Kent Swig is planning to sell the very handsome, Georgian-style office building at 140 William Street in the Financial District for $11.5 million within the next few weeks, sources said, according to an article today by Theresa Agovino at crains.com
The article said that Mr. Swig "had been hoping to collect $14.2 million for the empty seven-story" building.
"It was unclear on Wednesday who was buying the 48,000-square-foot building, which many experts suggested would likely be turned into condos. Mr. Swig declined to comment through a spokesman," the article said.
The building has a double-height ground floor with multiple entrances.
Last year, Massey Knakal said that "Over the long term, this Property's core location in a rapidly changing neighborhood makes it an ideal redevelopment opportunity over the long term. To wit, the existing building, currently built out to an FAR of 6.4, is undersized for the site which allows a 10X floor area ratio as of right or an additional 20,000 square feet. In addition, several neighboring properties may be available for either outright acquisition or a transfer of development rights making possible for future development."
In December, 2007, the American Numismatic Society sold the building, which is at the corner of Fulton Street, to Mr. Swig for about $24 million.
The building has a two-story white stone base with a very impressive, colonaded entrance, mutlipaned windows and a cupola.
The article said that Mr. Swig "had been hoping to collect $14.2 million for the empty seven-story" building.
"It was unclear on Wednesday who was buying the 48,000-square-foot building, which many experts suggested would likely be turned into condos. Mr. Swig declined to comment through a spokesman," the article said.
The building has a double-height ground floor with multiple entrances.
Last year, Massey Knakal said that "Over the long term, this Property's core location in a rapidly changing neighborhood makes it an ideal redevelopment opportunity over the long term. To wit, the existing building, currently built out to an FAR of 6.4, is undersized for the site which allows a 10X floor area ratio as of right or an additional 20,000 square feet. In addition, several neighboring properties may be available for either outright acquisition or a transfer of development rights making possible for future development."
In December, 2007, the American Numismatic Society sold the building, which is at the corner of Fulton Street, to Mr. Swig for about $24 million.
The building has a two-story white stone base with a very impressive, colonaded entrance, mutlipaned windows and a cupola.
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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