The New York Stock Exchange has sold two office buildings in the Financial District to Steinhardt Management, which is headed by Michael Steinhardt, for $65 million, according to an article yesterday by Roland Li at Real Estate Weekly.
The buildings are 78-86 Trinity Place, which is across the street from Trinity Church, and 18-22 Thames Street, which is one block further west.
The article said that the seller was listed as Amex Realty Borrower, LLC, a legacy affiliate of the American Stock Exchange, which merged in 2008 with the New York Stock Exchange, operated by NYSE Euronext.
The Trinity Place building closed for $17 million and the Thames Street building, which is also known as 123 Greenwich Street, closed for $48 million, the article said.
The American Stock Exchange had been using the buildings for office space and a trading floor for decades. The trading floor has since been moved to the NYSE's iconic building at 11 Wall Street.
Last month, NYSE Euronext and German company Deutsche B¿rse Group confirmed rumors that they were in "advanced" talks to merge, giving control of an icon of American capitalism to a foreign entity.
An article in today's edition of The Wall Street Journal by Craig Karmin said that Mr. Steinhardt and Allan Fried plan to convert the 15-story Trinity Place building to a retail complex and a 174-room hotel and to demolish the 10-story Thames Street building and replace it with a 60-story apartment tower "that is likely to be luxury rentals."
In a statement, the article said that Mr. Steinhardt declared that "We're thrilled about this acquisition of such a historic building, which demonstrates our belief in the future of downtown and the growth of New York City."
"The investors paid all cash for the properties," the article continued, "though Mr. Fried said they may seek financing in the future. They expect to start construction within a year and complete the project within two years after that. They declined to say how much they expect to spend on the construction work."
The buildings are 78-86 Trinity Place, which is across the street from Trinity Church, and 18-22 Thames Street, which is one block further west.
The article said that the seller was listed as Amex Realty Borrower, LLC, a legacy affiliate of the American Stock Exchange, which merged in 2008 with the New York Stock Exchange, operated by NYSE Euronext.
The Trinity Place building closed for $17 million and the Thames Street building, which is also known as 123 Greenwich Street, closed for $48 million, the article said.
The American Stock Exchange had been using the buildings for office space and a trading floor for decades. The trading floor has since been moved to the NYSE's iconic building at 11 Wall Street.
Last month, NYSE Euronext and German company Deutsche B¿rse Group confirmed rumors that they were in "advanced" talks to merge, giving control of an icon of American capitalism to a foreign entity.
An article in today's edition of The Wall Street Journal by Craig Karmin said that Mr. Steinhardt and Allan Fried plan to convert the 15-story Trinity Place building to a retail complex and a 174-room hotel and to demolish the 10-story Thames Street building and replace it with a 60-story apartment tower "that is likely to be luxury rentals."
In a statement, the article said that Mr. Steinhardt declared that "We're thrilled about this acquisition of such a historic building, which demonstrates our belief in the future of downtown and the growth of New York City."
"The investors paid all cash for the properties," the article continued, "though Mr. Fried said they may seek financing in the future. They expect to start construction within a year and complete the project within two years after that. They declined to say how much they expect to spend on the construction work."
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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