550 Washington Street

City investor and philanthropist Eugene Grant has agreed to sell his controlling 50.1 percent stake in the Meatpacking District’s massive former freight facility, known as St. John’s Center, to an investor group that owns the other 49.9 percent, in a deal that was rushed forward due to concerns over the fiscal cliff, the New York Post reported. The deal with Fortress Investment Group, Atlas Capital Group and Westbrook Partners is worth approximately $250 million. [more]

550 Washington Street

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. [more]