Midtown Equities to acquire FiDi office building for at least $165M

New York /
Jun.June 06, 2012 02:00 PM

Jack Cayre’s Midtown Equities Group has signed a “soft contract” to purchase 180 Water Street for between $165 million and $180 million, Crain’s reported. The 24-story building, between John and Christopher Streets, is owned by Melohn Properties and leases all of its 509,000 square feet to the city’s Human Resources Administration.

The soft contract allows Midtown Equities an exclusive, yet undisclosed, period to raise the necessary funds in exchange for a non-refundable deposit on the building. Brothers Leon and Alfres Melohn marketed the property without brokers.

Midtown Equities is counting on the building to be vacant by 2015 when the HRA is scheduled to move to 4 World Trade Center, but published reports indicate that the city may extend its lease on the building. Some industry professionals told Crain’s they are skeptical of what they say is an over-priced deal for a fully vacant building. They say building’s actual value lies somewhere closer to $125 million. [Crain’s]


Related Articles

arrow_forward_ios
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Saratoga County Homestead (Facebook, iStock, Illustration by Kevin Cifuentes for The Real Deal)
Dilapidated New York tuberculosis hospital, vacant since 1973, hits the market
Dilapidated New York tuberculosis hospital, vacant since 1973, hits the market
Douglas Elliman's Scott Durkin and Howard Lorber (Douglas Elliman, iStock)
Elliman says it will cover abortion-related travel
Elliman says it will cover abortion-related travel
Peloton's Barry McCarthy, Hudson Commons (Peleton, Hudson Commons, iStock)
Peloton resorts to sublease at Hudson Commons
Peloton resorts to sublease at Hudson Commons
Gov. Kathy Hochul (Photo by Sasha Maslov)
At REBNY gala, Hochul pledges to “support” real estate
At REBNY gala, Hochul pledges to “support” real estate
Times Square Old Navy at 1516 Broadway (LoopNet, iStock)
Times Square Old Navy to reopen after losing rent fight
Times Square Old Navy to reopen after losing rent fight
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...