The Real Deal New York

Ousted office tenants claim Claremont plans residential conversion at 99 Wall

No plans on file yet, but companies say landlord exercised termination clause in leases
By E.B. Solomont | June 23, 2014 05:30PM

Another residential project in the Financial District may be on the horizon.

The Claremont Group, which owns a 25-story office building at 99 Wall Street, has exercised a termination clause in its tenants’ leases to make way for a residential project, former tenants told The Real Deal. Rumors about a potential conversion had been going on for several months, according to Mitchell Waldman, president of Cogent Realty Advisors Inc., a tenant’s broker who helped four businesses find new office space nearby.

One former tenant, Rashida Karmali of Tactical Therapeutics Inc., said that when she tried to renew her three-year lease, she was unable to do so beyond June. With Waldman’s help, she moved to 44 Wall Street.

Another tenant said he was informed in January that he had to be out by the end of June. “At that point, it wasn’t a surprise,” said the tenant, who moved to 90 Broad Street.

John Lari, a principal at Claremont, declined to comment. And so far, the company hasn’t filed conversion plans with the city.

But in late May, Claremont submitted work plans with the city’s Department of Buildings to remove the plumbing lines and duct work in the building and to tear down interior, non-bearing walls.

Claremont’s other residential projects include Claremont House, a 19-story luxury condominium at 72nd and Park Avenue, and 8 Union Square South, a 20-unit condo building.