40 Broad partnership sells office condos, doubling profits

New York /
Dec.December 09, 2013 05:58 PM

UPDATED: 2:51 p.m., Dec. 10: A partnership between Declaration Management and a group of investors has sold a pair of office condominiums at 40 Broad Street for more than twice what they paid in 2011.

The buyers, construction contractor Constructionomics and law firm Virginia & Ambinder, picked up a total of roughly 27,000 square feet at the formerly distressed 25-story property, filling out the last vacant corner of the 70,000-square-foot building.

Constructionomics purchased a space of nearly 18,000 square feet, while Virginia & Ambinder picked up a 9,200-square-foot space, Crain’s reported. The buyers paid $6.4 million and $3.3 million for their new digs, respectively. Declaration and the affiliated investor group picked up the fourth through seventh floors from Waterbridge Capital for $10 million in 2011.

Cassidy Turley’s team of David Lebenstein, Stephen Bellwood and Edward Kent represented 40 Broad Street in the two final sales.

The mixed-use Financial District building, known as the Setai Wall Street, has seen its fair share of troubles, from sluggish sales during the housing bust to litigation over alleged construction defects and securities violations. [Crain’s]Julie Strickland


Related Articles

arrow_forward_ios
Russian bank Vneshprombank files for bankruptcy as threat of NYC real estate seizure looms
Russian bank Vneshprombank files for bankruptcy as threat of NYC real estate seizure looms
Russian bank Vneshprombank files for bankruptcy as threat of NYC real estate seizure looms
Placeholder image
FiDi’s restaurant revival still far from reality
FiDi’s restaurant revival still far from reality
Placeholder image
Feldman and Pariente celebrate Setai Wall Street’s return
Feldman and Pariente celebrate Setai Wall Street’s return
Feldman’s HFZ and Acro finalize $80M deal for Setai
Feldman’s HFZ and Acro finalize $80M deal for Setai
Feldman’s HFZ and Acro finalize $80M deal for Setai
FiDi Setai investor seeks to block deed transfer in $150M note sale
FiDi Setai investor seeks to block deed transfer in $150M note sale
FiDi Setai investor seeks to block deed transfer in $150M note sale
Placeholder image
Anglo Irish Bank could close within months
Anglo Irish Bank could close within months
Placeholder image
Anglo Irish to unload Setai Wall Street loan
Anglo Irish to unload Setai Wall Street loan
With rabbi’s blessing, new Roth-Sporn venture sets its sights on Europe, Asia
With rabbi’s blessing, new Roth-Sporn venture sets its sights on Europe, Asia
With rabbi’s blessing, new Roth-Sporn venture sets its sights on Europe, Asia
arrow_forward_ios

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

Loading...