The Real Deal New York

FiDi office building 40 Exchange Place expected to fetch $140M

250,000-square-foot property to be marketed as a hotel, resi conversion
By Mark Maurer | October 22, 2014 02:06PM

Brooklyn-based, family-run real estate firm Weiss Realty plans to put a 20-story office building at 40-42 Exchange Place in the Financial District on the market next week. Industry sources told The Real Deal the property is expected to sell for $140 million, based on neighborhood sales.

The Weiss family has owned the 250,000-square-foot property – also known as 25-29 William Street – for about 25 years. Eastern Consolidated was hired to market the building as either a conversion into a hotel or residential condominium – or a repositioning of the office component. Lipa Lieberman and Jason Marin of Eastern Consolidated are representing the seller.

The 10,000-square-foot, ground-floor retail space contains six tenants, including Rosetta Wines, Omega Shoes, Dovid’s Kosher, sandwich chain Blimpie, bar the Irish Punt and women’s clothing store De Janeiro. The leases for all but one of the retailers are set to expire within five years, Lieberman said.

The corner building, constructed in 1896 as a neo-Renaissance residential site, is overall 90 percent occupied. There are ceiling heights of 18 feet on the first floor, 14 feet on the second and more than 11 feet on the upper floors.

A representative for Weiss, which also has an office in Monsey, could not be reached for comment.

Elsewhere in the Financial District, Lieberman — along with Eastern’s David Schechtman and Abie Kassin and Cresa New York’s Mark Jaccom and Elyse Schindler-Candella — served as a brokers on the recent $52.9 million sale of a 14-story loft building at 110-112 Greenwich Street, as previously reported.