The Real Deal New York

Cape Advisors picks up six Tribeca properties for $50M

Developer to build 46,000-square-foot luxury condominium at the site

May 07, 2015 05:45PM

From left: Curtis Bashaw and Bob Knakal

From left: Curtis Bashaw and Bob Knakal

Commercial real estate firm Cape Advisors bought six Tribeca properties on West Broadway between Warren and Murray streets for a combined $50 million.

The company is planning to build a 46,000-square-foot condominium at the location, according to Crain’s. Cape Advisors paid $1,000 per square foot.

Cushman & Wakefield’s Bob Knakal was the broker on the transaction, according to the website.

In order to make this purchase profitable, Crain’s reported, the developer will have to sell the apartments for at least $3,000 per square foot.

Nearby, at 56 North Moore Street, long-time owners are hoping to sell a five-story garage for $88 million, as The Real Deal reported. [Crain’s] — Claire Moses