The 11-story, red-brick commercial building at 250 West Street, which has an entrance on Hubert Street, is in contract to be sold for $142 million by Citigroup to Elad Properties, according to an article by Lois Weiss in today's edition of The New York Post.
The 371,000-square-foot building will "likely be leased back by the financial services giant for about two years while plans for a luxury condo conversion are solidified," the article stated.
Scott Latham, Jon Caplan, Richard Baxter and Ron Cohen of Cushman & Wakefield handled the building's marketing, the article continued. A recent article in The Real Deal indicated that the building was "being marketed for conversion into 250 residential condominiums" and that "industry insiders expect the property to sell for about $150 million."
The building is across Hubert Street from the low-rise wing at 390 Greenwich Street of the Citibank skyscraper at 388 Greenwich Street in TriBeCa just to the north of the very attractive Independence Plaza North development that was completed in 1975.
The West Street building is on the northwest corner of Washington and Hubert Streets and the northeast corner of Hubert and West Streets.
It has a three-story, beige-brick base and an 8-step-up entrance with a very large marquee over two very large rounded polished red granite columns. The entrance also has a long disabled access ramp.
The building has rectangular windows in arched openings and appears to be missing its original cornice.
It has an exposed rooftop watertank and masonry quoins and is a short block away from Wolfgang's Steakhouse on Greenwich Street.
An article by Alan Oser in the March 9, 1986 edition of The New York Times reported that in 1981 Bruce Sinder and Steven Levin bought a 50 percent interest in a package of buildings that included 250 West Street, which was then partly vacant. The article indicated that Mr. Sinder calculated that his partnership had a $900,000 stake in the West Street Building that in 1986 was "under contract for sale for $17 million" to a company that hoped to rehabilitate the building into first-class office space.
A May 18, 1994 article in Real Estate Weekly by Lois Weiss indicated that Smith Barney Shearson bought 250 West Street, which is also known as 34 Hubert Street, for $28,846,000. The article said that the building was built in 1898 and designed by W & D Audsley and that 34 Hubert Street Associates, of which John J. McMullen and Howard M. Peck were principals, bought the building in June, 1987 for $23.5 million.
The west side of the building overlooks the Hudson River and the Jersey City skyline.
Elad Properties is converting part of the Plaza Hotel to residential condominiums.
The 371,000-square-foot building will "likely be leased back by the financial services giant for about two years while plans for a luxury condo conversion are solidified," the article stated.
Scott Latham, Jon Caplan, Richard Baxter and Ron Cohen of Cushman & Wakefield handled the building's marketing, the article continued. A recent article in The Real Deal indicated that the building was "being marketed for conversion into 250 residential condominiums" and that "industry insiders expect the property to sell for about $150 million."
The building is across Hubert Street from the low-rise wing at 390 Greenwich Street of the Citibank skyscraper at 388 Greenwich Street in TriBeCa just to the north of the very attractive Independence Plaza North development that was completed in 1975.
The West Street building is on the northwest corner of Washington and Hubert Streets and the northeast corner of Hubert and West Streets.
It has a three-story, beige-brick base and an 8-step-up entrance with a very large marquee over two very large rounded polished red granite columns. The entrance also has a long disabled access ramp.
The building has rectangular windows in arched openings and appears to be missing its original cornice.
It has an exposed rooftop watertank and masonry quoins and is a short block away from Wolfgang's Steakhouse on Greenwich Street.
An article by Alan Oser in the March 9, 1986 edition of The New York Times reported that in 1981 Bruce Sinder and Steven Levin bought a 50 percent interest in a package of buildings that included 250 West Street, which was then partly vacant. The article indicated that Mr. Sinder calculated that his partnership had a $900,000 stake in the West Street Building that in 1986 was "under contract for sale for $17 million" to a company that hoped to rehabilitate the building into first-class office space.
A May 18, 1994 article in Real Estate Weekly by Lois Weiss indicated that Smith Barney Shearson bought 250 West Street, which is also known as 34 Hubert Street, for $28,846,000. The article said that the building was built in 1898 and designed by W & D Audsley and that 34 Hubert Street Associates, of which John J. McMullen and Howard M. Peck were principals, bought the building in June, 1987 for $23.5 million.
The west side of the building overlooks the Hudson River and the Jersey City skyline.
Elad Properties is converting part of the Plaza Hotel to residential condominiums.
Architecture Critic
Carter Horsley
Since 1997, Carter B. Horsley has been the editorial director of CityRealty. He began his journalistic career at The New York Times in 1961 where he spent 26 years as a reporter specializing in real estate & architectural news. In 1987, he became the architecture critic and real estate editor of The New York Post.
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