Massive Hudson Square building with redevelopment potential could soon hit market

New York /
Sep.September 18, 2012 09:30 AM

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.

The 1.3 million-square-foot building, also known as the St. John’s Terminal building, spans three city blocks and could be converted into a hotel, residential or a larger office development, due to the air rights that come with it, the Observer said.

Now, Westbrook Partners, with whom Grant made an agreement about five years ago, is now ready to force a sale of the property, and in an arbitration meeting recently, affirmed its desire to get things moving.

Major players from RXR Realty to Taconic Investment Partners have shown interest in the building, brokers told the Observer.

Everyone in the industry sees the potential for the space, which has sat as underutilized office space for years now. “It’s like you took the Empire State Building and laid it down on its side,” said an unnamed investment sales broker. [NYO] Guelda Voien


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)
Hudson Yards megadevelopment inspires a new line of sex toys
Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Larry Ellison and 12525 Seminole Beach Road (Getty, Elliman, iStock)
Billionaire Larry Ellison plans to knock down $80M mansion
Billionaire Larry Ellison plans to knock down $80M mansion
Philip Falcone and his homes at 142 Crestview Lane in Sagaponack and 22 East 67th Street (Getty, Corcoran, Google Maps)
Phil Falcone files appeal halting foreclosure of UES, Hamptons homes
Phil Falcone files appeal halting foreclosure of UES, Hamptons homes
2111 Frederick Douglass Boulevard and 214 West 109th Street, two buildings as part of the portfolio (Photos via Google Maps; StreetEasy)
Black Spruce eyes $700M+ valuation for multifamily portfolio
Black Spruce eyes $700M+ valuation for multifamily portfolio
HomeX founders Michael Lerner and Vincent Payen (HomeX)
HomeX nabs $90M to connect homeowners and repair techs
HomeX nabs $90M to connect homeowners and repair techs
Many of these investors are targeting lower-priced homes. (iStock)
Institutional investors, higher material costs lead to rising home prices
Institutional investors, higher material costs lead to rising home prices
arrow_forward_ios

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

Loading...