Developer Hersel Torkian bought a 14-story building at 110-112 Greenwich Street for almost $53 million.
The 66,500-square-foot building, located just south of the 9/11 memorial and the World Trade Center, has 60 market-rate apartments, according to the Wall Street Journal. Eastern Consolidated and Cresa brokered the sale.
The property also comes with roughly 6,600 square feet of retail space and 30,000 square feet of commercial air rights, according to the newspaper.
The apartments are between 340 square feet and 2,020 square feet, according to the newspaper. All the leases are scheduled to expire in the coming two years.
The building used to be a printing house and was converted to loft apartments in 1998. A venture of multiple families owned the property since 1997, according to the newspaper. The Torkian Group, lead by Hersel Torkian, aims to renovate the lobby, add a fitness center to the building and make improvements on the structure’s elevators and heating system. [WSJ, 1st] — Claire Moses