Featured Projects

Civic Center Buildings

Location: Manhattan, New York
Client: The Chetrit Group
Services: Proposals & Transactions

Washington Square Partners was retained by The Chetrit Group to prepare a proposal in response to the "Civic Center Building Sales" RFP from New York City Economic Development Corporation (NYCEDC) and negotiate the purchase. The RFP for the disposition of the three properties was part of a broad initiative by Mayor Bloomberg to consolidate City offices, support the economic growth and revitalization of Lower Manhattan, and enhance the City's tax base by transferring properties from public to private ownership. Though negotiated simultaneously, the buildings were treated as separate transactions by the City rather than one portfolio purchase, and involved a complicated structure in which the City would be allowed to transition agencies out during a two year span post-closing. In February 2013 it was announced that The Chetrit Group was selected as the designated developer for 49-51 Chambers Street.

49-51 Chambers Street, also known as the Emigrant Savings Bank Building, is a 14-story, approximately 231,000 square foot Beaux-Arts building spanning the full lot from Chambers Street to Reade Street. The development plan is for an adaptive reuse of the building from commercial office to residential condominium as well as ground floor banquet space in the historic Banking Hall. 49-51 Chambers is a designated New York City Landmark with additional interior landmarks and is also on the State and National Registers of Historic Places.

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