The Real Deal New York

Tribeca site primed for mixed-use tower hits the market

Roe Corporation looking to sell property with approved plans for 45-story condo-hotel
By Rich Bockmann | February 20, 2018 02:20PM

Renderings of 267 Broadway (Credit: BKSK)

A development site with approved plans for a 45-story condominium-and-hotel tower overlooking City Hall Park is hitting the market.

The Roe Corporation is looking to sell the 131,000-square-foot development site it stitched together at 267 Broadway in Tribeca, the property’s listing broker told The Real Deal.

Geoffrey Newman of Newmark Knight Frank said the site doesn’t have an asking price. But HAP Investments recently closed on the purchase of a condo development site six blocks up Broadway at the corner of Franklin Street for $46 million.

The purchase price worked out to roughly $714 per square foot, and Newman said he thinks the Roe site will exceed that pricing. At that valuation, the 267 Broadway property would fetch at least $93.5 million.

Buhm Jung Roe

The Roe Corporation, headed by CEO Buhm Jung Roe, has put together plans for a Gene Kaufman and BKSK Architects-designed tower rising 560 feet tall with a 131-key hotel on 23 floors topped by 18 floors of condos.

Roe is working to finalize the scheme with the city, and with pre-approved plans a buyer could get to work immediately on a shovel-ready site, Newman said.

“Rather than going through a land loan to construction loan, you can instead close with a single loan,” said Newman, who is marketing the site with colleagues Justin DiMare and Adam Krause.

Newmark’s debt and structured-finance team headed by Jordan Roeschlaub and Dustin Stolly is working with the listing agents to help secure financing for a buyer.

Roe has secured a contract on roughly 44,000 square feet of air rights from the neighboring co-op building at 261 Broadway, which is included in the planned tower’s total square footage.

The development site is three blocks north of the Woolworth Building and nearby Silverstein Properties’ 30 Place and Soho Properties’ 45 Park Place. Further north in the heart of Tribeca, Fisher Brothers is developing 111 Murray Street with Steve Witkoff and Howard Lorber’s New Valley, and Alexico Group developed 56 Leonard.

Roe has owned the site since 1976, property records show. Elsewhere, the company last year finished its 58-story Tower 28 rental building at 42-12 28th Street in Long Island City.