Rudin buys development rights from FiDi hotel

Developer pays $7.7M to acquire almost 36K square feet near Sandy-damaged 110 Wall Street

TRD New York /
Jul.July 22, 2014 05:30 PM

Rudin Management, which was reportedly eyeing a residential conversion for its Superstorm Sandy-damaged office building at 110 Wall Street, purchased nearly 36,000 square feet of development rights from a neighboring FiDi hotel earlier this month.

William Rudin’s firm paid $7.76 million – or about $217 per square foot – to acquire 35,815 square feet of development rights from the Eurostar Hotel at 129 Front Street, property records show.

Niether Rudin management nor Eurostar’s parent company, the Barcelona-based hospitality giant Hotusa Group, could be immediately reached for comment.

After the deal was done, the eight-story, 53-room hotel retained 300 feet of air rights. Meanwhile, Rudin brought the total developable area of 110 Wall Street to 290,025 square feet, according to an architectural certification by the firm FXFOWLE.

As part of the deal, Eurostar agreed not to use any part of the hotel property for residential use for a period of 84 months following the agreement.

Rudin’s building was heavily damaged by Superstorm Sandy, forcing the company to cancel leases and vacate the building. Rudin had reportedly been considering a residential conversion. As recently as November it had been reported Rudin was in negotiations with the collaborative workspace sharing company WeWork about leasing the entire building and converting a portion into microapartments and communal living space.


Related Articles

arrow_forward_ios
Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

WeWork CEO Adam Neumann (Credit: Getty Images and iStock)

WeWork’s side businesses are fizzling

Sarah Pontius (Credit: Union College)

Another head rolls at WeWork

John Legere (Credit: Getty Images)

WeWork reportedly in talks to hire T-Mobile exec as CEO

Workers injured at Hudson Yards scaffolding collapse, a peek at Disney’s new HQ

Workers injured at Hudson Yards scaffolding collapse, a peek at Disney’s new HQ

Softbank CEO Masayoshi Son and former WeWork CEO Adam Neumann (Credit: Getty Images, iStock)

WeWork execs face first lawsuit over botched IPO

WeWork employees speak up to management, NY condo buyers can stay anonymous after all

WeWork employees speak up to management, NY condo buyers can stay anonymous after all

Barry Sternlicht and Lord & Taylor’s Fifth Avenue

Sternlicht gets political on earnings call

arrow_forward_ios