The Real Deal New York

Mack Cali hopes to make $300M on commercial condo sale

REIT selling its only NYC property amid larger shakeup

September 14, 2015 03:10PM


From left: Mack Cali’s Mitchell Hersh and 125 Broad Street in the Financial District

Mack Cali is planning to sell its only New York property, a commercial condo at 125 Broad Street in the Financial District, hoping to make $300 million.

The company bought the 525,000-square-foot condo, spanning the second through 16th floors, in the 40-story, 1.3 million-square-foot tower from SL Green Realty in 2007 for $273 million.

Mack Cali is unloading a wide range of properties, worth a combined $600 to $800 million, in an effort to focus its business on residential and commercial properties on the New Jersey waterfront, Crain’s reported.

The firm owns 29.7 million square feet of office space and 19 multifamily rental buildings containing roughly 5,700 units in the Northeast, according to its website. [Crain’s]Ariel Stulberg