Eugene Grant, owner of 550 Washington Street, a massive commercial building with a wide range of possible uses, has been thought of as sort of a tease in the commercial real estate industry. But the time to sell this prized asset may finally have come, the New York Observer reported.
The 1.3 million-square-foot building, also known as the St. John’s Terminal building, spans three city blocks and could be converted into a hotel, residential or a larger office development, due to the air rights that come with it, the Observer said.
Now, Westbrook Partners, with whom Grant made an agreement about five years ago, is now ready to force a sale of the property, and in an arbitration meeting recently, affirmed its desire to get things moving.
Major players from RXR Realty to Taconic Investment Partners have shown interest in the building, brokers told the Observer.
Everyone in the industry sees the potential for the space, which has sat as underutilized office space for years now. “It’s like you took the Empire State Building and laid it down on its side,” said an unnamed investment sales broker. [NYO] — Guelda Voien