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

TRD New York /
Jun.June 23, 2014 05:30 PM

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.


Related Articles

arrow_forward_ios
Sonder CEO Francis Davidson (Credit: Linkedin)

“Nightmare” on Broad Street: lawsuit

“Nightmare” on Broad Street: lawsuit
Battery Park City and Financial District rental markets suffered due to the Covid-19 outbreak, while FiDi’s sales made gains and BPC sales tanked last quarter. (Credit: iStock)

Battery Park City sales hammered last quarter as FiDi sees uptick

Battery Park City sales hammered last quarter as FiDi sees uptick
Blackstone's Jonathan Gray, Gaedeke Group's Sabine Gaedeke Stener and 44 Wall Street (Credit: Stener by Gaedeke Group; Gray by Drew Angerer/Getty Images, 44 Wall Street via Google Maps)

Blackstone sells office tower at 44 Wall Street for $200M

Blackstone sells office tower at 44 Wall Street for $200M
Joe Moinian and 90 Washington Street (Credit: Google Maps, iStock)

Moinian sued for charging market-rate rents despite tax break

Moinian sued for charging market-rate rents despite tax break
Rudin Management's Bill Rudin and 55 Broad Street (Credit: Getty Images and Google Maps)

Charter school inks lease for FiDi office

Charter school inks lease for FiDi office
45 Broad Street and Madison Equities CEO Robert Gladstone (Credit: Getty Images)

Bob Gladstone, Gemdale put FiDi supertall on hold

Bob Gladstone, Gemdale put FiDi supertall on hold
25 Broad Street and renderings of interior units from Booking.com (Credit: Google Maps and Booking)

LCOR lands rental deal with Booking.com for empty condos

LCOR lands rental deal with Booking.com for empty condos
Fosun Property’s Bo Wei, Refinitiv’s David Craig and 28 Liberty Street (Credit: Getty Images, Google Maps)

Fintech firm signs on for massive lease at 28 Liberty

Fintech firm signs on for massive lease at 28 Liberty
arrow_forward_ios

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

Loading...