The Real Deal New York

R. A. Cohen asking $1,420 a foot for Tribeca rental

Extra development rights allow for building to rise to seven stories

February 06, 2015 04:55PM

51-white-st

From left: 51-53 White Street in Tribeca, James Nelson and R. A. Cohen’s Ralph Della Cava

R. A. Cohen & Associates has put a five-story Tribeca rental building on the market for $24 million, or a steep $1,420 per square foot.

The nearly 17,000-square-foot property at 51-53 White Street, between Church Street and Broadway in the Tribeca East Historic District, has more than 6,300 square feet of unused development rights. The new owner could construct two extra floors atop the building upon receiving approval from the Landmarks Preservation Commission.

Cushman & Wakefield’s James Nelson, who is marketing the property, told Crain’s that vacant land in the area is selling for more than $1,000 per square foot.

“You could buy and convert this building for around $1,600 to $1,700 per square foot, which is much less than the $2,500 per square foot and higher for most new condos in TriBeCa these days,” Nelson said. [Crain’s]Mark Maurer

  • Cambino

    If is that good to convert this why they are selling the building? The current owners could do the job with they saw value in it.

    • Edward Johnson

      they sell for tax reasons – if you convert then you pay ordinary income tax – if you just sell the building you pay capital gains.

      AND

      often landlords don’t have the skills/crew needed to build condo quality product. just because you own a rental in Tribeca doesn’t mean you’re any good at building out and selling condo quality units.

      it’s very common to sell a building to a converter.

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