The Real Deal New York

Northwind, Newmark to buy 40 Exchange Place for $120M

Weiss family selling 250K sf office building after 25 years
By Mark Maurer | Twitter_logo_blue copy July 28, 2015 05:00PM

UPDATED, 1:29 p.m., Nov. 13: Ran Eliasaf’s Northwind Group, in partnership with Newmark Holdings, is in contract to buy a 20-story office building at 40-42 Exchange Place in the Financial District for $115 million, The Real Deal has learned.

Weiss Realty put the 250,000-square-foot property on the market in October, when sources projected it would sell for about $140 million. The corner building was constructed in 1896 as a residential property and has been owned by the Weiss family for more than 25 years.

Meridian Capital Group’s Lipa Lieberman, previously at Eastern Consolidated, and Eastern’s Jason Marin were marketing the property. Northwind’s plans were not immediately clear. The building could potentially be converted into either a hotel or residential condominium.

In April, Northwind, a Midtown East-based investment firm that focuses on the Financial District and Soho, received approval from the Landmarks Preservation Commission to convert a six-story office building at 40 Wooster Street to residential.

The Exchange Place deal is expected to close in the next two to three months, according to sources familiar with the deal.

A representative for Meridian confirmed the property is in contract to be sold, but declined to comment further.

Hiten Samtani contributed reporting.