The 8-story building at 264 Water Street in the South Street Seaport District has been bought by NS Water Properties LLC, of which Arthur Emil is a principal, for $22 million.
The seller was F.G.F. Enterprises Corp., of which Harold Reed is president.
The attractive, red-brick building, which is on a cobblestone street between Dover Street and Peck Slip, has 27 occupied apartments, all at free market rents. The 48-by-130-foot building had been known as Seaport Mews.
Massey Knakal Realty Services has sold an 8-story, elevatored loft building at 264 Water Street - a cobblestone street in the South Street Seaport Historic District - in an all-cash transaction valued at $22,000,000, or about $532.97 a square foot
According to Michael DeCheser of Massey Knakal Realty Services, the broker in the transaction, the sale was valued at about $532.97 a square foot.
"This location is on fire," Mr. DeCheser said. "Sadly the purchaser of this property lost his business in the 9/11 tragedy, but five years later, invested the settle proceeds back into the building," he added.
The seller was F.G.F. Enterprises Corp., of which Harold Reed is president.
The attractive, red-brick building, which is on a cobblestone street between Dover Street and Peck Slip, has 27 occupied apartments, all at free market rents. The 48-by-130-foot building had been known as Seaport Mews.
Massey Knakal Realty Services has sold an 8-story, elevatored loft building at 264 Water Street - a cobblestone street in the South Street Seaport Historic District - in an all-cash transaction valued at $22,000,000, or about $532.97 a square foot
According to Michael DeCheser of Massey Knakal Realty Services, the broker in the transaction, the sale was valued at about $532.97 a square foot.
"This location is on fire," Mr. DeCheser said. "Sadly the purchaser of this property lost his business in the 9/11 tragedy, but five years later, invested the settle proceeds back into the building," he added.
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.
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