NEW YORK, NY (Oct. 10, 2011) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that members of its Investment Services group represented World Wide Holdings in the sale of 93 Worth St (top left phto), a 165,000-square-foot office building in the Tribeca neighborhood, to Izaki Group Investments USA (IGI-USA). Total consideration was $49.7 million.
Vincent Carrega, executive vice president, Yoav Oelsner (middle right photo), executive vice president, Charles Kingsley (lower left photo), executive vice president, and Jason Meister, associate, represented World Wide Holdings in the sale.
The property is expected to become a high-end residential condominium building following renovations and restorations. Plans call for the building to offer 96 units and a number of amenities, including onsite security, a gym, children’s playroom and lounge.
“This office building was positioned as a redevelopment opportunity throughout the sale process, and with the need for residential condominiums in New York City’s Tribeca area to support growing demand, the sale was a great fit for the buyer and seller,” said Oelsner. “Adding to its attractiveness for residential repositioning, the building is located in an area surrounded by a wide variety of amenities for future tenants.”
“IGI-USA saw the sale of this building as the perfect canvass for a condominium redevelopment. In a market with a dearth of new condo projects and a Tribeca location, 93 Worth St. was an incredibly appealing opportunity for the company,” said Oelsner.
“We expect that by the time IGI completes the repositioning of this asset, it will be one of the most desirable condominium conversion projects to hit the market in some time.”
Constructed in 1924 and 1925, 93 Worth St. encompasses 12 stories situated atop more than 9,400 square feet of retail space.
The property is located near Foley Square, the Federal Courthouse, New York Law School, the County Clerk of New York’s office and other municipal and educational institutions.
The building is also near the Broadway Corridor, which offers numerous shopping and dining options, as well as convenient access to public transit.
Contacts:
Julia McCartney, 714.975.2230, julia.mccartney@grubb-ellis.com
Mary Ryan, 212.326.4747, mary.ryan@grubb-ellis.com
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