Vanbarton Group is adding another Manhattan office conversion to its plate.
The firm, led by Gary Tischler, is in contract to purchase the office building at 1011 First Avenue in the Sutton Place neighborhood from the Archdiocese of New York for upwards of $100 million, Bloomberg reported. It’s unclear when the deal for the 20-story property will close.
CBRE’s Doug Middleton advised the archdiocese on the sale.
The Catholic diocese announced at the start of the year that it was leaving its headquarters in Sutton Place before leasing 142,000 square feet from the Feil Organization at 488 Madison Avenue, where it is due to move in next year.
It was only a few weeks ago that Vanbarton made headlines for another office-to-resi conversion. The firm last month agreed to purchase 77 Water Street in the Financial District for $95 million. The deal for the 542,000-square-foot property is expected to close by the end of the year.
Vanbarton is eyeing a conversion of the 26-story property into as many as 600 rental units.
Read more
Commercial
New York
Archdiocese takes 142K sf at Feil’s 488 Madison
Commercial
New York
Vanbarton finds next office-to-resi conversion candidate at 77 Water Street
Commercial
New York
Vanbarton debuts 600 units in FiDi office-to-resi conversion
Last year, Tischler’s firm launched sales at Pearl House at 160 Water Street, a 588-unit conversion with amenities including a bowling alley and a hyperbaric oxygen therapy chamber. Rents for studios at the building started at $3,500.
In 2017, Vanbarton converted nearby 180 Water Street into a 570-unit building, and in Midtown debuted the 300-unit Hollingsworth at 70 West 37th Street.