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