Commercial real estate firm Cape Advisors bought six Tribeca properties on West Broadway between Warren and Murray streets for a combined $50 million.
The company is planning to build a 46,000-square-foot condominium at the location, according to Crain’s. Cape Advisors paid $1,000 per square foot.
Cushman & Wakefield’s Bob Knakal was the broker on the transaction, according to the website.
In order to make this purchase profitable, Crain’s reported, the developer will have to sell the apartments for at least $3,000 per square foot.