Zell eyes land in Financial District

TRD New York /
Aug.August 16, 2010 10:00 AM

Sam Zell

Equity Residential is eyeing a vacant piece of land in the Financial District, a sign that the Chicago-based apartment building operator believes the New York market is on the rebound. Sam Zell, Equity’s chairman, is one of several investors planning to bid on a development site at 133-135 Greenwich Street during a bankruptcy auction scheduled for Wednesday, with the minimum bid starting at $14.5 million, the Wall Street Journal reported. The site was purchased in 2007 for $45 million by a subsidiary of Ofek International Real Estate, an Israeli company that was forced to seek bankruptcy protection following the real estate downturn and the death of its chief executive, Elie Berdugo. Ofek paid about $288 per developable square foot for the site, which currently could support a 156,000-square-foot mixed-use building. If the site goes for the minimum bid, the buyer would be paying about $92 per square foot. But investors could bid more at the auction, or Minneapolis-based U.S. Bancorp, which holds a $39 million mortgage on the site, could decide to reject the bids and hold on to the property. [WSJ]

 

Related Articles

arrow_forward_ios
Daily Digest Thursday

Worker killed at Lam Group construction site, Uber signs WTC lease: Daily digest

“Rent control is a risk, just like climate change:” Equity Residential unbowed by affordable advocates

“Rent control is a risk, just like climate change:” Equity Residential unbowed by affordable advocates

Equity Residential to part with 800 Sixth for $240M

Equity Residential to part with 800 Sixth
for $240M

Sam Zell’s Equity Residential issues $400M in green bonds

Sam Zell’s Equity Residential issues $400M in green bonds

Equity Residential looks to sell two Manhattan properties in soft rental market

Equity Residential looks to sell two Manhattan properties in soft rental market

National Cheat Sheet: LaSalle calls off the deal with Blackstone … & more

National Cheat Sheet: LaSalle calls off the deal with Blackstone … & more

Equity Residential taps new CEO, CFO

Equity Residential taps new CEO, CFO

Dermot, Dutch pension fund in contract to buy Equity Residential building for $416M

Dermot, Dutch pension fund in contract to buy Equity Residential building for $416M

arrow_forward_ios
Loading...