Thursday, November 5, 2015

HFF closes $86 million land sale in Lower Manhattan, NY

Andrew Scandalios
NEW YORK, NY – Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of a 12,600-square-foot, development-ready land site located at 45 Broad Street in Lower Manhattan.

HFF marketed the site on behalf of the seller, LCOR.  A partnership led by Madison Equities with The Pizzarotti Group purchased 45 Broad Street for $86 million. 

The development site is zoned for residential, commercial or mixed-use space and has no height restriction, allowing for panoramic river, harbor, skyline and horizon views. 

The site is located between Exchange Place and Beaver Street in Lower Manhattan, an area of the city that has seen numerous new developments as of late, such as the World Trade Center, South Street Seaport, Brookfield Place and Fulton Center.  In addition, more than one million square feet of luxury retail space is slated to open in Lower Manhattan in the next year. 

The HFF investment sales team was led by senior managing director Andrew Scandalios, managing director Jeff Julien, director KC Patel and senior managing director Jose Cruz.

“Lower Manhattan has seen an unprecedented influx of capital recently, which has led to a residential resurgence in the area and soaring luxury condo demand,” said Scandalios. 

“This neighborhood is an ideal live/work environment with a diverse employer base including firms Goldman Sachs, American Express, Moody’s and Merrill Lynch, complemented by an improved public transit system, world class cultural attractions an abundance of schools, high-end retailers, award-winning restaurants and parks.”

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |

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