40 Broad partnership sells office condos, doubling profits

TRD 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


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