116 John slated for residential conversion

116 John Street (source: PropertyShark)

The 350,000-square-foot Art Deco office building at 116 John Street, between Pearl and Platt streets, is slated to become residential apartments with the help of Nathan Berman’s Metro Loft Management, according to the Post. Berman, who is expected to close on the deal in February, will contribute a small sum to buy into a joint venture with the building’s current owner, Peter Wei’s Hacienda Intercontinental Realty. The 35-story property is currently half-occupied with small office tenants whose leases expire over the next two to three years, so Berman’s conversion will happen in phases. Stuart Gross and Azita Aghravi of Eastern Consolidated brokered the deal. [Post, 2nd item]

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