A 87-year-old office building at 335-337 Broadway in Lower Manhattan is close to being sold and is slated to be converted into residential condos, according to sources, an article yesterday by Amanda Fung at crainsnewyork.com said.
The 13-story, 165,000-square-foot building in the City Hall submarket, which was marketed as 93 Worth St. for over a year, is now in contract, the article said, adding that "sources said the buyer is the Horizon Group, a real estate development and investment company active in Westchester and New Jersey."
"The sale price and details of the transaction could not be immediately determined. Eldad Blaustein, a principal at Horizon Group, did not return a call. While Grubb & Ellis' Capital Markets Group, which was retained to market the property, and a spokesman for the 13-story property's owner, World-Wide Group, also declined to comment," the article said.
Last year, Grubb & Ellis said in published reports that the office building, built in 1924, is ideal for a residential conversion and according to CoStar Group Inc., the lobby and elevators were recently renovated and 75 percent of the property is occupied by city government offices, the article continued, adding that CoStar said that World-Wide Group acquired the building in 1998 for $14.5 million.
The 13-story, 165,000-square-foot building in the City Hall submarket, which was marketed as 93 Worth St. for over a year, is now in contract, the article said, adding that "sources said the buyer is the Horizon Group, a real estate development and investment company active in Westchester and New Jersey."
"The sale price and details of the transaction could not be immediately determined. Eldad Blaustein, a principal at Horizon Group, did not return a call. While Grubb & Ellis' Capital Markets Group, which was retained to market the property, and a spokesman for the 13-story property's owner, World-Wide Group, also declined to comment," the article said.
Last year, Grubb & Ellis said in published reports that the office building, built in 1924, is ideal for a residential conversion and according to CoStar Group Inc., the lobby and elevators were recently renovated and 75 percent of the property is occupied by city government offices, the article continued, adding that CoStar said that World-Wide Group acquired the building in 1998 for $14.5 million.
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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