftop watertanks, will require a special permit.
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Architecture Critic Carter Horsley Since 1997, Carter B. Horsley has been the editorial director of CityRealty. He began his journalistic career at The New York Times in 1961 where he spent 26 years as a reporter specializing in real estate & architectural news. In 1987, he became the architecture critic and real estate editor of The New York Post.