The Hakimian Organization and Peykar Brothers Realty are in negotiations to purchase the 36-story office tower at 75 Wall Street from JP Morgan Chase and convert the upper floors to residential condominiums.

Rex Hakimian told CityRealty.Com today that a contract may be signed in about a month and that the number of apartments has not yet been determined. He added that the lower portion of the building will be commercial and may include a hotel.

The handsome, red-brick building was built in 1987 and is notable for its arcade and mid-block plaza with a waterfall and its chamfered corners. It occupies the Wall Street blockfront between Pearl and Water Streets and is not far from the South Street Seaport.

In their book, "The A.I.A. Guide to New York City, Fourth Edition" (Three Rivers Press, 2000), Elliot Willensky and Norval White commented on the building noting that "A deep, generous entrance arch through a flamed granite base offers a promise, but the flat detailing above doesn?t deliver," adding that "The park provides the obligatory waterfall, but little to promote pedestrian serenity."

The building, which was designed by Welton Becket Associates, has a strongly articulated top and the upper floors have superb views in virtually directions.

J.P. Morgan Chase bought the building from Barclays Bank last summer and an article in The New York Post today indicated that the new sales price was in the vicinity of $175 million. Mr. Hakimian said that he could not comment on the price.

The bank had agreements with two of the largest tenants in the 640,000-sq.ft. building ? Dresdner Kleinwort Wasserstein and Fireman?s Fund Insurance Co. ? to buy out their leases.

Some of the Hakimian Organization?s residential developments include 50 and 184 Lexington Avenue, 236 Eat 47th Street and 277 Mulberry Street and its current projects include 636 Eleventh Avenue and 30 West 18th Street.