The Real Deal New York

Urban Muse buys FiDi development site for $52M

Property holds up to 87,000 buildable square feet

December 16, 2014 01:10PM
By Claire Moses

A concept of 1 Beekman Street (Credit: Pei Cobb Freed & Partners) and Glauco Lolli-Ghetti

A rendering of 1 Beekman Street (Credit: Pei Cobb Freed & Partners) and Glauco Lolli-Ghetti

Glauco Lolli-Ghetti’s Urban Muse bought 1 Beekman Street on the border of Tribeca and the Financial District for $52 million, according to property records filed with the city today.

This is the first trade of the development site in more than 40 years. Two low-rise buildings, together totaling roughly 25,000 square feet, currently occupy the location, also known as 33-34 Park Row.

The so-called “Pearl on the Park” site can hold between 73,000 and 87,300 buildable square feet, according to the listing with Massey Knakal Realty Services’ James Nelson and Will Suarez. When the site first hit the market, Pei Cobb Freed & Partners Architects created a concept rendering for the site, envisioning a glassy tower in the middle of the booming residential market. Condos in the area sell for $3,000 per square foot.

When the site hit the market, brokers estimated it would fetch about $50 million.  Sharonarn Associates is the seller.

The site could hold a minimum of 48,500 square feet of residential space, or 52,200 square feet if 5,000 square feet of recreation space were created, according to the listing. The site also holds up to 14,550 buildable square feet that can be used for retail or commercial space. If the site receives a plaza bonus, it could allow for a project of up to 87,300 square feet.

A representative from Urban Muse — which has a portfolio of more than $305 million, according to its website — was not immediately available for comment. The Lower Manhattan-based firm is also building a 13-story residential development at 347 Bowery.