The Real Deal New York

Related’s Tribeca Park rental building could sell for $300M

Property in Battery Park City also includes 2,700 square feet of retail space

April 16, 2014 10:05AM

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400 Chambers Street, Adam Spies and Doug Harmon

The Related Companies’ Tribeca Park rental building in Battery Park City hit the market — and is expected to sell for $300 million.

Eastdil Secured brokers Adam Spies and Doug Harmon were tapped to market the 325,365-square-foot property at 400 Chambers Street and North End Avenue.

The 27-story site also has a 123-space parking garage and nearly 2,000 square feet of retail.

If Tribeca Park were to undergo a conversion to condominiums, 80 percent of the units would be eligible because it is an 80/20 building. Rents range from $3,575 to $4,995 per month. Robert A.M. Stern designed the building, which also offers a private garden, playroom, indoor pool, and roof deck with a barbecuing station. [NYP, 2nd item]Mark Maurer

  • DTNYC

    Why on earth wouldn’t Related, which has mega experience with Condos, manage the conversion itself? This kind of makes no sense to me. Anyone have any idea?

    • investorsmoney

      They run an investment fund. You have to return money to the investors. It is a multi billion dollar fund.

      • DTNYC

        That doesn’t make sense to me. They would make a mint selling it themselves. Providing ben more money to their investors. It’s not like they’re not in the business. They’ve sold lots of condo developments in the past.

        • Captain Obvious

          And at the same time blow the tax exempt treatment of most of their investors. Condo income = UBTI.

          • Common Sense

            Some reasons not to convert this.

            1. Tax treatment of gains (as pointed out previously)
            2. Construction default litigation.
            3. NYC bureaucrats/red tape.

            4. Scaffold laws…

          • DTNYC

            You left out LAND LEASE, but at the right price everything sells. Throughout BPC there are several towers that sell at very low prices because the CC’s are through the roof. Will be interesting to see how this building’s CC’s will be considering it is also a high amenity building. Perhaps Related is just going with the sure thing and cashing out.

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