The Laboz family’s United American Land yesterday closed on the purchase of the six-story cast-iron building 287 Broadway, at the corner of Reade Street near City Hall in Tribeca, for $8 million, Albert Laboz, a principal of the purchaser, told The Real Deal.
The Gindi family, which owns the department store chain Century 21, was the seller. They have owned the building since 1969, city records show. The building, designed in the Italianate and French Second Empire styles, was completed in 1872 and designated a city landmark in 1989.
The building has been vacant since 2007, after it was damaged during excavation in preparation for the construction of the Reade57 condominium next door. The Broadway building has been structurally stabilized and is now undergoing a multi-million renovation to create retail on the ground floor and high-end residential rental lofts above, Laboz told TRD.
The Laboz family, whose company is headed by brothers Albert, Jason and Jody, is active in Downtown along Canal Street and in neighborhoods such as Soho and Tribeca. They own a similar building at 319 Broadway two blocks to the north.
A team including Massey Knakal Realty Services’ Robert Knakal and Nick Petkoff were marketing the property as part of a portfolio of more than two-dozen Gindi buildings that they put on the market in 2012. The company did not immediately respond to a request for comment, nor did a member of the Gindi family.
The Massey Knakal marketing materials said there had been a rent-regulated tenant protected under Interim Multiple Dwelling laws (also known as so-called loft laws) however Laboz said that tenant was bought out prior to his involvement with the building.
Laboz also bought out two commercial tenants, but declined to disclose how much he paid. He said the asking rent for the retail space was yet to be determined and he did not disclose projected asking rents for the residential floors.
A source familiar with the sale said residential asking rents in the area for a property of this anticipated quality are about $80 per square foot.