The Real Deal New York

FiDi development site hits market for $260 million

Sale could shatter residential development site record for lower Manhattan

March 10, 2014 05:45PM

From left: Former parking garage at 111 Washington Street, current lot and Bob Knakal

From left: Former parking garage at 111 Washington Street, the site now and Bob Knakal

A pair of developers who picked up a distressed lot in the Financial District a few years back for a cool $57.5 million is now asking five times that amount for the property.

The empty parking garage three blocks south of the World Trade Center could break the residential development site sales record for lower Manhattan by 17 percent if it snags the current $260 million ask, Crain’s reported.

Empire Management’s Fred Ohebshalom and his son Richard, who leads Pink Stone Capital, snapped up a defaulted note for the property at 111 Washington Street in foreclosure in 2011, and subsequently tacked on 200,000 square feet of air rights with a string of deals involving surrounding properties on Greenwich Street and Washington Street. Up to 362,000 square feet of residential or mixed-use space could be built at the site, according to Crain’s.

Bob Knakal of the brokerage Massey Knakal Realty Service will handle marketing and sales for the property.

Currently the most expensive residential development site to have sold in lower Manhattan was for 101 Murray Street, bought by developers Steven Witkoff, Howard Lorber and the Fisher Brothers for $223 million in July of 2013, as The Real Deal previously reported. [Crain's] Angela Hunt

9 Responses to “FiDi development site hits market for $260 million”

  1. March 10, 2014 at 6:04 pm, DTNYC said:

    Ummmm, the garage was torn down YEARS ago. It is an empty lot. Please update.

  2. March 10, 2014 at 6:05 pm, Crian Bashman said:

    I recall around the time of this transaction (during the days of the anonymous Real Deal comment section) everyone slamming this deal, saying it was a terrible location and a terrible place to do a deal. Looks like anonymous was wrong.

  3. March 10, 2014 at 9:17 pm, Jonathan Yunason said:

    Price is 350 a foot.

    • March 12, 2014 at 12:24 am, Ju knowme said:

      It’s actually $715/bsf

  4. March 10, 2014 at 10:30 pm, moneytalks said:

    Bob Knakal will make at least 12Mill this year.

  5. March 10, 2014 at 10:50 pm, Anonymous said:

    UMMM JONATHAN, DONT KNOW WhAT MATH YOUR DOING BUT THATS 722 PSF MY FRIEND.

  6. March 11, 2014 at 9:07 am, BobthePlunger said:

    Sam Chang is in the hunt

    • March 11, 2014 at 12:07 pm, truetalk said:

      Why do you.hate Chang?

  7. March 12, 2014 at 12:36 am, Ju knowme said:

    This is so freaking overpriced. Enough! This is not the high line. In order to make money here they will need to sell out at $2,200/sf. Lol…I’m interested to see what’s gonna happen with this one.

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