Tribeca Development Site Fetches $31M

(Read more on the multifamily market.)

NEW YORK CITY-A conversion and development site at 136 Church St. in Manhattan’s Tribeca neighborhood goes for $30.5 million. A source tells GlobeSt.com that the buyer was Henry Feld of Millenium and the seller was Melvin Heller of locally based Heller Properties.

“The seller knew it was the right time to get this on the market because conversion and development sites are still hot, which is obvious by the price tag,” a source close to the transaction tells GlobeSt.com. “The buyer plans to take full advantage in the future of the approved plans to build three additional stories.”

The seven-story plus mezzanine, 50-by-100 foot property is located on the southwest corner of Church and Warren streets. Also known as 37-39 Warren St., it contains 16 residential units and approximately 37,343 sf. Massey Knakal Realty Services represented Heller.

The proposed building for the site has been designed by SLCE Architects, an internationally acclaimed firm. The design includes two- and three-bedroom, two-bathroom apartments on the existing floors and three penthouse additions.

The retail space at the site is fully leased to paint seller Janovic through 2012. Aside from Janovic, the property was delivered vacant. It sold for $816.75 per sf to the Long Island-based developer. “The market’s appetite for conversion and development sites shows no let-up,” says Massey Knakal broker Michael DeCheser, who exclusively represented the seller with chairman Robert Knakal.