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
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
Sandeep Mathrani (left) is WeWork's current CEO after replacing Adam Neumann (right) in 2019 (Getty, WeWork)
WeWork stock up on first day, but profitability still fuzzy
WeWork stock up on first day, but profitability still fuzzy
Clockwise from left: Vornado's Steven Roth with 61-19 Junction Boulevard, Rego Park, Silverstein Properties' Larry Silverstein with 44-01 Northern Boulevard in Astoria and BEB Capital's Bert Brodsky with 1065 Atlantic Avenue in Bedford–Stuyvesant (Images via Google Maps, Getty Images, BEB Capital)
Vornado, Silverstein, BEB propose major mixed-use projects
Vornado, Silverstein, BEB propose major mixed-use projects
City expands program that bars construction over tenant harassment
City expands program that bars construction over tenant harassment
City expands program that bars construction over tenant harassment
Former Washington Prime Group CEO Lou Conforti (Twitter, iStock)
Washington Prime Group back from bankruptcy; CEO out
Washington Prime Group back from bankruptcy; CEO out
Sheldon Solow and the Hamptons estate (Getty, Douglas Elliman)
Sheldon Solow’s Hamptons home gets $10M price cut
Sheldon Solow’s Hamptons home gets $10M price cut
arrow_forward_ios

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

Loading...