The Real Deal New York

Billy Macklowe closes on FiDi office tower for $63M

Investor will convert 156 William Street into medical facility
January 07, 2014 08:40AM

Real estate investor Billy Macklowe has closed on the $62.5 million acquisition of a Financial District office building at 156 William Street. Macklowe intends to convert the 250,000-square-foot office building into a medical facility.

“It’s nearly 100 percent occupied now,” Macklowe told the New York Post, but 120,000 square feet should be available by June, due to the end of a six-month extension he granted city agency tenants at the 12-story building.

The seller was Capstone Equities, as previously reported. Capstone paid $60 million for the building in 2008, city records show.

Macklowe told the newspaper that his intention was not to create a hospital, but rather a mall-type property that would offer a whole host of medical services, such as MRI scans and CAT scans.

The deal for the 190,000-square-foot property is a bit of a departure from Macklowe’s recent focus on the Midtown South market, where he picked up 386 Park Avenue South last year for over $110 million. [NYP]Hiten Samtani