The Real Deal New York

Clarion buys 86 Trinity Place stake for $105M

Investors Allan Fried, Michael Steinhardt planned retail and hotel conversion at building

December 14, 2015 12:40PM
By Rey Mashayekhi

86 Trinity Place

86 Trinity Place in the Financial District

Clarion Partners acquired a majority stake in the American Stock Exchange Building in the Financial District for $105 million, according to property records filed with the city last week.

The Midtown-based real estate investment manager closed on a 70 percent interest in the historic property, located at 86 Trinity Place, from investors Allan Fried and Michael Steinhardt’s GHC Development, according to a filing on Friday. The deal closed Nov. 25.

Fried and Steinhardt acquired the vacant, 182,000-square-foot Art Deco building for $17 million in 2011. The investors reportedly planned to lease out the lower floors of the building – including a spacious ground-floor area formerly used as a trading floor – to retailers while transforming the rest into a 174-room hotel.

Neither Clarion nor representatives for Fried and Steinhardt returned requests for comment.

Clarion recently teamed with Alchemy Properties and ABR Partners to acquired the leasehold on a 25-story Midtown East office building from Meadow Partners, as The Real Deal reported.