75 Wall Street goes rental

Corcoran Sunshine Marketing has stopped selling units at 75 Wall Street, a residential development at Water Street in Lower Manhattan that sits atop the Andaz hotel, Crain’s reported.

Sources told Crain’s this means that the 346-unit development is going rental.

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Developer the Hakimian Organization bought 75 Wall Street with partners for $185 million from JPMorgan Chase in 2006, and converted it to condominiums shortly thereafer, Crain’s said. Previously the building was used for commercial space.

Hakimian has an option to extend its $263 million construction loan at the property, Crain’s said. The shift to rental could be a strategy to increase cashflow in order to meet the obligations of the loan, Crain’s said. [Crain’s]