Moinian puts block of 32 resi units at W Downtown on market

CushWake says rooms could be combined into apartments beginning 2016

New York /
Feb.February 24, 2015 02:25 PM

UPDATED, 5:26 p.m., Feb. 24: A mixed-use Lower Manhattan tower with a checkered history is looking to sell four floors of residential units currently in use as extended-stay hotel apartments.

The Moinian Group has put on the market a block of 32 units spanning a little over 19,000 square feet at the W Hotel & Residences, the mixed-use glassy tower at 123 Washington Street that chewed through at least four different sales teams before setting a condo price record for the Financial District.

Located on the 23rd through 26th floors, the units, eight each to a floor, are currently under lease through 2016 to a Los Angeles-based management firm that rents rooms for extended stays of 30 days or more. They include a dozen studios averaging slightly more than 400 square feet and 20 one-bedrooms ranging from about 600 to 900 square feet.

“This lease allows an investor to receive significant cash flow with virtually no management given the nature of the tenant,” read the listing from Cushman & Wakefield. Bob Knakal, the firm’s chairman of investment sales, said that the property allows a buyer to combine the units into larger residential apartments, and that Moinian was fielding proposals.

Below the units on offer are 22 hotel floors and above them are 30 residential floors with 191 apartments, both rentals and condos. The condos on the lower floors of the residential section were asking in the range of $2,300 to $2,400 per square foot, according to StreetEasy. At that price the total offering could fetch somewhere in the high $30 million to low $40 million range, factoring in a discount brokers said packages like this usually receive over individual units.

Representatives for the Moinian Group declined to comment.

The building took quite a journey to where it is today. After construction started in 2006, the process was plagued with stop-work orders and stalled by the recession. By 2013, the building was on its fourth sales-and-marketing team. The following year, however, Moinian set a Financial District record by selling a pair of penthouses for north of $2,400 per square foot.

Correction: A previous version of this story incorrectly identified the unit types. They are residential units, currently in use as extended-stay rooms. 


Related Articles

arrow_forward_ios
Cushman predicts widespread return-to-office in early 2022
Cushman predicts widespread return-to-office in early 2022
Cushman predicts widespread return-to-office in early 2022
The New School’s Eugene Lang College at 118 West 13th Street and Martin Nussbaum and David Schwartz of Slate Property Group (TNS, Slate)
Slate snaps up New School dorm in Greenwich Village for $23M
Slate snaps up New School dorm in Greenwich Village for $23M
WeWork CEO Sandeep Mathrani and Cushman CEO Brett White (WeWork, White by Louise-Haywood Schiefer)
WeWork, Cushman negotiating $150M partnership
WeWork, Cushman negotiating $150M partnership
Cushman & Wakefield's Doug Harmon and Adam Spies (Cushman, Getty)
Cushman’s top sales brokers negotiating new contract
Cushman’s top sales brokers negotiating new contract
Cushman & Wakefield's Brett White and John Forrester
Cushman & Wakefield announces new CEO, revenue back to pre-pandemic levels
Cushman & Wakefield announces new CEO, revenue back to pre-pandemic levels
Related Companies chairman Stephen Ross and Harris Blitzer Sports CEO Scott O'Neil with Central Park’s Wollman Rink (Getty)
City replaces Trump as Central Park rink operator — with Trump pals
City replaces Trump as Central Park rink operator — with Trump pals
Vornado's Steve Roth and a rendering of 93-30 93rd Street (Getty, JLL)
Vornado looks to sell Rego Park development site for $85M
Vornado looks to sell Rego Park development site for $85M
Joe Moinian with 123 Linden Blvd (The Moinian Group)
Moinian nabs $223M refi for Flatbush apartment complex
Moinian nabs $223M refi for Flatbush apartment complex
arrow_forward_ios

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

Loading...